Revenue accelerated with a 150.9% year-over-year increase in 2025Q4 to $11.1 million, yet gross margins remained volatile, ranging from -43.6% to 69.3%, indicating reliance on high-margin IP milestones over consistent production.
BETA Technologies, Inc. (BETA) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 44.84M | 35.62M | 15.09M | 15.36M |
| Revenue Growth % | - | 135.99% | -1.73% | - |
| Cost of Goods Sold | 24.06M | 9.9M | 20.98M | 10.64M |
| COGS % of Revenue | - | 27.8% | 139.03% | 69.3% |
| Gross Profit | 20.78M | 25.71M | -5.89M | 4.71M |
| Gross Margin % | 46.34% | 72.2% | -39.03% | 30.7% |
| Gross Profit Growth % | - | 536.51% | -224.97% | - |
| Operating Expenses | 527.19M | 398.38M | 266.33M | 191.28M |
| OpEx % of Revenue | - | 1118.55% | 1764.7% | 1245.58% |
| Selling, General & Admin | 167.3M | 138.49M | 59.42M | 53.01M |
| SG&A % of Revenue | - | 388.84% | 393.71% | 345.19% |
| Research & Development | 359.88M | 259.89M | 206.91M | 138.27M |
| R&D % of Revenue | - | 729.71% | 1370.99% | 900.39% |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Operating Income | -506.4M | -372.67M | -272.22M | -186.57M |
| Operating Margin % | -1129.31% | -1046.35% | -1803.74% | -1214.89% |
| Operating Income Growth % | - | -36.9% | -45.91% | - |
| EBITDA | -482.43M | -350.64M | -255.76M | -177.95M |
| EBITDA Margin % | -1075.84% | -984.51% | -1694.65% | -1158.77% |
| EBITDA Growth % | - | -37.1% | -43.72% | - |
| D&A (Non-Cash Add-back) | 23.98M | 22.03M | 16.46M | 8.62M |
| EBIT | -856.12M | -732.14M | -263.7M | -174.18M |
| Net Interest Income | 28.7M | 7.17M | -2.91M | 12.04M |
| Interest Income | 43.2M | 20.15M | 8.52M | 12.39M |
| Interest Expense | 14.5M | 12.97M | 11.43M | 352K |
| Other Income/Expense | -350.92M | -372.44M | -2.91M | 12.04M |
| Pretax Income | -857.32M | -745.11M | -275.13M | -174.53M |
| Pretax Margin % | -1911.88% | -2092.07% | -1823.03% | -1136.5% |
| Income Tax | 912K | 756K | 514K | 1.03M |
| Effective Tax Rate % | -0.11% | -0.1% | -0.19% | -0.59% |
| Net Income | -858.24M | -745.87M | -275.64M | -175.56M |
| Net Margin % | -1913.91% | -2094.19% | -1826.43% | -1143.21% |
| Net Income Growth % | - | -170.59% | -57.01% | - |
| Net Income (Continuing) | -858.24M | -745.87M | -275.64M | -175.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.70 | -4.20 | -1.37 | -0.90 |
| EPS Growth % | - | -206.57% | -52.22% | - |
| EPS (Basic) | - | -4.20 | -1.37 | -0.90 |
| Diluted Shares Outstanding | 231.98M | 229.23M | 223.81M | 223.81M |
| Basic Shares Outstanding | 231.98M | 229.23M | 223.81M | 223.81M |
| Dividend Payout Ratio | - | - | - | - |
Quick answers to the most common questions about buying BETA stock.
For fiscal year 2025, BETA Technologies, Inc. (BETA) reported total revenue of $35.6M. This represents a 131.9% increase compared to $15.4M in 2023.
BETA Technologies, Inc. (BETA) reported a net loss of $745.9M for the fiscal year ending 2025.
BETA Technologies, Inc. (BETA) reported an operating income of $-372.7M, resulting in an operating profit margin of -1046.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BETA Technologies, Inc. (BETA) generated $25.7M in gross profit for the year, representing a gross profit margin of 72.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Certification delays erode cash runway
Metrics are mathematically derived from official filings.
Strong Growth From Minimal Revenue Base
According to the income statement, BETA's revenue surged 150.9% year-over-year in 2025Q4, indicating successful early commercialization, though the absolute scale remains minimal at $11.1 million.
The triple-digit growth rate suggests the company is transitioning from pure R&D to initial revenue generation, likely driven by milestone payments and infrastructure sales. However, the lumpy nature of quarterly revenue, as seen in the dip to $10.1 million in 2026Q1, underscores the project-based, non-recurring character of current income streams. Investors should view this growth as indicative of progress but not yet reflective of predictable, scaled demand.
Volatile Gross Margins Reflect Pre-Production Mix
BETA's gross margin swung from -43.6% in 2024Q4 to 69.3% in 2025Q3, highlighting the dominance of high-margin IP milestones over physical production costs in current revenue.
The extreme volatility suggests that gross profitability is entirely dependent on the mix of revenue recognized in any given period, with high-margin government R&D contracts likely masking the true cost of manufacturing readiness. As the company approaches certification and must incorporate bill-of-materials costs, structural gross margins will face significant downward pressure, a transition not yet reflected in the financials.
Operating Leverage Absent Amidst Massive R&D Burn
Operating losses widened to -$158.1 million in 2026Q2 despite revenue growth, as R&D expenditure of $122.4 million overwhelmed top-line gains, indicating no positive operating leverage.
The company is in a phase where incremental revenue is being fully absorbed and exceeded by investments in certification and scaling, resulting in a negative operating leverage dynamic. This is typical for capital-intensive aerospace development but raises concerns about the duration and efficiency of the cash burn before achieving positive unit economics.
Earnings Quality Depressed by Heavy SBC and Negative Earnings
With stock-based compensation of $14.7 million in 2026Q2 equaling 100% of revenue, BETA's net income of -$148.8 million is significantly impacted by non-cash charges, masking the true cash burn.
The heavy reliance on equity compensation to retain talent inflates reported losses and dilutes shareholders, a common trait in growth-stage companies. Moreover, the absence of positive earnings makes traditional quality metrics irrelevant; the key investor focus should be on the trajectory of cash burn versus the remaining $1.7 billion cash balance to gauge runway.
Cash Burn Trajectory Threatens Runway Before Certification
Based on reported operating losses exceeding $150 million per quarter and a $1.7 billion cash pile, BETA's funding runway may be constrained if certification delays extend beyond 2027.
The most critical challenge is the sustainability of the current burn rate, as operating losses are not scaling down with revenue growth. Should the FAA certification timeline slip, the company may face a liquidity crunch requiring additional dilutive financing at unfavorable terms, potentially eroding equity value. This risk is compounded by the lack of forward guidance, which limits investor visibility into management's confidence in the timeline.