$BETA

BETA Technologies, Inc.

CIK:0001784570|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenues:

Revenues

$ 14,658

$ 5,966

$ 24,791

$ 15,565

Cost of revenues:

Cost of revenues

6,637

1,190

10,938

2,928

Gross margin:

Gross margin

8,021

4,776

13,853

12,637

Operating expenses:

Research and development

^[1]

122,365

58,035

214,104

115,899

General and administrative

^[1]

43,774

26,061

90,824

54,075

Total operating expenses

166,139

84,096

304,928

169,974

Loss from operations

(158,118)

(79,320)

(291,075)

(157,337)

Other (income) expense:

Interest income

(13,293)

(2,023)

(27,774)

(4,720)

Interest expense

^[2]

3,661

2,890

7,278

5,750

Total other (income) expense

(9,632)

867

(20,496)

1,030

Loss before income taxes

(148,486)

(80,187)

(270,579)

(158,367)

Provision for income taxes

267

229

483

327

Net loss

(148,753)

(80,416)

(271,062)

(158,694)

Convertible preferred stock paid-in-kind dividend

12,376

24,540

Net loss attributable to common stockholders, basic

(148,753)

(92,792)

(271,062)

(183,234)

Net loss attributable to common stockholders, diluted

$ (148,753)

$ (92,792)

$ (271,062)

$ (183,234)

Net loss per share attributable to common stockholders, basic (in dollars per share)

$ (0.64)

$ (2.02)

$ (1.17)

$ (4.01)

Net loss per share attributable to common stockholders, diluted (in dollars per share)

$ (0.64)

$ (2.02)

$ (1.17)

$ (4.01)

Comprehensive loss:

Net loss

$ (148,753)

$ (80,416)

$ (271,062)

$ (158,694)

Foreign currency translation adjustments

(112)

226

(189)

224

Comprehensive loss

(148,865)

(80,190)

(271,251)

(158,470)

Product

Revenues:

Revenues

3,280

2,544

4,243

5,032

Cost of revenues:

Cost of revenues

1,661

2,257

595

Gross margin:

Gross margin

1,619

2,482

1,986

4,437

Service

Revenues:

Revenues

^[3]

11,378

3,422

20,548

10,533

Cost of revenues:

Cost of revenues

4,976

1,128

8,681

2,333

Gross margin:

Gross margin

$ 6,402

$ 2,294

$ 11,867

$ 8,200

[1]	Includes related party amounts of $5,697 and $0 attributable to warrant expense (research and development) and $136 and $(37) (general and administrative) for the three months ended June 30, 2026 and 2025, respectively. Includes related party amounts of $11,331 and $0 attributable to warrant expense (research and development) and $223 and $(140) (general and administrative) for the six months ended June 30, 2026 and 2025, respectively (see Note 12).
[2]	Includes related party amounts of $954 and $0 for the three months ended June 30, 2026 and 2025, respectively. Includes related party amounts of $1,655 and $0 for the six months ended June 30, 2026 and 2025, respectively (see Note 12).
[3]	Includes related party amounts of $7,870 and $1,428 for the three months ended June 30, 2026 and 2025, respectively. Includes related party amounts of $15,869 and $3,610 for the six months ended June 30, 2026 and 2025, respectively (see Note 12).

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (271,062)	$ (158,694)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12,473	10,520
Loss on disposal of property and equipment	5,742	1,541
Stock-based compensation	38,090	11,614
Acquired in-process research and development	10,797	0
Warrant expense	11,331	0
Non-cash interest expense	1,375	1,096
Other	320	458
Net changes in operating assets and liabilities	20,693	18,924
Net cash used in operating activities	(170,241)	(114,541)
Cash flows from investing activities
Purchases of property and equipment	(65,289)	(12,706)
Proceeds from sale of property and equipment	0	930
Net cash used in investing activities	(65,289)	(11,776)
Cash flows from financing activities
Proceeds from convertible Series C preferred stock	0	3,049
Payment of convertible Series C preferred stock issuance costs	(150)	(1,705)
Payment of other initial public offering issuance costs	(447)	0
Repayment of borrowings	(2,862)	(228)
Exercise of stock options	8,374	1,245
Principal payments on finance lease obligations	(32)	(30)
Net cash provided by financing activities	4,883	2,331
Effect of currency translation on cash, cash equivalents, and restricted cash	(106)	30
Decrease in cash, cash equivalents, and restricted cash	(230,753)	(123,956)
Cash, cash equivalents, and restricted cash at beginning of period	1,715,265	302,025
Cash, cash equivalents, and restricted cash at end of period	1,484,512	178,069
Supplemental cash flow information
Cash paid for interest	6,035	4,700
Cash paid for operating leases	2,029	1,786
Non-cash investing and financing activities
Right-of-use assets recognized for new and modified leases	5,425	1,249
Property and equipment included in accounts payable and accrued expenses	19,754	3,227
Deferred offering costs included in accounts payable and accrued expenses	$ 0	$ 1,877

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 1,479,470

$ 1,710,227

Accounts receivable

^[1]

3,609

5,747

Prepaid expenses and other current assets

^[1]

20,545

23,494

Total current assets

1,503,624

1,739,468

Property and equipment, net

402,753

348,540

Operating lease right-of-use assets

20,675

16,417

Other assets

6,400

1,840

Total assets

1,933,452

2,106,265

Current liabilities:

Accounts payable

22,808

24,503

Accrued expenses

43,606

35,109

Payroll liabilities

16,344

3,334

Deferred revenue

^[2]

7,015

3,704

Operating lease liabilities

1,859

1,551

Notes payable

8,547

5,711

Other current liabilities

3,728

2,483

Total current liabilities

103,907

76,395

Deferred revenue, non-current

^[2]

14,879

12,550

Operating lease liabilities, non-current

20,885

16,838

Notes payable, non-current

^[3]

175,405

179,799

Other liabilities

3,199

2,847

Total liabilities

318,275

288,429

Commitments and contingencies (see Note 7)

Stockholders’ equity:

Preferred stock, $0.0001 par value Authorized - 50,000,000 shares Issued and outstanding - 0 shares in 2025 and 2024

Additional paid-in capital

3,799,864

3,731,273

Accumulated deficit

(2,184,512)

(1,913,450)

Accumulated other comprehensive loss

(199)

(10)

Total stockholders’ equity

1,615,177

1,817,836

Total liabilities and stockholders’ equity

1,933,452

2,106,265

Class A Common Stock

Stockholders’ equity:

Common stock

Class B Common Stock

Stockholders’ equity:

Common stock

$ 1

[1]	Includes related party amounts of $1,336 and $2,202 (accounts receivable) and $0 and $2,802 (prepaid expenses and other current assets) as of June 30, 2026, and December 31, 2025, respectively (see Note 12).
[2]	Includes related party amounts of $2,097 and $1,011 (deferred revenue) and $10,564 and $8,290 (deferred revenue, non-current) as of June 30, 2026, and December 31, 2025, respectively (see Note 12).
[3]	Includes related party amounts of $32,879 and $32,626 as of June 30, 2026 and December 31, 2025, respectively (see Note 12).