BETA BETA Technologies, Inc.

Overview and Growth

BETA Technologies, Inc. generated $35.62M of revenue in fiscal 2025, with net loss of $745.87M and an operating cash outflow of $267.80M. The $35.62M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 136.0% above fiscal 2024 revenue of $15.09M, marking a year-over-year increase. The company reported diluted EPS of -$12.85, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 74.97M; this is the reported share base over which the company’s diluted per-share earnings were spread. At period end, total assets were $2.11B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.02x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $25.71M as gross profit before recognizing operating expenses and other items. Gross margin was 72.2%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $372.67M, reflecting costs that exceeded gross profit. The company ended the period with a net loss of $745.87M, extending the operating result through all remaining items. Negative EBITDA totaled $350.64M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $745.11M, bridging the operating result to the final net loss. The company recognized $756.00K of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 41.0% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 35.4%. Compared with a $275.64M net loss in fiscal 2024, the current loss increased to $745.87M.

Liquidity and Capital Structure

Total assets were $2.11B, supported by $288.43M of liabilities and $1.82B of shareholder equity. Current assets were $1.74B against $76.39M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 22.77x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $1.71B, separating immediately recognizable cash resources from the rest of the current-asset base. The company carried $185.51M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.1x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 8.8% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented 86.3% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 13.7%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 81.2%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $666.37M in fiscal 2024, the current asset base moved 216.1% and finished higher. Book equity was 317.0% higher than fiscal 2024 equity of $435.94M, showing how shareholder capital changed year over year. Compared with $301.40M in fiscal 2024, the current cash balance moved 467.4% and finished higher.

Cash Flow and Earnings Quality

Operating activities used $267.80M of cash, resulting in an operating cash outflow for the year. Capital spending of $45.45M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $313.25M cash deficit after capital spending for the period. Free-cash-flow margin was -879.5%, reflecting a cash deficit equal to 879.5% of revenue after capital spending. The free-cash-flow deficit equaled 14.9% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.