BETA Raises 2026 Revenue Outlook as Q3 Sales Nearly Double

BETA (NYSE: BETA) raised its 2026 revenue guidance after third-quarter sales nearly doubled, while spending increased as the company continued investing in aircraft certification, manufacturing capacity and production readiness.

For the three months ended September 30, revenue rose 98% to $17.7 million from $8.9 million a year earlier. BETA now expects full-year revenue of $52 million to $57 million, up from its previous forecast of $42 million to $50 million. Its outlook for an adjusted EBITDA loss of $400 million to $445 million and capital expenditures of $150 million to $200 million was unchanged.

The higher revenue came alongside a larger operating loss as development activity expanded. Gross margin increased to $12.7 million from $6.2 million, but operating expenses climbed to $140.5 million from $86.8 million. The operating loss widened to $127.8 million from $80.6 million, while the adjusted EBITDA loss increased to $97.4 million from $67.6 million.

BETA reported a third-quarter net loss of $119.1 million, compared with $437.2 million a year earlier. The prior-year result included a $355.6 million loss related to the issuance of convertible preferred stock. Stock-based compensation in the latest quarter was $11.1 million, warrant expense was $5.8 million, and asset disposal and related costs totaled $6.4 million.

For the first nine months of 2026, revenue reached $42.5 million, up from $24.5 million in the same period of 2025. The nine-month operating loss widened to $418.9 million from $237.9 million, while the adjusted EBITDA loss increased to $304.5 million from $200.7 million. Net loss narrowed to $390.2 million from $595.9 million, with the prior-year period also affected by the convertible preferred stock charge.

Certification and industrial expansion

Research and development spending rose to $90.5 million in the third quarter from $56.4 million a year earlier as BETA worked toward certification milestones and production scale. Capital expenditures more than doubled to $28.8 million from $13.0 million, reflecting targeted investment in manufacturing capabilities.

The company ended the quarter with $1.34 billion in cash, compared with $687.6 million a year earlier. BETA said its balance sheet supports continued investment in growth and strategic opportunities.

The presentation indicated that conceptual design and requirements definition were complete for the H500A engine, ALIA CTOL aircraft and ALIA VTOL aircraft certification programs. Compliance planning was 98% complete for the H500A engine, with implementation at 45%. For the ALIA CTOL program, the certification basis was complete, means of compliance was 89% complete and implementation was 5%. The ALIA VTOL program had completed its certification basis, while means of compliance stood at 32%.

BETA also reported more than $4 billion of firm and option aircraft orders. Its fleet has flown 255,000 nautical miles, surpassing its stated 2026 year-end goal of 250,000 nautical miles. The company’s maximum demonstrated production rate remained 0.5 aircraft per month, compared with a year-end objective of 4.5 per month.

The charging network expanded to 168 sites, already above BETA’s 2026 year-end target of 150. Three sites were activated during the quarter, and the network recorded 8,426 charging sessions, 49% more than in the third quarter of 2025. The company also launched operations under the electric Infrastructure Pilot Program across the U.S.

Execution risks remain

BETA’s outlook depends on continued progress in regulatory approvals, aircraft development, manufacturing expansion and supporting infrastructure. The company also identified uncertainty around additional EXIM financing, execution across its seven eIPP selections, collaborations with third parties and projected demand for its aircraft, products and services. Management cautioned that the business operates in a competitive and rapidly changing environment and that actual results may differ materially from its current expectations.