BETA Becomes First Operator Under FAA’s eVTOL Pilot Program
Second-quarter revenue reached $14.7 million as the company lifted full-year 2026 sales guidance to $42 million to $50 million.
BETA Technologies, Inc. (BETA), an aerospace and defense company, became the first operator to launch under the U.S. Department of Transportation and Federal Aviation Administration’s eVTOL Integration Pilot Program, flying conventional takeoff and landing ALIA aircraft to transport manufactured organs with United Therapeutics on its existing airport charging network.
The milestone capped a quarter in which the company also unveiled the MV250, its first hybrid-electric autonomous vertical takeoff and landing aircraft, at the Farnborough International Airshow, and completed what it described as the world’s first hybrid-electric flight above 30,000 feet with GE Aerospace, NASA and Boeing. Founder and chief executive officer Kyle Clark said the quarter showed that investments across the business were translating into real-world operations.
Revenue for the three months ended June 30, 2026, was $14.7 million, compared with $6.0 million a year earlier. Product revenue was $3.3 million and service revenue was $11.4 million. Sequentially, sales rose from $10.1 million in the first quarter after a dip from $11.1 million in the fourth quarter of 2025. Gross margin was $8.0 million.
Operating expenses were $166.1 million. Research and development was $122.4 million, including $5.7 million of non-cash warrant expense related to the GE Aerospace collaboration and $16.1 million of in-process research and development tied to an acquisition. General and administrative expense was $43.8 million. R&D investments support certification programs and enabling technologies.
Net loss was ($148.8) million, versus ($122.3) million in the prior quarter. Adjusted EBITDA was ($109.8) million. Capital expenditures were $41.1 million. Cash and cash equivalents were $1,479.5 million as of June 30, 2026, down from $1,589.4 million at March 31. The year-ago cash increase was attributed to private financings and IPO proceeds.
The charging network grew to 138 sites from 123 at the end of the first quarter. BETA also announced deployment of up to 250 charging sites, including airports and vertiports in California, Texas, Florida and New York, under America’s Consortium for Electric Skyways with Archer Aviation and Macquarie Capital.
Certification work continued on the common platform. BETA reached agreement with the FAA on the H500A’s continued-rotation compliance approach, completed durability and lightning-strike teardowns, and substantially completed software requirements-based testing, with formal FAA testing underway. For the CX300, BETA closed the Requirements Definition phase and received FAA acceptance of the aircraft’s complete set of compliance requirements.
After cargo flight demonstrations in Scotland, Loganair signed a term sheet for five CX300 aircraft, with options for five additional aircraft. Clark said the order reflected a strategy of proving aircraft performance through operations that convert into commercial demand.
BETA increased full-year 2026 revenue guidance to a range of $42 million to $50 million and updated full-year 2026 Adjusted EBITDA to ($400) million to ($445) million. BETA had not reconciled the forward-looking Adjusted EBITDA range because certain items, including stock-based compensation tied to future stock value and hiring, are uncertain or outside its control.
Clark said progress in one program strengthens the others as BETA scales commercial and defense work. BETA has flown its ALIA family more than 190,000 nautical miles and is deploying charging infrastructure with more than 130 sites across the United States and internationally.