Cash flow remains negative with a free cash flow loss of $116.0 million in 2026Q2, reflecting ongoing capital expenditures for network build-out that may not align with near-term revenue generation.
BETA Technologies, Inc. (BETA) cash flow statement — 3-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash from Operations | -323.5M | -267.8M | -222.66M | -158.01M |
| Operating CF Margin % | - | -751.9% | -1475.36% | -1028.94% |
| Operating CF Growth % | -47.06% | -20.27% | -40.91% | - |
| Net Income | -858.24M | -745.87M | -275.64M | -175.56M |
| Depreciation & Amortization | 23.98M | 22.03M | 16.46M | 8.62M |
| Stock-Based Compensation | 19.88M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 464.64M | 426.63M | 15.18M | 11.06M |
| Working Capital Changes | 26.24M | 29.41M | 21.34M | -2.13M |
| Change in Receivables | -2.08M | -3.6M | 2.07M | 1.33M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 |
| Cash from Investing | -97.59M | -44.08M | -68.81M | -152.33M |
| Capital Expenditures | -98.03M | -45.45M | -73.51M | -153.24M |
| CapEx % of Revenue | 218.61% | 127.6% | 487.07% | 997.85% |
| Acquisitions | 75K | 1.37M | 4.7M | 907K |
| Investments | - | - | - | - |
| Other Investing | 366K | 0 | 0 | 0 |
| Cash from Financing | 1.73B | 1.73B | 339.33M | 134.33M |
| Debt Issued (Net) | -6.49M | -3.82M | 14.4M | 133.61M |
| Equity Issued (Net) | 1.7B | 1.7B | 324.99M | 722K |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -530K | 0 |
| Other Financing | 34.96M | 32.66M | -51K | -4K |
| Net Change in Cash | 1.31B | 1.41B | 47.86M | 253.69M |
| Free Cash Flow | -421.53M | -313.25M | -296.17M | -311.25M |
| FCF Margin % | -940.03% | -879.51% | -1962.43% | -2026.8% |
| FCF Growth % | - | -5.77% | 4.85% | - |
| FCF per Share | -1.82 | -1.37 | -1.32 | -1.39 |
| FCF Conversion (FCF/Net Income) | 0.49x | 0.36x | 0.81x | 0.90x |
| Interest Paid | 6.33M | 0 | 0 | 0 |
| Taxes Paid | 8K | 0 | 0 | 0 |
Quick answers to the most common questions about buying BETA stock.
BETA Technologies, Inc. (BETA) generated $-267.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BETA Technologies, Inc. (BETA) reported negative free cash flow of $313.2M in 2025, indicating capital requirements exceeded cash from operations.
BETA Technologies, Inc. (BETA) spent $45.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Certification delays risk
Metrics are mathematically derived from official filings.
Earnings Quality Distorted by Non-Cash Charges
According to the financial statements, BETA's net income loss of $148.8 million in the second quarter of 2026 exceeded its operating cash outflow of $74.9 million by 99%, suggesting that non-cash items like stock-based compensation are heavily impacting reported losses.
The persistent gap between net income and operating cash flow implies that accruals and non-cash charges are material drivers of the bottom line. This warrants scrutiny of earnings quality, as the operational cash burn may be less severe than the reported losses indicate, but it also highlights the heavy reliance on equity-based compensation to retain talent during this capital-intensive phase.
FCF Deterioration Amidst Infrastructure Investment
As reported in financial data, BETA's free cash flow margin declined from -17.9% in 2024Q4 to -7.9% in 2026Q2, yet the absolute FCF loss deepened to $116.0 million, indicating increasing cash consumption for growth initiatives.
The negative FCF trajectory is driven by rising capital expenditures, which nearly doubled from $21.8 million to $41.1 million over the period, suggesting aggressive investment in the 'Charge Cube' network ahead of FAA certification. This pattern implies that while revenue growth is accelerating, the company is prioritizing long-term ecosystem build-out over near-term cash preservation, which may extend the funding runway required before profitability.
Capital Expenditure Surge for Network Build-Out
Based on the cash flow data, BETA's CapEx/Revenue ratio spiked to 177.7% in 2025Q4, with spending of $19.8 million on a revenue base of only $11.1 million, highlighting aggressive investment in physical assets.
The elevated capital intensity relative to revenue appears directed towards infrastructure and production facilities, which are critical for scaling but currently exacerbate cash burn. Investors should monitor whether this spending aligns with certification milestones, as delays could render these assets underutilized and increase the risk of stranded capital before commercial operations begin.
Obscured Liabilities in Cash Flow Presentation
As per the financial statements, BETA's stock-based compensation of $14.7 million in the second quarter of 2026 is a material non-cash item that inflates net losses, suggesting that the reported cash flow from operations may not fully capture the economic cost of employee compensation.
The cash flow statement may obscure the full dilutive impact of SBC on future equity, which could affect investor returns even as cash burn continues. Additionally, capitalized development costs could be inflating asset values on the balance sheet, warranting investigation into whether off-balance-sheet liabilities, such as performance bonds for government contracts, are adequately disclosed.