10-Q · May 12, 2026
BETA Technologies, Inc. reported Q1 2026 revenues of $10.1 million, a 6% increase compared to $9.6 million in Q1 2025, while facing a net loss of $122.3 million, up 56% from a net loss of $78.3 million year-over-year.…
Earnings analysis · 10-Q
BETA earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
BETA delivered strong Q2 revenue growth, with revenue of $14.658 million up 146% year over year, led by service revenue, but profitability deteriorated materially as operating expenses rose 98% to $166.139 million.…
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BETA delivered strong Q2 revenue growth, with revenue of $14.658 million up 146% year over year, led by service revenue, but profitability deteriorated materially as operating expenses rose 98% to $166.139 million. Gross margin fell to 54.7% from 80.1% a year earlier, and the company reported a $148.753 million net loss and $(0.64) diluted EPS. Liquidity remains considerable at $1.479 billion, but first-half operating cash burn of $170.241 million and capex of $65.289 million indicate continued substantial funding needs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.64
What stood out
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Revenue accelerated sharply
Q2 revenue was $14.658 million, up $8.692 million, or 146%, year over year, and up approximately 47% from the $10 million reported in 2026 Q1.
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Service revenue drove growth
Service revenue increased to $11.378 million from $3.422 million a year earlier, driven by $6.9 million of commercial engineering and consulting contracts, $1.0 million of completed U.S. government services, and $0.1 million of charging-station access revenue.
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Gross profit grew despite margin pressure
Gross profit rose 68% year over year to $8.021 million from $4.776 million, although gross margin declined to 54.7% from 80.1% a year earlier and from 57.5% in Q1 2026.
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EPS improved year over year
Diluted EPS improved to $(0.64) from $(2.02) year over year, but declined from $(0.53) in Q1 2026 and missed the $(0.57) consensus estimate by $0.07.
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Liquidity and backlog remain substantial
Cash and cash equivalents were $1.479 billion at June 30, 2026, while remaining performance obligations totaled $32.976 million, including approximately $21.465 million expected to be recognized over the next 12 months.
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New defense-oriented aircraft unveiled
The company unveiled the MV250 autonomous hybrid-electric VTOL aircraft on July 20, 2026, describing capabilities including higher speed, greater payload, and lower operating costs for contested logistics missions.
What to watch
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Operating losses remain substantial
Q2 net loss was $148.753 million and loss from operations was $158.118 million, producing an operating margin of negative 1,078.9%; the operating loss was approximately twice the $79.320 million loss in Q2 2025.
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R&D spending and charges surged
Research and development expense increased 111% year over year to $122.365 million, including $16.147 million of acquisition-related expense, $5.697 million of warrant expense, and $5.321 million of loss on disposed equipment.
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Cash burn and capex intensified
Net cash used in operating activities was $170.241 million in the first six months of 2026, compared with $114.541 million a year earlier, while capital expenditures increased to $65.289 million from $12.706 million.
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Future financing may be required
Cash and cash equivalents declined by $230.753 million during the first six months to $1.479 billion at June 30, 2026; management states it expects to use equity and debt financings for future capital needs if operating cash flow remains insufficient.
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Customer concentration remains elevated
Accounts receivable concentration increased to 86% from 85% for customers representing more than 10% of total accounts receivable, increasing exposure to a limited number of customers.
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No formal risk-factor update
The filing states there were no material changes to the risk factors in the December 31, 2025 Form 10-K; however, management specifically states the company expects additional 2026 capital expenditures and may be unable to secure sufficient future financing.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance. Management states it expects additional capital expenditures during the remainder of 2026, primarily for machinery and equipment, buildings, and the charging network; the quantitative outlook was disclosed in the August 12, 2026 8-K rather than this filing.
Earlier filings 3
10-K · March 9, 2026
BETA reported strong 2025 top-line growth to $35.616M (from $15.092M in 2024) driven by product and service expansion and backlog wins, while remaining unprofitable with very large operating losses and negative free…
10-Q · December 4, 2025
BETA reported strong top-line growth in Q3 2025 with total revenue of $8,918 (in thousands), driven by both product and service revenue, and materially improved gross margin. However, operating losses widened (loss from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.