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Aerospace & defence · Industrials · Fiscal year ends Dec 31
BETA Technologies reported revenue of $36M in the fiscal year ended Dec 2025, up 136.0% from the year before. Operating income was −$373M, an operating margin of −1046.3%, and net income was −$746M. Operating cash flow of −$268M less capital expenditure of $45M left free cash flow of −$313M. It held more cash than debt (net cash $1.5B).
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 15.4 | 15.1 | 35.6 |
| Cost of revenue | 2.0 | 4.5 | 9.9 |
| Gross profit | 13.3 | 10.6 | 25.7 |
| Research & development | 138 | 207 | 260 |
| Operating income | −187 | −272 | −373 |
| Interest expense | 0.4 | 11.4 | 13.0 |
| Pre-tax income | −175 | −275 | −745 |
| Income tax | 1.0 | 0.5 | 0.8 |
| Net income | −176 | −276 | −746 |
| Diluted EPS | −4.50 | −6.77 | −12.85 |
| Diluted shares | 44.9 | 45.2 | 75.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 254 | 301 | 1,710 |
| Receivables | – | 2.2 | 5.7 |
| Current assets | – | 327 | 1,739 |
| Net PP&E | – | 320 | 349 |
| Total assets | – | 666 | 2,106 |
| Payables | – | 16.2 | 24.5 |
| Deferred revenue | – | 6.4 | 3.7 |
| Current liabilities | – | 56.6 | 76.4 |
| Short-term debt | – | 2.8 | 5.7 |
| Long-term debt | – | 149 | 180 |
| Total liabilities | – | 230 | 288 |
| Shareholders' equity | 385 | 436 | 1,818 |
| Backlog (remaining obligations) | – | – | 14.3 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −158 | −223 | −268 |
| Capital expenditure | 153 | 73.5 | 45.4 |
| Free cash flow | −311 | −296 | −313 |
| Depreciation & amortisation | 8.6 | 16.5 | 22.0 |
| Stock-based compensation | 9.0 | 12.1 | 34.8 |
| Share buybacks | 0.0 | 0.5 | 0.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | −1.7% | 136.0% |
| Gross margin | 86.8% | 70.1% | 72.2% |
| Operating margin | −1214.9% | −1803.7% | −1046.3% |
| Net margin | −1143.2% | −1826.4% | −2094.2% |
| Return on equityBlank when equity is negative | −45.5% | −63.2% | −41.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −44.6% | −18.4% |
| Free cash flow margin | −2026.8% | −1962.4% | −879.5% |
| Cash conversion (CFO ÷ net income) | 0.90x | 0.81x | 0.36x |
| Receivable days | – | 52 | 59 |
| Payable days | – | 1311 | 903 |
| Interest cover | −530x | −23.8x | −28.7x |
| Debt ÷ equity | – | 0.35x | 0.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −149 | −1,525 |
| Current ratio | – | 5.79x | 22.8x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.