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目錄
美國
美國證券交易委員會
華盛頓特區，郵編20549
表格 10-Q
（標記一個）
x
根據1934年《證券交易法》第13或15(d)條提交的季度報告
截至季度末 2025年9月30日
或
o
根據1934年《證券交易法》第13或15(d)條提交的過渡報告
對於從___________到___________的過渡期
委員會文件編號： 001-42932
BETA Technologies, Inc.
（註冊人章程中規定的準確名稱）
特拉華州
83-1276474
（州或其他司法管轄區）
（公司成立或組織所在）
（美國國稅局僱主）
識別編號）
1150機場大道
南伯靈頓, 佛蒙特州
05403
（主要行政辦公室地址）（郵政編碼）
註冊人的電話號碼，包括區號：(802) 281-3623
根據該法案第12(b)條註冊的證券:
每類的標題
交易代碼
註冊所在的每個交易所名稱
A類普通股，面值0.0001美元
BETA
紐約證券交易所
請通過覈對標記來表明註冊人（1）是否已在過去的12個月內（或註冊人被要求提交報告的較短期限內），根據《1934年證券交易法》第13條或第15(d)款的要求，提交了所有必須提交的報告；以及（2）在過去90天內是否受該等提交要求的約束。是的o    否  x
請通過覈對標記表明註冊人是否已根據S-T條例（本章第232.405節）規則405的規定，在過去12個月內以電子方式提交了所有要求提交的交互數據文件（或註冊人被要求提交此類文件的較短期限內）。是的  x    不  o 請通過覈對標記指明註冊人是大型加速申報公司、加速申報公司、非加速申報公司、小型報告公司還是新興成長型公司。有關「大型加速申報公司」、「加速申報公司」、「小型報告公司」和「新興成長型公司」的定義，請參見《交易法》規則12b-2。
大型加速申報者o加速申報者o
非加速申報者x小型報告公司o
新興成長型公司x
如果爲新興成長型公司，通過勾選標明註冊人是否選擇不使用根據《交易法》第13(a)條提供的任何新的或修訂的財務會計準則的延長過渡期。 o
請通過勾選標記表明註冊人是否爲殼公司（定義見《交易法》規則12b-2）。是o    不  x
截至2025年12月1日，有 220,528,649 股A類普通股，每股面值0.0001美元，以及 8,501,484 股B類普通股，每股面值0.0001美元，未償還。

目錄
目錄
頁面

目錄
關於前瞻性陳述的特別說明
本季度的10-Q表格報告包含聯邦證券法意義上的「前瞻性陳述」，這些陳述涉及重大風險和不確定性。除歷史事實陳述外，所有包含或通過引用併入本報告的其他陳述，包括但不限於有關公司未來財務狀況、經營戰略、預算、預計收入、預計成本以及管理層未來運營計劃和目標的陳述，均爲前瞻性陳述。通常可以通過使用諸如「可能」、「將要」、「可以」、「預期」、「打算」、「預測」、「估計」、「預期」、「計劃」、「相信」或「繼續」等術語或其否定形式或類似措辭來識別前瞻性陳述。可能導致實際結果與公司預期產生重大差異的重要因素包括但不限於公司的以下假設：
•我們設計、製造和向客戶交付飛機及其他產品的能力；
•我們獲取所有必需的認證、許可證、批准或許可的能力；
•我們能否及時實現飛機和其他產品的商業化業務里程碑，或者根本無法實現；
•競爭產品、服務或技術的影響，或導致對我們飛機或其他產品需求減少的技術變革，或對電動和混合電動航空（包括垂直起降飛機）行業或我們的業務產生其他不利影響；
•我們能否以可負擔的條件進入資本市場和信貸市場或借款以獲取我們可能需要的額外資本；
•我們有效管理和拓展業務的能力；
•與我們的國防計劃相關的風險，以及我們確保並遵守現有或未來合同的能力，或者以其他方式發展我們與美國軍方及其他美國政府組織的關係；
•由任何航空事故或其他事件，尤其是涉及電動飛機或電池解決方案（如鋰離子電池）的事故所引發的潛在損失和負面宣傳；
•自然災害、疾病暴發和大流行病、經濟、社會、天氣、增長制約因素以及監管條件；
•我們對供應商和服務合作伙伴提供原材料以及某些零部件的依賴；
•網絡攻擊及其他網絡安全相關事件的威脅；
•我們成功留住或招募，或更換我們的高級管理人員、其他關鍵員工或董事；
•我們應對廣泛且不斷演變的法律法規的能力，這些法規是我們當前或未來可能需要遵守的；
•對我們不利的稅收法律或法規的變動，或對我們稅務立場的質疑；
•可能最終對我們不利的索賠和訴訟；
•遵守政府法規的成本、不斷變化的審查以及全球監管機構和利益相關者對我們環境、社會及治理實踐與價值主張的期望變化；
•遵守環境、健康和安全法律法規所產生的費用，或由此施加的責任或義務；以及
•公司於2025年11月3日提交的招股說明書（「招股說明書」）中「風險因素」及其它部分提及的其他因素，該招股說明書依據經修訂的1933年《證券法》（「證券法」）第424(b)條規定於2025年11月4日向證券交易委員會（「SEC」）提交（文件編號：333-290570），本季度Form 10-Q報告以及我們隨後向SEC提交的文件。
我們提醒您，前述列表可能並不包含本季度10-Q表中所有的前瞻性陳述。
1
目錄
您不應依賴前瞻性陳述作爲未來事件的預測。本季度報告（Form 10-Q）中包含的前瞻性陳述主要是基於我們當前對未來事件和趨勢的預期與預測，我們認爲這些事件和趨勢可能會影響我們的業務、財務狀況、經營成果和前景。這些前瞻性陳述所描述的事件結果受風險、不確定性和其他因素的影響，包括招股說明書和本季度報告（Form 10-Q）中描述的因素。此外，我們在一個競爭非常激烈且快速變化的環境中運營。新的風險和不確定性不時出現，我們無法預測所有可能對本季度報告（Form 10-Q）中包含的前瞻性陳述產生影響的風險和不確定性。我們不能向您保證前瞻性陳述中反映的結果、事件和情況將會實現或發生，實際的結果、事件或情況可能與此類前瞻性陳述中描述的內容存在重大差異。
本季度的前瞻性聲明僅與聲明發布之日的事件相關。我們沒有義務更新本季度報告中的任何前瞻性聲明，以反映本季度報告發布之後的事件或情況，或反映新信息或意外事件的發生，除非法律要求。我們可能無法實際實現我們在前瞻性聲明中披露的計劃、意圖或期望，您不應過分依賴我們的前瞻性聲明。我們的前瞻性聲明未反映我們未來可能進行的任何收購、合併、處置、合資或投資的潛在影響。
此外，「我們認爲」等類似陳述反映了我們對相關主題的信念和觀點。這些陳述基於截至本季度報告（10-Q表格）發佈之日我們可獲得的信息，雖然我們認爲這些信息構成了此類陳述的合理基礎，但該信息可能有限或不完整，我們的陳述不應被解讀爲我們已經對所有可能的相關信息進行了詳盡的調查或審查。這些陳述本質上是不確定的，投資者應謹慎，不要過分依賴這些陳述。
本季度報告（Form 10-Q）中，除非另有說明或上下文另有要求，"BETA"、"公司"、"我們"、"我們的"等指代BETA Technologies, Inc.及其合併子公司。
2
目錄
BETA TECHNOLOGIES, INC.
簡明合併資產負債表
(單位：千，除分享數和每股金額外)
(未經審計)
第一部分. 財務信息
項目1. 基本報表
2025年9月30日2024年12月31日
資產
流動資產：
現金及現金等價物 $687,627 $301,396 
應收賬款(1)
7,683 2,152 
預付費用及其他流動資產(1)
17,196 23,791 
流動資產總額 712,506 327,339 
固定資產淨額 331,706 319,588 
經營租賃使用權資產 16,582 16,411 
預付費用及其他非流動資產 8,543 3,034 
總資產 $1,069,337 $666,372 
負債、可轉換優先股及股東權益
流動負債：
應付賬款 $13,166 $16,232 
Deferred revenue, current(2)
3,616 6,401 
經營租賃負債，流動 1,540 1,741 
應付票據，流動部分 5,670 2,835 
應計費用及其他流動負債 44,320 29,345 
總流動負債 68,312 56,554 
遞延收入，非流動(2)
12,430 6,360 
經營租賃負債，非流動部分 16,995 16,683 
應付票據，非流動 179,103 149,231 
其他負債 2,608 1,601 
負債總額 279,448 230,429 
承諾與或有事項（參見注釋7）
可轉換優先股及股東權益：
可轉換A系列優先股，$0.00002 面值， 56,088,617 已授權、發行並截至2025年9月30日和2024年12月31日流通的股票數量；清算優先權爲$640,005 截至2025年9月30日和2024年12月31日(3)
624,733 624,733 
可轉換B系列優先股，$0.00002 面值， 30,925,502 授權股份； 25,416,180 截至2025年9月30日和2024年12月31日已發行並流通的股份；清算優先權爲$505,263 和$483,190 分別爲2025年9月30日和2024年12月31日(3)
491,961 469,889 
可轉換C系列優先股，$0.00002 面值， 26,479,034 授權股份； 26,445,232 和 18,060,773 截至2025年9月30日和2024年12月31日，已發行並流通的股票；清算優先權爲$494,564 和$327,561 分別爲2025年9月30日和2024年12月31日(3)
539,527 316,691 
可轉換C-1系列優先股，$0.00002 面值， 27,872,661 授權股份； 23,545,451 截至2025年9月30日已發行並流通的股票， 0 截至2024年12月31日已發行並流通的股票；清算優先權爲$422,843 和 $0 分別爲2025年9月30日和2024年12月31日(3)
724,747 — 
普通股，$0.00002 票面價值， 239,813,390 和 223,340,884 授權股份； 37,578,571 和 37,040,639 截至2025年9月30日和2024年12月31日，已發行並流通的股份數量分別爲(3)
1 1 
普通股，超級投票權，$0.00002 面值， 8,501,484 截至2025年9月30日和2024年12月31日，已授權、發行並流通的股份數(3)
— — 
庫存股 (5,888)(5,888)
資本公積 — — 
累計虧損 (1,585,099)(969,276)
外幣換算調整 (93)(207)
可轉換優先股和股東權益總計 789,889 435,943 
負債、可轉換優先股和股東權益總計 $1,069,337 $666,372 
______________
(1)包括關聯方金額$2,226 和$1,473 （應收賬款）和$0 和$9,897 （預付費用及其他流動資產），截至2025年9月30日和2024年12月31日，分別見註釋14。
(2)包括關聯方金額$1,011 和$400 （遞延收入，流動部分）和$8,545 和$3,497 （遞延收入，非流動部分）截至2025年9月30日和2024年12月31日，分別見註釋14。
(3)股份金額已調整爲反映 6.38116812025年11月3日生效的一股拆多股的股票分割，該分割與首次公開募股相關（參見注釋1）。
附註是這些簡明合併基本報表的組成部分。
3
目錄
BETA TECHNOLOGIES, INC.
簡明合併損益及綜合收益表
(單位：千，除分享數和每股金額外)
(未經審計)
截至三個月
2023年9月30日，		截至
2023年9月30日，
2025202420252024
營業收入：
產品收入(1)
$2,917 $799 $7,993 $1,395 
服務收入(1)
6,001 2,267 16,490 9,260 
8,918 3,066 24,483 10,655 
營業成本：
產品收入1,660 662 2,255 1,250 
服務收入1,081 527 3,415 2,049 
2,741 1,189 5,670 3,299 
毛利率:
產品收入1,257 137 5,738 145 
服務收入4,920 1,740 13,075 7,211 
6,177 1,877 18,813 7,356 
營業費用：
研究與開發56,371 54,043 170,484 146,152 
綜合管理(2)
30,380 20,834 86,241 57,399 
總營業費用86,751 74,877 256,725 203,551 
運營損失(80,574)(73,000)(237,912)(196,195)
其他（支出）收入：
利息費用(3,464)(2,908)(9,214)(8,502)
利息收入2,628 1,035 7,348 5,740 
可轉換優先股發行損失
(355,551)— (355,551)— 
其他費用總計(356,387)(1,873)(357,417)(2,762)
所得稅前損失(436,961)(74,873)(595,329)(198,957)
所得稅費用(253)(191)(580)(246)
淨損失(437,214)(75,064)(595,909)(199,203)
可轉換優先股PIK分紅(14,596)(7,035)(39,136)(19,987)
歸屬於普通股股東的淨虧損$(451,810)$(82,099)$(635,045)$(219,190)
歸屬於普通股股東的每股淨虧損，基本和稀釋$(9.83)$(1.81)$(13.86)$(4.85)
加權平均已發行普通股，基本和稀釋45,948,603 45,269,895 45,807,560 45,174,580 
綜合虧損：
淨損失$(437,214)$(75,064)$(595,909)$(199,203)
外匯轉換調整(110)23 114 (47)
綜合損失$(437,324)$(75,041)$(595,795)$(199,250)
______________
(1)包括關聯方金額$0 和$535 （產品收入）和$1,454 和$1,260 （服務收入），截至2025年和2024年9月30日的三個月期間。包含關聯方金額$0 和$1,059 （產品收入）和$5,064 和$3,805 （服務收入），截至2025年和2024年9月30日的九個月期間（見註釋14）。.
(2)包括關聯方金額$0 和$(549)（一般及行政費用）截至2025年和2024年9月30日的三個月分別爲。包含相關方金額$(140)和$1,057)（一般及行政費用）截至2025年和2024年9月30日的九個月分別爲（見註釋14）。參見合併財務報表附註.
附註是這些簡明合併基本報表的組成部分。
4
目錄
BETA TECHNOLOGIES, INC.
可轉換優先股及股東權益簡明合併報表
(單位：千，除分享數和每股金額外)
(未經審計)
 優先股
（A系列、B系列、C系列和C-1系列）		Common Stock
包括超級投票權
普通股和庫存股		額外支付的資本累計虧損外幣折算調整可轉換優先股和股東權益總計
 
分享(1)
數量
分享(1)
數量
截至2024年6月30日的餘額81,504,797$1,080,447 45,245,488$(5,887)$— $(808,203)$(83)$266,274 
發行普通股換取現金—— 55,605— 261 — — 261 
可轉換優先股PIK股息 —7,035 —— (4,828)(2,207)— — 
基於股票的薪酬 —— —— 4,567 — — 4,567 
外匯轉換調整—— —— — — 23 23 
淨損失—— —— — (75,064)— (75,064)
截至2024年9月30日的餘額81,504,797$1,087,482 45,301,093$(5,887)$— $(885,474)$(60)$196,061 
截至2025年6月30日的餘額99,735,577$1,438,733 45,895,052$(5,887)$— $(1,139,651)$17 $293,212 
發行普通股換取現金—— 185,003— 849 — — 849 
發行可轉換C系列優先股，扣除發行成本後的淨額 8,214,452203,361 —— — — — 203,361 
發行可轉換C-1系列優先股，扣除發行成本後的淨額 23,545,451724,278 —— — — — 724,278 
可轉換優先股PIK股息 —14,596 —— (6,362)(8,234)— — 
基於股票的薪酬 —— —— 5,205 — — 5,205 
權證費用—— —— 308 — — 308 
外匯轉換調整—— —— — (110)(110)
淨損失—— —— — (437,214)(437,214)
截至2025年9月30日的餘額131,495,480$2,380,968 46,080,055$(5,887)$— $(1,585,099)$(93)$789,889 
截至2023年12月31日的餘額81,504,797$1,067,495 45,042,081$(5,357)$— $(676,687)$(13)$385,438 
發行普通股換取現金—— 371,563— 1,231 — — 1,231 
回購普通股票—— (112,551)(530)— — — (530)
可轉換優先股PIK股息—19,987 —— (10,403)(9,584)— — 
基於股票的補償—— —— 9,172 — — 9,172 
外匯轉換調整—— —— — — (47)(47)
淨損失—— —— — (199,203)— (199,203)
截至2024年9月30日的餘額81,504,797$1,087,482 45,301,093$(5,887)$— $(885,474)$(60)$196,061 
截至2024年12月31日的餘額99,565,570$1,411,313 45,542,122$(5,887)$— $(969,276)$(207)$435,943 
發行普通股換取現金—— 537,933— 2,095 — — 2,095 
發行可轉換C系列優先股，扣除發行費用後淨額 8,384,459206,241 —— — — — 206,241 
發行可轉換C-1系列優先股，扣除發行費用後淨額 23,545,451724,278 —— — — — 724,278 
可轉換優先股PIK分紅 —39,136 —— (19,222)(19,914)— — 
基於股票的薪酬 —— —— 16,819 — — 16,819 
權證費用—— —— 308 — — 308 
外匯轉換調整—— —— — — 114 114 
淨損失—— —— — (595,909)— (595,909)
截至2025年9月30日的餘額131,495,480$2,380,968 46,080,055$(5,887)$— $(1,585,099)$(93)$789,889 
______________
(1)股份金額已調整以反映 6.3811681於2025年11月3日生效的1比1前向股票分割（見注1），此次分割與首次公開募股相關。
附註是這些簡明合併基本報表的組成部分。
5
目錄
BETA TECHNOLOGIES, INC.
簡明合併現金流量表
(以千爲單位)
(未經審計)
截至9月30日的九個月期間，
20252024
經營活動
淨損失$(595,909)$(199,203)
將淨虧損調整爲經營活動使用的淨現金：
折舊和攤銷 16,314 11,313 
處置財產和設備的損失 2,473 591 
發行可轉換優先股的損失
355,551 — 
基於股票的薪酬 16,819 9,172 
權證費用
308 — 
非現金利息支出 1,508 1,586 
非現金租賃費用 185 330 
經營性資產和負債的變化：
應收賬款 (5,531)(2,626)
預付費用及其他流動資產 3,653 3,858 
其他資產和負債 (6)19 
應付賬款、應計費用和流動負債 17,990 7,564 
經營租賃負債 (27)(226)
遞延收入 3,286 2,360 
經營活動使用的淨現金 (183,386)(165,262)
投資活動
購置財產和設備 (25,663)(51,681)
出售財產和設備所得款項 1,296 380 
投資活動所用的淨現金 (24,367)(51,301)
融資活動
來自可轉換C系列優先股的收益 150,406 — 
來自可轉換C-1系列優先股的收益 422,375 — 
售後回租交易的收益 32,658 — 
發行本票的收益 — 15,501 
支付債務發行成本 — (150)
借款償還 (2,103)(685)
發行普通股 2,095 1,231 
融資租賃義務的本金支付 (46)(39)
股票發行成本 (7,005)— 
回購普通股 — (530)
融資活動提供的淨現金 598,380 15,328 
貨幣折算對現金、現金等價物及受限現金的影響 (20)(24)
現金、現金等價物及受限現金的增加（減少） 390,607 (201,259)
期初現金、現金等價物及受限制現金 302,025 254,136 
期末現金、現金等價物和受限制現金 $692,632 $52,877 
現金流信息的補充披露
支付的利息現金 7,946 6,842 
支付的稅款 117 34 
非現金投資和融資活動
因新租賃確認的使用權資產 1,243 796 
因修訂調整的使用權資產 6 (1,138)
記錄在應付賬款中的物業和設備 4,147 12,319 
記錄在應付賬款和應計負債中的股票發行成本
1,773 1,405 
包含在應付賬款、應計費用及其他負債中的遞延發行成本6,181 — 

下表提供了簡明綜合資產負債表中報告的現金、現金等價物和受限現金與綜合現金流量表總額的對賬（單位：千）：
截至
2025年9月30日		截至
2024年9月30日
現金及現金等價物$687,627 $52,248 
受限現金包括在：
預付費用及其他流動資產4,561 147 
其他資產444 482 
簡明現金流量表中的總現金、現金等價物及受限現金$692,632 $52,877 
附註是這些簡明合併基本報表的組成部分。
6
目錄
BETA TECHNOLOGIES, INC.
簡明合併基本報表附註
(單位：千，除分享數和每股金額外)
(未經審計)
1.業務性質與流動性
BETA Technologies, Inc.（「BETA」或「公司」）設計、製造和銷售高性能電動飛機、先進的電力推進系統、充電系統及零部件。公司專注於電動飛機的設計、開發和製造，包括先進的飛行控制系統和電力推進系統，並以清潔航空技術爲重點。此外，公司還製造並運營用於電動飛機充電的充電站和基礎設施。這些充電系統能夠安全、快速且高效地爲電動飛機提供所需的電力。公司還維護並向客戶及合作伙伴提供模擬器訪問權限，以便他們了解飛機的性能。
2025年11月5日，Company完成了其首次公開募股（「IPO」）， 34,330,882 以每股$的價格向公衆發行了Company的A類普通股34.00 的A類普通股， 包括承銷商全額行使從Company購買 4,477,941 股A類普通股的權利。Company通過此次IPO獲得了大約$的淨收益，1,103,327在扣除大約$的承銷折扣和佣金後。63,922 Company的A類普通股在紐約證券交易所上市交易，股票代碼爲「BETA」。
與首次公開募股（IPO）相關，公司所有上市前的可轉換優先股（「優先股」），包括相關的實物支付（「PIK」）股息加速，自動轉換爲 147,806,862 股公司上市前的普通股。此外，公司授權對上市前的普通股和上市前的超級投票普通股進行 6.3811681拆1的股票分拆（「股票分拆」），並對由此產生的股票進行重新分類和交換爲A類普通股和B類普通股。在IPO之後， 不 股優先股仍未償還。這些合併財務報表中提及的所有股份、股價、行權價格及其他每股相關信息都已根據股票分拆進行了追溯調整。
2.編制基礎和會計政策
編制基礎和合並原則
隨附的未經審計的簡明綜合財務報表已根據美國公認會計原則（「GAAP」）編制，用於中期財務報告，並符合Form 10-Q的要求。這些簡明綜合財務報表未經審計，管理層認爲其反映了爲公平列示所呈報期間的財務狀況、經營成果、現金流量和權益變動所必需的所有正常的經常性調整。所呈報期間的結果不一定表明任何後續期間可能預期的結果。這些未經審計的簡明綜合財務報表應與公司截至2024年12月31日止年度的經審計綜合財務報表及招股說明書中的附註一併閱讀。本附註中提及的適用指引指財務會計準則委員會（「FASB」）發佈的《會計準則彙編》（「ASC」）和《會計準則更新》（「ASU」）中權威的美國公認會計原則。
公司的簡明合併財務報表包括公司及其全資子公司的賬目。所有公司間餘額和交易已在合併中消除。
7
目錄
新興成長型公司地位
本公司是一家新興成長型公司，根據《2012年促進創業企業融資法案》（「JOBS法案」）定義。根據JOBS法案，新興成長型公司可以推遲採用JOBS法案頒佈後發佈的新的或修訂的會計準則，直至這些標準適用於私人公司時爲止。本公司已選擇使用這一延長的過渡期，以遵守對公衆和私人公司生效日期不同的新會計準則或修訂後的會計準則，直至其（i）不再屬於新興成長型公司，或（ii）明確且不可撤銷地選擇退出JOBS法案提供的延長過渡期的較早日期爲止。因此，這些簡明合併財務報表可能與那些按照公衆公司生效日期遵守新的或修訂後的會計公告的公司不具備可比性。本公司預計在作爲新興成長型公司的期間內，對於其他任何新的或修訂後的會計標準也將採用延長的過渡期。
重要會計政策摘要
除下文所述外，公司的重要會計政策在招股說明書中截至2024年12月31日及年度的合併財務報表和附註2「重要會計政策摘要」中描述的政策沒有其他變動，這些變動對簡明合併財務報表及相關附註產生了重大影響。已對前一年經審計的合併財務報表中的某些項目進行了重新分類，以符合當前的列報方式。
信用風險集中
截至2025年和2024年9月30日的三個月和九個月期間，來自超過總收入10%的特定客戶的收入如下：
截至三個月
9月30日，		截至九個月
9月30日，
2025202420252024
客戶A*21%21%43%
客戶B
16%41%18%35%
客戶 C*17%*11%
客戶 D**15%*
客戶E
26%***
客戶F
15%***
客戶G
23%***
______________
*不到10%
截至2025年9月30日和2024年12月31日，特定客戶應收賬款餘額超過總應收賬款10%的情況如下：
截至
9月30日
2025		截至
12月31日
2024
客戶A
28%25%
客戶B
28%56%
客戶 C
*13%
客戶E
34%*
______________
*不到10%
8
目錄
遞延發行成本
公司將在進行中的股權融資完成前，將與之直接相關的特定法律、專業會計及其他第三方費用資本化爲遞延發行成本。在股權融資完成後，這些成本將作爲發行收益的減少項記錄，具體表現爲優先股賬面價值的減少或在股東權益中衝減因發行而產生的額外實收資本。 公司截至2025年9月30日記錄了$6,724 的遞延發行成本，而截至2024年12月31日則無遞延發行成本。由於首次公開募股（IPO），公司在2025年11月記錄了A類普通股賬面價值減少$ 無 。10,723
發行可轉換優先股的損失
截至2025年9月結束的三個月內發行的C輪及C-1輪優先股結束時，優先股的估計公允價值在每股$114.47 和$196.73 之間，相比每股購買價格爲$114.47。因此，公司記錄了$的非現金損失計入其他費用，以反映總購買價格與發行日股份公允價值之間的差額。優先股的估計公允價值是使用混合方法編制的，其中一個或多個情景使用期權定價模型（「OPM」）將股權價值分配給相應的股份類別。估值基於多個估值因素，包括但不限於經濟因素、行業趨勢和實現流動性事件的可能性。這些屬於公允價值層級中的第三級輸入項，並需要重大的判斷或估計。355,551
合作協議
公司評估聯合開發安排，以確定其是否屬於ASC 808 – 合作協議（「ASC 808」）的範圍。公司評估此類安排是否涉及由作爲活動積極參與者且承擔依賴於活動商業成功的重要風險和回報的各方執行的聯合經營活動。在整個安排期間，公司將持續進行此項評估，並考慮各方之間角色和責任的變化。
2025年9月3日，公司與通用電氣公司（以GE航天航空名義運營，簡稱「GE航天航空」）在ASC 808範圍內簽訂了《戰略協作協議》和《聯合技術開發協議》（合稱「GE協作協議」），以研究、開發、製造、測試、營銷、銷售、實施和支持用於混合電動應用的推進技術，包括未來面向商用民用航空市場和政府客戶的渦輪發電機。雙方提供工程人員、技術支持、商業資源並履行GE協作協議下的承諾，並在開發期間各自承擔成本，因此均面臨重大風險。此外，雙方共同參與一個聯合開發委員會，該委員會指導雙方在開發各方面的合作。BETA根據GE協作協議產生的費用記錄在研發支出中。
根據GE合作協議，於2025年9月26日，公司向GE航天航空發行了購買 2,552,467 股A類普通股的認股權證，拆分前的行使價爲$0.01 每股（「GE認股權證」）。這些GE認股權證在歸屬後可行使，並在滿足某些里程碑條件時歸屬。如果截至2025年9月3日的三週年紀念日公司與GE航天航空仍在根據GE合作協議（或類似安排）繼續合作，則任何尚未歸屬的股份將在該日期歸屬。這些認股權證授予日的公允價值總計爲$67,236。普通股的估計公允價值是使用混合方法準備的，其中一種或多種情景採用了OPM來分配股權價值給GE認股權證。估值基於多個估值因素，包括但不限於經濟因素、行業趨勢和實現流動性事件的可能性。這些屬於公允價值層級中的第三級輸入項，需要顯著的判斷或估算。截至2025年9月30日，公司記錄了與GE認股權證相關的研發費用$308 。
9
目錄
最近發佈的會計公告
2023年12月，FASB發佈了《2023-09號會計準則更新》，改進了所得稅披露。《2023-09號會計準則更新》要求提供報告主體有效稅率調節的細分信息以及已繳所得稅的信息。新標準自2025年12月15日之後開始的年度期間生效，並允許提前採用。該指引將基於前瞻性方式應用，並可選擇追溯應用本標準。The Company仍在評估採用這一會計準則對其簡明合併財務報表的影響。
2024年11月，FASB發佈了《ASU 2024-03，利潤表——綜合收益報告：費用細分披露（子主題220-40）：利潤表費用的細分》，要求上市公司在合併財務報表附註中披露特定成本和費用的相關信息。2025年1月，FASB發佈了《ASU 2025-01，利潤表——綜合收益報告——費用細分披露（子主題220-40）：利潤表費用的細分，明確生效日期》。ASU 2025-01澄清了ASU 2024-03的指引適用於自2026年12月15日之後開始的年度報告期以及自2027年12月15日之後開始的中期報告期。Company仍在評估採用該會計準則對簡明合併財務報表的影響。
3.收入確認
分項收入
公司根據客戶類型、產品或服務類型以及地理位置拆分來自客戶合同的收入，因爲公司認爲這些類別最能描述經濟因素如何影響收入和現金流的性質、金額、時間和不確定性。
公司各類客戶收入如下（單位：千）：
截至三個月
9月30日，		截至九個月
9月30日，
2025202420252024
美國政府$2,702 $892 $7,674 $5,271 
商業客戶6,216 2,174 16,809 5,384 
總計$8,918 $3,066 $24,483 $10,655 
公司各類產品或服務的收入如下（單位：千）：
截至三個月
9月30日，		截至九個月
9月30日，
2025202420252024
產品收入$2,917 $799 $7,993 $1,395 
服務收入6,001 2,267 16,490 9,260 
總計$8,918 $3,066 $24,483 $10,655 
截至2025年9月30日的三個月，公司的收入來源於美國客戶的銷售， 2024 $8,667 和$3,066 以及截至2025年和2024年9月30日的九個月的$24,232 和$10,655，分別爲。 公司產生了$251 來自國際客戶的收入，涉及三個月和九個月的時間段，截至 2025年9月30日 並且有 無 截至2024年9月30日的三個月和九個月期間，國際客戶沒有產生任何收入。
10
目錄
合同餘額
下表提供了與客戶合同相關的合同負債信息（單位：千）：
截至
9月30日，
2025		截至
12月31日，
2024
合同負債，流動$(3,616)$(6,401)
合同負債，非流動(12,430)(6,360)
總計$(16,046)$(12,761)
截至2025年9月30日的九個月期間，合同負債增加，主要是由於收到的款項超過已確認的履約義務收入。在截至2025年9月30日和2024年9月30日的九個月期間，公司確認了$5,854 和$453 截至2024年12月31日和2023年12月31日的合同負債作爲收入。合同負債，流動部分包括$1,000 截至2025年9月30日的客戶存款以及 無 截至2024年12月31日的客戶存款。合同負債，非流動部分包括$3,885 和$2,660 截至2025年9月30日和2024年12月31日的客戶存款。在截至2025年9月30日和 2024，公司還簽訂了認證前和認證後飛機銷售協議，並擁有未執行的預認證飛機選項。這些協議 無 截至2025年9月30日的三個月和九個月期間沒有相關收入或銷售成本。 2024.
剩餘履約義務
剩餘履約義務代表尚未確認的合同未來收入金額。截至2025年9月30日，Company的剩餘履約義務爲$18,679。Company目前預計將在未來10,058 個月內確認大約$的剩餘履約義務爲收入，其餘部分將在之後確認。 12
4.物業及設備，淨額
財產和設備淨值包括以下內容（單位：千）：
截至
9月30日，
2025		截至
12月31日，
2024
計算機設備和軟件 $12,518 $12,194 
傢俱和固定裝置 1,643 1,615 
機械和設備 97,307 78,024 
車輛和航空 17,635 15,546 
充電站點
18,003 12,045 
租賃改良 27,484 25,888 
建築物和結構 189,144 182,058 
土地改良 1,239 1,239 
Land株式會社2,232 593 
在建工程 13,236 22,914 
物業和設備總計 380,441 352,116 
減：累計折舊 48,735 32,528 
物業和設備，淨值 $331,706 $319,588 
截至2025年和2024年9月30日的三個月期間，折舊費用分別爲$5,794 和$3,888，分別爲2025年和2024年截至9月30日的九個月的折舊費用爲$16,314 和$11,313，分別爲。
11
目錄
截至2025年9月30日和2024年12月31日，公司持有的待售資產分別爲$0 和$852 分別包含在預付費用和其他流動資產中。在截至2025年9月30日和2024年的三個月內，公司處置了$的固定資產淨值。1,296 和$352 在截至2025年9月30日和2024年的九個月內，公司處置了$的固定資產淨值。3,769 和$971 分別處置了$的固定資產淨值。
5.應付票據
2023年12月13日，公司與美國進出口銀行（「Ex-Im」）簽訂了一項信貸協議（以下簡稱「Ex-Im信貸協議」）。Ex-Im信貸協議提供了一筆$170,103 直接貸款額度（以下簡稱「Ex-Im信貸額度」），截至2025年9月30日和2024年12月31日，公司已提取了$170,103 。根據Ex-Im信貸協議借款的本金金額爲$170,103 ，其中$151,250 可用於爲公司生產設施的建設成本提供融資，而剩餘的$18,853、或 12.46%的借款則用於支付協議下的總風險敞口費用。截至2024年12月31日的$20,207 折價由初始風險敞口費用和債務發行成本組成。截至2025年9月30日和2024年12月31日，風險敞口費用分別爲$18,853 ，債務發行成本爲$1,354，這些費用按照實際利率法在Ex-Im信貸協議的有效期內攤銷至利息費用。
根據進出口信貸協議的借款按每年固定的利率計息，利率爲 5.52%，按季度支付利息。考慮到借款和還款的時間與金額、風險敞口費用以及債務發行成本，公司根據進出口信貸協議未償還借款的實際年利率爲 7.32%。根據進出口信貸協議的借款需在 54 個季度分期償還，首次還款日期爲2025年9月20日，到期日爲2038年12月20日。進出口信貸協議由位於佛蒙特州南伯靈頓的飛機制造園區的總裝設施（「最終裝配設施」）提供第一優先級抵押擔保。
此外，Ex-Im信貸協議包含限制公司出售資產、參與併購以及對某些資產設置留置權等行爲的條款。
截至2025年9月30日，公司因一項售後回租交易確認了$32,505 的非流動應付票據。參見附註6「租賃」。
應付票據的組成如下（單位：千）：
截至
9月30日，
2025		截至
12月31日，
2024
進出口銀行信貸協議 $168,685 $170,103 
未攤銷的折扣和債務發行成本 (16,417)(18,037)
融資負債32,505 — 
應付票據總額 184,773 152,066 
減：流動應付票據 (5,670)(2,835)
應付票據，非流動 $179,103 $149,231 
公司的進出口銀行信貸協議按攤銷成本記錄，截至2025年9月30日和2024年12月31日的公允價值分別爲$。153,913 和$157,043 進出口銀行信貸協議的公允價值基於類似市場的報價，屬於公允價值層級中的第二級輸入。
6.租賃
公司的租賃安排包括設施、車輛、飛機和設備租賃，以及其他用於存儲和辦公空間的短期租賃。
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目錄
售後回租交易
2025年7月，Company與關聯方就其部分建築物簽訂了一項售後回租交易，初始回租期限爲 兩 年。該售後回租交易根據《ASC 842-40租賃——售後回租交易》指引進行了評估。由於Company獲得了主導使用和享有標的資產幾乎所有利益的能力，此項交易被作爲債務融資覈算。因此，Company繼續在其固定資產淨值中反映該建築物，視同其爲法律上的所有權人，並繼續在其估計的使用壽命內確認折舊費用。 29 2025年7月，Company記錄了初始融資負債$32,658，淨額已扣除交易成本。截至2025年9月30日，Company確認了$32,505 的非流動應付票據。Company不會確認與租賃資產相關的租金費用。相反，每月的租金支付將被記錄爲利息費用及減少未償負債。對於截至2025年9月30日的三個月和九個月期間，Company在融資項下支付了$701 ，代表利息費用。
截至2025年9月30日的三和九個月期間，Company的租賃沒有發生其他重大變化。
7.承諾與或有事項
承諾
2021年5月25日，Company行使了從其前員工手中回購股票的權利，回購款項將分期支付。 五年根據Company確定的股份公允價值，截至2025年9月30日和2024年12月31日，Company剩餘的股份回購負債爲$228 和$913，分別爲。
法律訴訟
在每個報告日期，Company會根據權威指南中關於或有事項會計處理的規定，評估潛在損失金額或潛在損失範圍是否可能發生且能夠合理估計。Company將其法律訴訟相關的費用在發生時計入當期損益。截至2025年9月30日，Company未獲悉任何針對其的重大現存、未決或受威脅的法律訴訟。
賠償協議
根據特拉華州法律的允許，Company對其高級管理人員、董事和員工在擔任Company所要求的職務期間或曾經擔任期間發生的某些事件或行爲進行賠償。賠償期限爲高級管理人員或董事的終生。此外，在日常業務過程中，Company可能會向供應商、出租人、商業夥伴和其他方提供範圍和條款各異的賠償，涉及的事項包括但不限於因違反此類協議或第三方提出的知識產權侵權索賠而產生的損失。在許多情況下，Company根據這些賠償協議可能需要支付的未來最高潛在金額是無限的。然而，截至目前，Company並未因該等賠償產生任何重大成本，也未遭受任何相關損失。截至2025年9月30日，Company未獲悉任何與賠償安排相關的索賠，並且預計不會出現與此類賠償義務相關的重大索賠，因此判斷這些義務的公允價值可以忽略不計；因此，未設立相關準備金。
8.可轉換優先股與股東權益
普通股
As of September 30, 2025 and December 31, 2024, the Company had 239,813,390 and 223,340,884 shares of common stock authorized and 37,578,571 and 37,040,639 shares of common stock issued and outstanding, respectively. Each holder of the Company’s common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors.
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Super Voting Common Stock
During 2021, the Company authorized and issued 8,501,484 shares of super voting common stock, which remained outstanding as of September 30, 2025. The holder of the Company’s super voting common stock, the Company’s Chief Executive Officer, is entitled to forty votes for each share on all matters submitted to a vote of the stockholders, including the election of directors. Each share of super voting common stock is convertible into one share of common stock at any time.
The size of the board of directors cannot be changed without the consent of the individual owning the shares of super voting common stock. The individual also retains the right to designate a majority of the board. As of September 30, 2025, two board members are designated by specific holders of the Preferred Stock. The election of the remaining minority board members is submitted to a vote of the stockholders.
Preferred Stock
The Company’s certificate of incorporation, as amended, designates and authorizes the Company to issue 141,365,814 shares of Preferred Stock, of which 32,039,539 shares are designated as Series A Preferred Stock, 3,064,920 shares are designated as Series A-1 Preferred Stock, 10,110,916 shares are designated as Series A-2 Preferred Stock, 10,873,242 shares are designated as Series A-3 Preferred Stock, 30,925,502 shares are designated as Series B Preferred Stock, 26,479,034 shares are designated as Series C Preferred Stock and 27,872,661 are designated as Series C-1 Preferred Stock.
For the three months ended September 30, 2025, the Company issued 3,978,505 shares of previously authorized Series C Preferred Stock and expanded the shares authorized and issued pursuant to the Series C Preferred Stock offering by 4,235,947 shares that provided aggregate net proceeds of $147,357. The participants of the Series C Preferred Stock offering consisted of new and previous investors, including board members and their associated companies, and certain members of management.
In September 2025, the Company entered into a Series C-1 Preferred Stock purchase agreement. Through September 30, 2025, the Company issued 16,723,599 shares of Series C-1 Preferred Stock to GE Aerospace for total proceeds of $300,000. The Company issued an additional 6,821,852 shares of Series C-1 Preferred Stock for aggregate net proceeds of $122,375 to new and previous investors, including board members and their associated companies.
For the three months ended September 30, 2025, the Company declared a PIK dividend for the Series B, Series C, and Series C-1 Preferred Stock of $7,467, $6,661, and $468, respectively. For the three months ended September 30, 2024, the Company declared a PIK dividend for the Series B Preferred Stock of $7,035.
For the nine months ended September 30, 2025, the Company declared a PIK dividend for the Series B, Series C, and Series C-1 Preferred Stock of $22,071, $16,597, and $468, respectively. For the nine months ended September 30, 2024, the Company declared a PIK dividend for the Series B Preferred Stock of $19,987.
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9.STOCK BASED COMPENSATION
2018 Equity Incentive Plan
The amounts of stock based compensation expense recorded is as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Cost of product revenue$37 $11 $67 $11 
Cost of service revenue38 30 119 90 
Research and development2,051 1,802 5,877 4,021 
General and administrative3,079 2,724 10,756 5,050 
Total stock based compensation$5,205 $4,567 $16,819 $9,172 
During the nine months ended September 30, 2025, the Company approved modifications to certain incentive stock option awards in connection with the termination of service of an employee. These modifications resulted in an extension of the post-termination exercise period for vested awards and a change of vesting conditions for unvested awards. As a result of these modifications, the Company recorded additional stock based compensation of $3,799 during the nine months ended September 30, 2025.
As of September 30, 2025 and December 31, 2024, the total number of shares of common stock that may be issued under the 2018 Plan was 25,084,129, of which 1,298,491 and 4,598,168, respectively, remained available for future grant.
10.INCOME TAXES
During the three months ended September 30, 2025 and 2024, the Company recorded $253 and $191 of tax expense. During the nine months ended September 30, 2025 and 2024, the Company recorded $580 and $246 of tax expense. For the three and nine months ended September 30, 2025 and 2024, the provision for income taxes differed from the United States federal statutory rate primarily due to the change in jurisdictional mix of earnings.
11.NET LOSS PER SHARE
Net loss per share basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Numerator:
Net loss$(437,214)$(75,064)$(595,909)$(199,203)
Preferred Stock PIK dividend(14,596)(7,035)(39,136)(19,987)
Net loss attributable to common stockholders$(451,810)$(82,099)$(635,045)$(219,190)
Denominator:
Weighted average common shares outstanding, basic and diluted45,948,603 45,269,895 45,807,560 45,174,580 
Net loss per share, basic and diluted$(9.83)$(1.81)$(13.86)$(4.85)
As of September 30, 2025, the Company’s Series B, Series C, and Series C-1 preferred stockholders were entitled to cumulative dividends based on their stated value. As such, the Company calculates its net loss attributable to common stockholders by adjusting its net loss for the aggregate cumulative dividends that had accrued since the original issuance dates in the period in which the preferred stockholders became legally entitled to such dividends.
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The Company’s potentially dilutive securities, which include preferred stock, warrants and stock options, have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:
Nine Months Ended
September 30,
20252024
Series A Preferred Stock56,088,617 56,088,617 
Series B Preferred Stock25,416,180 25,416,180 
Series C Preferred Stock26,445,232 — 
Series C-1 Preferred Stock23,545,451 — 
Warrants to purchase common stock
2,552,467 — 
Options to purchase common stock20,235,533 17,805,533 
154,283,480 99,310,330 
12.SEGMENT REPORTING
The Company has one operating and reportable segment – Development and Manufacturing Electric Aircrafts. The Company determined its reportable segment using the management approach based on how the chief operating decision maker (the “CODM”) evaluates the business. Substantially all Company’s fixed assets are located in the United States and all of the Company’s revenue is generated in the United States. The Company’s foreign operations consist of expenses associated with engineering and related supporting administrative services.
The Company’s CODM is its Chief Executive Officer. As the Company has a single reportable segment and is managed on a consolidated basis, the measure of segment profit or loss is consolidated net loss as reported in the consolidated statements of operations and comprehensive loss. The CODM reviews the financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM does not use any segment asset measures to assess performance and decide how to allocate resources. The Company does not have intra-entity sales or transfers.
The Company’s reportable segment information is as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenues$8,918 $3,066 $24,483 $10,655 
Cost of revenues2,741 1,189 5,670 3,299 
Operating and other expenses
Research and development56,371 54,043 170,484 146,152 
General and administrative30,380 20,834 86,241 57,399 
Other segment items(1)
356,640 2,064 357,997 3,008 
Net loss$(437,214)$(75,064)$(595,909)$(199,203)
______________
(1)Other segment items are comprised of the loss on issuance of convertible preferred stock, interest income/expense and income taxes.
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13.GOVERNMENT ASSISTANCE
As a result of government assistance received under the Company’s agreements with Advanced Regenerative Manufacturing Institute, Inc. (“ARMI”) and Michigan Department of Transportation, incorporated by reference to “2023 Agreement,” “2024 Agreement,” and “MDOT” in the Prospectus, the Company recorded reductions within the following accounts for proceeds received from government assistance programs (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
General and administrative expenses$— $549 $140 $1,057 
Research and development expenses352 327 1,001 691 
Property and equipment1,190 1,522 1,888 2,640 
14.RELATED PARTY TRANSACTIONS
The Company generates revenues and expenses from transactions with related parties, primarily through the Company’s relationship with United Therapeutics Corporation, ARMI, and GE Aerospace, who have executives that are also on the Company’s Board of Directors. These amounts are disclosed within the Company’s unaudited condensed consolidated balance sheets and condensed consolidated statements of operations and comprehensive loss.
Additionally, the Company enters into certain transactions with members of management for the lease of aircraft and property for use within the business. The aggregate expenses are not material and are included with general and administrative expenses for the three and nine months ended September 30, 2025 and 2024, respectively.
Sale-Leaseback Transaction
In July 2025, the Company entered into a sale-leaseback transaction for two of its buildings with an associated company of a board member. The Company received $32,658 in net proceeds from the sale with an initial leaseback term of 29 years. See Note 6 “Leases” for additional information on the sale-leaseback transaction.
Series C Financing
During the three months ended September 30, 2025, as part of the Series C financing, 5,397,160 shares of Series C Preferred Stock were purchased by certain of the Company’s directors, their associated companies, and certain members of management. During the nine months ended September 30, 2025, as part of the Series C financing, 5,388,801 shares of Series C Preferred Stock were purchased by certain of the Company’s directors, their associated companies, and certain members of management.
Series C-1 Financing
During the three and nine months ended September 30, 2025, as part of the Series C-1 financing, 668,261 shares of Series C-1 Preferred Stock were purchased by certain of the Company’s board members and their associated companies, exclusive of GE Aerospace.
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GE Aerospace
On September 3, 2025, the Company entered into a Series C-1 Preferred Stock purchase agreement. On September 26, 2025, the Company issued 16,723,599 shares of Series C-1 Preferred Stock to GE Aerospace for total proceeds of $300,000 in connection with the initial closing of the Series C-1 Preferred Stock financing. The Company recorded a non-cash loss on the issuance of Preferred Stock of $215,585 in connection with this transaction during the three and nine months ended September 30, 2025. As a result of the transaction, GE Aerospace received the right to designate one member to the Company’s Board. Additionally, on September 3, 2025, the Company entered into the GE Collaboration Agreements to advance hybrid-electric propulsion for next-generation aircraft for a term of 10 years. In connection with these agreements, on September 26, 2025, the Company issued warrants to GE Aerospace to purchase 2,552,467 shares of the Company’s Class A common stock. The GE Warrants are exercisable upon vesting, and vest subject to the satisfaction of certain milestones, with any warrants that remain unvested on the third anniversary of September 3, 2025 become vested on such date if the Company and GE Aerospace are continuing to work together under the GE Collaboration Agreements (or a similar arrangement). The Company recorded research and development expense of $308 in connection with the GE Collaboration Agreements during the three and nine months ended September 30, 2025.
15.PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses and other current assets consist of the following (in thousands):
As of
September 30,
2025		As of
December 31,
2024
Restricted cash$4,561 $149 
Prepaid expenses6,488 6,408 
U.S. Grants receivable— 9,897 
Supplies and materials2,790 3,659 
Assets held for sale— 852 
Other3,357 2,826 
Prepaid expenses and other current assets$17,196 $23,791 
16.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consist of the following (in thousands):
As of
September 30,
2025		As of
December 31,
2024
Accrued expenses$33,259 $24,517 
Share buy-back liabilities229 685 
Payroll liabilities5,605 2,044 
Other5,227 2,099 
Accrued expenses and other current liabilities$44,320 $29,345 
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17.SUBSEQUENT EVENTS
Subsequent to September 30, 2025, the Company issued 1,866,989 shares of the Series C-1 Preferred Stock offering that provided aggregate net proceeds of $33,491 from an entity affiliated with one of the Company’s board members. In connection with the issuance, the Company recorded a loss on the issuance of Preferred Stock of $24,067 as a result of the difference between the estimated fair value of the Series C-1 Preferred Stock as of the closing date and the purchase price per share.
On October 15, 2025, following the approval of the stockholders of the Company, and effective upon the consummation of the IPO, the Board adopted the BETA Technologies Omnibus Incentive Plan (the “2025 Plan”). The 2025 Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) performance awards, (v) other share-based awards and (vi) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. The initial number of shares of common stock reserved for issuance under the 2025 Plan is 36,207,812 shares of Class A common stock. The total number of shares reserved for issuance under the 2025 Plan increases on January 1 of each of the first 10 calendar years during the term of the 2025 Plan by the lesser of: (i) a number of shares of our common stock equal to 5% of the total number of shares of the Company’s Class A common stock outstanding on December 31 of the preceding calendar year or (ii) a lesser number of shares of the Company’s Class A common stock as determined by the Board.
On October 15, 2025, following the approval of the stockholders of the Company, and effective upon the consummation of the IPO, the Board adopted the BETA Technologies, Inc. 2025 Employee Stock Purchase Plan (the “2025 ESPP”). The initial number of shares of Class A common stock which will be authorized for sale under the 2025 ESPP is 2,413,854 shares of Class A common stock. The 2025 ESPP is expected to be implemented during 2026.
On November 5, 2025, the Company completed its IPO of 34,330,882 shares of the Company’s Class A common stock at a price to the public of $34.00 per share for net proceeds of $1,103,327 after deducting underwriting discounts and commissions payable by the Company. See Note 1 “Nature of Operations and Liquidity”.
In addition, effective November 7, 2025, the Company’s Board granted awards of restricted stock units under the 2025 Plan to certain of the Company’s employees, contractors and advisors, representing an aggregate of approximately 1,640,769 shares of Class A common stock underlying the awards.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes, and other financial information, included elsewhere in this Quarterly Report on Form 10-Q and our Prospectus filed with the SEC on November 4, 2025 in connection with our IPO. As discussed in the section titled “Special Note Regarding Forward-Looking Statements,” the following discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors. Factors that could cause or contribute to such differences include, but are not limited to, capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, including those discussed below and in the section titled “Risk Factors” included under Part II, Item 1A below, as well as in the Prospectus, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We assume no obligation to update any of these forward-looking statements. Unless otherwise indicated or in the context otherwise requires, all references in this section to the “Company,” “BETA,” “we,” “us” or “our” refer to BETA Technologies, Inc. and its consolidated subsidiaries.
Overview
We are redefining the aerospace industry. We have developed an electric aircraft platform and propulsion systems that are positioned to transform the aviation industry forward into a new phase of growth. We design, manufacture, and sell high-performance electric aircraft, advanced electric propulsion systems, charging systems, and components. Further, we have invested in the underlying infrastructure of this breakthrough technology, which is critical to bringing electric aviation to life. We believe we have developed a differentiated presence in North America and are well positioned to expand globally.
Our company was purpose-built to capture the significant, untapped market opportunity in sustainable, reliable and efficient electric aviation.
Vertical integration allows us to innovate rapidly and capture meaningful economic value throughout an aircraft’s lifetime, by providing batteries and aftermarket services for BETA aircraft and other customers. Our focus is on the enabling technologies essential to electric aviation, including motors, inverters, batteries, flight controls, charging systems, and a nationwide electric charging network (“Enabling Technologies”). With proprietary control over these core technologies, we offer customers a complete platform to support their adoption of electric aircraft to enable both existing and new missions. This multilayered approach provides us with recurring, high margin opportunities.
We are developing highly scalable technologies that can be tailored to and deployed for cost-effective and safe missions across cargo and logistics, medical, defense and passenger end markets. Our simplified approach to designing electric aircraft allows us to service a variety of end markets and mission types leveraging the same core technologies. The portability of our technologies and systems across various aircraft also unlocks flexibility to innovate on future generations of aircraft.
Recent Developments
On November 5, 2025, we completed our IPO, in which we issued and sold an aggregate of 34,330,882 shares of our Class A common stock at a price to the public of $34.00 per share, inclusive of the exercise in full by the underwriters to purchase from the Company 4,477,941 shares of Class A common stock. We received net proceeds from the IPO of approximately $1,103 million after deducting the underwriting discounts and commissions payable by us.
On October 15, 2025, we completed an additional sale and issuance of 1,866,989 shares of our Series C-1 Preferred Stock to an entity affiliated with a board member of the Company, for proceeds of $33.5 million.
Components of Results of Operations
We use a variety of financial metrics to assess the performance of our operations, including: revenues; cost of revenues; research and development expenses; and general and administrative expenses.
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Revenues
Our product revenue is primarily generated from the sale of tangible products such as ground support equipment (“GSE”) and Enabling Technologies for our aircraft. Our service revenue is primarily generated from engineering, consulting and other service arrangements for our customers. Service revenue also includes revenue associated with usage and priority access from our charge stations.
Costs of Revenues
Cost of product revenues and service revenues may include the direct cost of materials, labor, subcontractors, depreciation, and overhead costs (where allowable) depending on the nature of the agreement. Included within cost of product revenues are purchases made directly for contractual performance obligations primarily recognized over time, and as such no inventories are recorded in the consolidated balance sheet.
Research and Development Expenses
We have invested in research and development for our electric aircraft, electric propulsion systems and charging solutions and network. We have also invested in critical components of our enabling technology including batteries, motors and flight computers. We manage our expenses based on several factors, including industry conditions and expected demand for our services.
Research and development expenses consist primarily of personnel expenses, including salaries, benefits, and stock based compensation, expense related to the GE Warrants, costs of consulting, equipment and materials, temporary tooling, depreciation and amortization associated with long-lived assets, and certain overhead expenses, including rent, information technology costs and utilities. Research and development expenses are partially offset by tax credits for scientific research and development from the Revenue Authority of Canada and Revenu Québec, the provincial revenue authority of the Canadian province of Québec, and payments we receive in the form of government grants.
General and Administrative Expenses
General and administrative expenses consist of personnel expenses, including salaries, benefits, and stock based compensation, related to executive management, finance, legal, and human resource functions and other general corporate expenses, including rent, depreciation and amortization associated with long-lived assets, information technology costs, and utilities. General and administrative expenses are partially offset by payments we received in the form of government grants and other reimbursement agreements, including our agreement with the ARMI in which we are reimbursed for certain expenses incurred.
Other (Expense) Income
Other (expense) income consists of interest expense, interest income, and loss on issuance of convertible preferred stock. Interest expense consists primarily of interest on outstanding long-term debt under our Ex-Im Credit Facility and amortization of the associated deferred financing fees, and interest on our sale-leaseback transaction. Interest income consists of interest earned on cash and cash equivalent balances. The loss on issuance of convertible preferred stock relates to the difference between the fair value and aggregate proceeds received from the issuance of Series C and C-1 Preferred Stock.
Income Tax Expense
Our provision for income taxes consists of an estimate of federal, state, and foreign income taxes based on enacted federal, state, and foreign tax rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities, and changes in tax law. Due to the level of historical losses, we maintain a valuation allowance against U.S. federal and state deferred tax assets as it has been concluded it is more likely than not that these deferred tax assets will not be realized.
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Results of Operations
Comparison of Results for the Three and Nine Months Ended September 30, 2025 and 2024
The following table presents selected financial information for the periods presented (dollars in thousands):

Three Months Ended September 30,
Increase
(Decrease)
Increase
(Decrease)
Nine Months Ended September 30,
Increase
(Decrease)
Increase
(Decrease)

20252024
($)
(%)
20252024
($)
(%)
Revenues








Product revenue
$2,917 $799 2,118 *$7,993 

$1,395 6,598 *
Service revenue
6,001 

2,267 3,734 *16,490 

9,260 7,230 78 %

8,918 3,066 5,852 *24,483 10,655 13,828 *
Cost of revenues








Product revenue
1,660 

662 998 *2,255 

1,250 1,005 80 %
Service revenue
1,081 

527 554 *3,415 

2,049 1,366 67 %

2,741 1,189 1,552 *5,670 

3,299 2,371 72 %
Gross margin








Product revenue
1,257 

137 1,120 *5,738 

145 5,593 
*
Service revenue
4,920 

1,740 3,180 *13,075 

7,211 5,864 81 %

6,177 1,877 4,300 *18,813 

7,356 11,457 *
Operating Expenses








Research and development
56,371 

54,043 2,328 4 %170,484 

146,152 24,332 17 %
General and administrative
30,380 

20,834 9,546 46 %86,241 

57,399 28,842 50 %
Total operating expenses
86,751 74,877 11,874 16 %256,725 203,551 53,174 26 %
Loss from operations
(80,574)

(73,000)7,574 10 %(237,912)

(196,195)41,717 21 %
Other (expense) income








Interest expense
(3,464)

(2,908)556 19 %(9,214)

(8,502)712 8 %
Interest income
2,628 

1,035 1,593 *7,348 

5,740 1,608 28 %
Loss on issuance of convertible preferred stock
(355,551)

— 355,551 *(355,551)

— 355,551 
Total other income (expense)
(356,387)(1,873)354,514 *(357,417)(2,762)354,655 *
Loss before income taxes
(436,961)

(74,873)362,088 *(595,329)

(198,957)396,372 *
Income tax expense
(253)

(191)62 32 %(580)

(246)334 *
Net loss
$(437,214)$(75,064)$362,150 *$(595,909)$(199,203)$396,706 *
*Percentage increase (decrease) is not meaningful
Revenues
Product revenues increased by $2.1 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to new contracts with commercial customers to deliver electronic propulsion motors, batteries, flight control systems and GSE totaling $2.9 million, offset by $0.8 million due to a non-recurring contract for the forward operating base (the “FOB”) completed in 2024, which did not repeat in 2025.
Service revenues increased by $3.7 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to new and ongoing contracts with commercial customers of $3.7 million related to engineering and consulting services to support our customers’ research and development activities, $0.3 million related to priority access to the Company’s charging stations, offset by a reduction of revenue of $0.3 million related to completion of a project for the U.S. government during 2024.
Product revenues increased by $6.6 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to new and ongoing contracts with commercial customers to deliver electronic propulsion motors, batteries, flight control systems, GSE totaling $7.7 million offset by $1.1 million due to a non-recurring contract for the FOB completed in 2024, which did not repeat in 2025.
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Service revenues increased by $7.2 million, or 78%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to new and ongoing contracts with commercial customers of $4.1 million related to engineering and consulting services to support our customers’ research and development activities, $0.9 million related to priority access to the Company’s charging stations, and a net increase of $2.2 million from U.S. government customers during 2025.
Cost of Revenues
Cost of product revenues increased by $1.0 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2025 due to an increase in labor and material costs to fulfill contracts with commercial customers of $1.5 million, partially offset by a decrease in labor and material costs due to completion of the FOB during 2024 of $0.5 million.
Cost of service revenues increased by $0.6 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to an increase of $0.7 million in labor and material costs to fulfill contracts with commercial customers, partially offset by a decrease in labor and material costs of $0.1 million due to completion of service agreements with the U.S. government during 2024.
Cost of product revenues increased by $1.0 million, or 80%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to an increase in labor and material costs to fulfill contracts with commercial customers of $2.1 million, partially offset by a decrease in labor and material costs due to completion of the FOB during 2024 of $1.1 million.
Cost of service revenues increased by $1.4 million, or 67%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to an increase of $2.3 million in labor and material costs to fulfill contracts with commercial and U.S. government customers, partially offset by a decrease in labor and material costs of $0.9 million due to completion of service agreements with the U.S. government during 2024.
Gross Margin
Product revenue gross margin increased by $1.1 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to increased product revenue of $2.1 million, offset by an increase of $1.0 million of cost of product revenue. Product revenue gross margin as a percentage of product revenue increased due to a more favorable mix of customer contracts during 2025.
Service revenue gross margin increased by $3.2 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to higher service revenue of $3.7 million, partially offset by an increase in cost of service revenue. Service revenue gross margin as a percentage of service revenue increased due to a more favorable mix of customer contracts during 2025.
Product revenue gross margin increased by $5.6 million during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to increased product revenue of $6.6 million as well as a more favorable mix of customer contracts during 2025.
Service revenue gross margin increased by $5.9 million, or 81%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to higher service revenue of $7.2 million, partially offset by an increase in cost of service revenue. Service revenue gross margin as a percentage of service revenue increased due to a more favorable mix of customer contracts during 2025.
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Research and Development Expenses
Research and development expenses increased $2.3 million, or 4%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to continued spend related to the development, testing, certification, and prototype production of our electric aircraft. As part of these efforts, we incurred increased professional fees of $1.9 million, labor costs of $0.5 million, and depreciation expense of $1.1 million resulting from our investment in our production facility, offset by a decrease in expenses for parts, materials, and other expenses of $1.2 million based on timing of prototype production related purchases.
Research and development expenses increased $24.3 million, or 17%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to continued spend related to the development, testing, certification, and prototype production of our electric aircraft. As part of these efforts, we incurred increased expenses for parts and materials of $11.5 million, labor costs including stock based compensation of $7.5 million, depreciation and amortization of $4.2 million resulting from our investment in our production facility, and other expenses of $1.1 million.
General and Administrative Expenses
General and administrative expenses increased $9.5 million, or 46%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to an increase in labor costs of $4.1 million due to increased headcount, and $2.4 million of professional fees, and $3.0 million of other administrative costs.
General and administrative expenses increased $28.8 million, or 50%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to increased stock based compensation expense of $6.7 million, salaries and benefits of $8.3 million due to increased headcount and bonus expense, $7.1 million of professional fees, and $6.7 million of other administrative costs.
Other (Expense) Income
Interest expense increased $0.6 million, or 19%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. The increase was attributable to the timing of the last borrowing under our Ex-Im Credit Facility which occurred during September 2024 and sale-leaseback transaction which occurred during July 2025.
Interest expense increased $0.7 million, or 8%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was attributable to the timing of the last borrowing under our Ex-Im Credit Facility which occurred during September 2024 and sale-leaseback transaction which occurred during July 2025.
Interest income increased $1.6 million for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024. The increase was primarily due to market fluctuation and the associated increase in our higher average cash and cash equivalents balances held in interest-earning accounts, comparatively.
Loss on issuance of convertible preferred stock is $355.6 million and $0 for the three and nine months ended September 30, 2025 and September 30, 2024 due to the difference between the fair value and aggregate proceeds received from the issuance of Series C and C-1 Preferred Stock in the three months ended September 30, 2025.
Income Tax Expense
Income tax expense increased by less than $0.1 million, or 32%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to an increase in the foreign provision on foreign earnings.
Income tax expense increased $0.3 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to an increase in the foreign provision on foreign earnings.

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Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
We define EBITDA as net loss, adjusted for interest income, interest expense, income tax expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for loss on issuance of convertible preferred stock, stock based compensation expense, warrant expense, loss on disposal of property and equipment, and IPO readiness costs.
In addition to traditional financial metrics, we use EBITDA and Adjusted EBITDA to help us evaluate our business. We believe that these non-GAAP measures provide useful information to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP measures are presented for supplemental informational purposes and should not be considered as substitutes for or superior to financial information presented in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude certain expenses that are required by GAAP to be recorded in our financial statements, and they are subject to inherent limitations as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-GAAP financial measures. Further, non-GAAP financial measures are not standardized. It may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. In addition, investors are encouraged to review our interim condensed consolidated financial statements and the notes thereto in their entirety and not to rely on any single financial measure.
A reconciliation between net loss, the most directly comparable GAAP financial measure, and the non-GAAP financial measures is as follows (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Net loss$(437,214)$(75,064)$(595,909)$(199,203)
Increase (decrease) as adjusted for :
Interest income(2,628)(1,035)(7,348)(5,740)
Interest expense3,464 2,908 9,214 8,502 
Income tax expense253 191 580 246 
Depreciation and amortization expense5,794 3,888 16,314 11,313 
EBITDA$(430,331)$(69,112)$(577,149)$(184,882)
Loss on issuance of convertible preferred stock355,551 — 355,551 — 
Stock based compensation expense
5,205 4,567 16,819 9,172 
Warrant expense
308 — 308 — 
Loss on disposal of property and equipment
932 351 2,473 

591 
IPO readiness costs(1)
760 — 1,310 — 
Adjusted EBITDA$(67,575)$(64,194)$(200,688)$(175,119)
(1) Represents legal and accounting related expenses incurred in connection with becoming a public company.



Liquidity and Capital Resources
We have incurred net losses and negative operating cash flows from operations since we were formed and began designing our electric aircraft in 2018, and we expect to continue to incur losses and negative operating cash flows for the foreseeable future until we successfully commence sustainable commercial operations. Historically, our primary sources of liquidity have been borrowings under our Ex-Im Credit Facility, equity financings, government funding and consideration from contracts with customers as well as the proceeds from our IPO and the sale-leaseback transaction. To date, our primary use of capital has been for contractual obligations and the development of our electric aircraft, GSE and Enabling Technologies.
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As of September 30, 2025, we had cash and cash equivalents of $687.6 million. Until we generate sufficient operating cash flow to fully cover our operating expenses, working capital needs and planned capital expenditures, or if circumstances evolve differently than anticipated, we expect to utilize a combination of equity and debt financings to fund any future remaining capital needs. If we raise funds by issuing equity securities, dilution to stockholders may result. Any equity securities issued may also provide for rights, preferences, or privileges senior to those of holders of common stock. If we raise funds by issuing debt securities, these debt securities may have rights, preferences, and privileges senior to those of preferred and common stockholders. The terms of debt securities or borrowings could impose significant restrictions on our operations. The capital markets have in the past, and may in the future, experience periods of volatility that could impact the availability and cost of equity and debt financing. We can give no assurances that we will be able to secure such additional sources of funds to support our operations, or, if such funds are available to us, that such additional financing will be sufficient to meet our needs. See Note 1 “Nature of Operations and Liquidity” to the Company’s unaudited interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, audited annual consolidated financial statements included in the Prospectus, and “Risk factors—Our business plan requires a significant amount of capital. We expect to require additional future funding to support our operations and implementation of our growth plans and we may be unable to access the capital and credit markets or borrow on affordable terms to obtain additional capital that we may require” included in “Risk Factors” in the Prospectus.
Our principal uses of cash in recent periods were to fund our research and development activities, personnel cost and support services, including our battery, motor and charging services. Near-term cash requirements will also include spending on research and development of emerging technologies, strategic growth initiatives, including obtaining certifications and manufacturing our aircraft, commercial and go-to market infrastructure. We do not have material cash requirements related to current contractual obligations. As such, our cash requirements are highly dependent upon management’s decisions about the pace and focus of both our short and long-term spending.
Cash requirements can fluctuate based on business decisions that could accelerate or defer spending, including the timing or pace of certification, investments, infrastructure and production of electric aircraft, GSE and Enabling Technologies. Our future capital requirements will depend on many factors, including our revenue growth rate, the timing and the amount of cash or grants received from our customers or governmental entities, respectively, the expansion of sales and marketing activities, and the timing and extent of spending to support development efforts, including collaboration agreements.
Capital Expenditures
During the nine months ended September 30, 2025 and 2024, we used $24.4 million and $51.3 million in cash, respectively, to fund capital expenditures. We anticipate incurring additional capital expenditures during the remaining portion of the year ending December 31, 2025, primarily related to the purchase of aircraft, production tooling, facility improvements, and buildings.
Sources of Cash
The following table sets forth our cash flows for the periods indicated (in thousands):
For the Nine Months Ended
September,
2025
2024
Net cash (used in) provided by:
Operating activities
(183,386)(165,262)
Investing activities
(24,367)(51,301)
Financing activities
598,380 15,328 
Effect of currency translation on cash, cash equivalents and restricted cash
(20)(24)
Net increase (decrease) in cash, cash equivalents and restricted cash
$390,607 (201,259)
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Operating Activities
We continue to experience negative cash flows from operations as we develop our electric aircraft, GSE and Enabling Technologies and prepare for the future commercialization of our products and services. Our cash flows from operating activities are significantly affected by our expenditures in research and development and overhead manufacturing related to the scaling of our operations. Our operating cash flows are also affected by our working capital needs to support growth, personnel related expenditures, accounts payable and other current assets and liabilities.
For the nine months ended September 30, 2025, net cash used in operating activities was $183.4 million, primarily due to a net loss of $595.9 million, offset by non-cash charges including $16.3 million related to depreciation and amortization, $16.8 million related to stock based compensation, $355.6 million related to loss on issuance of convertible preferred stock, and $4.5 million of other non-cash charges, partially offset by $19.4 million of cash provided by changes in operating assets and liabilities. For the nine months ended September 30, 2025, cash provided by changes in operating assets and liabilities of $19.4 million was primarily attributable to an increase in accounts payable, accrued expenses, and current liabilities of $18.0 million.
For the nine months ended September 30, 2024, net cash used in operating activities was $165.3 million, primarily due to a net loss of $199.2 million, partially offset by non-cash charges including $11.3 million related to depreciation and amortization, $9.2 million related to stock based compensation, and $2.5 million of other non-cash charges, partially offset by $10.9 million of cash provided by changes to operating assets and liabilities. For the nine months ended September 30, 2024, cash provided by changes in operating assets and liabilities of $10.9 million was primarily attributable to an increase in accounts payable, accrued expenses, and current liabilities of $7.6 million.
Investing Activities
We continue to experience negative cash flows from investing activities as we build our infrastructure and purchase equipment to support the development and commercialization of our electric aircraft and charging network. Cash flows used in investing activities primarily relate to capital expenditures to support our growth in operations, including expenditures related to the construction and expansion of our charging and production facilities, acquisitions of machinery and equipment, tooling and technology infrastructure, partially offset by proceeds from sales of property and equipment, customer funding from GSE installation and governmental grants.
For the nine months ended September 30, 2025, net cash used in investing activities was $24.4 million, primarily due to net purchases of property and equipment of $25.7 million.
For the nine months ended September 30, 2024, net cash used in investing activities was $51.3 million, primarily due to net purchases of property and equipment of $51.7 million.
Financing Activities
For the nine months ended September 30, 2025, net cash provided by financing activities was $598.4 million, primarily due to the proceeds received from issuances of our Series C and Series C-1 Preferred Stock of $150.4 million and $422.4 million, respectively, and proceeds received from the sale-leaseback transaction of $32.7 million.
For the nine months ended September 30, 2024, net cash provided by financing activities was $15.3 million, primarily due to the proceeds from the issuance of our promissory note of $15.5 million.
Ex-Im Credit Facility
On December 13, 2023, we entered into our Ex-Im Credit Facility, which provided commitments in an aggregate amount equal to $170.1 million to, among other things, finance certain of our goods and services costs related to the design, planning, permitting, and construction of the Final Assembly Facility. Our Ex-Im Credit Facility matures on December 20, 2038. As of September 30, 2025, we have fully drawn down the Ex-Im Credit Facility in an aggregate principal amount equal to $151.2 million, net of exposure fees of $18.9 million.
The Company’s obligations under the Ex-Im Credit Agreement are secured by the “Collateral” (as defined in the Ex-Im Credit Agreement), which generally consists of the Final Assembly Facility.
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The Company is no longer able to draw down further funds under our Ex-Im Credit Facility given that each of (a) the commitment availability period for drawing funds thereunder has expired in accordance with its terms and (b) the commitments under our Ex-Im Credit Facility have been fully drawn.
Each disbursement under our Ex-Im Credit Facility accrues interest at a fixed interest rate of 5.52% per annum, which per annum interest rate is subject to increase in accordance with the terms of the Ex-Im Credit Agreement upon the occurrence of a “Payment Default” and/or a “Trigger Event” (each such term as defined in the Ex-Im Credit Agreement). Inclusive of the timing of drawdowns, exposure fees, and debt issuance costs, the effective per annum interest rate on outstanding borrowings under our Ex-Im Credit Facility was 7.32%. Interest under our Ex-Im Credit Facility is payable quarterly in arrears on each March 20, June 20, September 20, and December 20 of each year.
The Company may, from time to time, prepay all or any part of the outstanding principal balance of the disbursements made pursuant to our Ex-Im Credit Facility, subject to a prepayment premium in an amount equal to: the amount by which (a) the amount of the prepaid principal is less than (b) the sum of the present values, discounted in accordance with the terms of the Ex-Im Credit Agreement, of (x) the installments of principal being prepaid, plus (y) the amounts of interest which would otherwise have accrued on such principal to the remaining interest payment dates.
The Ex-Im Credit Agreement provides for mandatory amortization payments with respect to the principal amount of funds disbursed pursuant to our Ex-Im Credit Facility, in the amounts and on the terms set forth in the Credit Agreement, such that such principal amount is repaid in fifty-four (54) successive quarterly installments. Such amortization payments are required to be made by the Company on each March 20, June 20, September 20, and December 20 of each year, commencing on September 20, 2025. Furthermore, the Ex-Im Credit Agreement includes mandatory prepayments in connection with certain sanctions-related events, events of loss, and collateral destruction events.
Our Ex-Im Credit Facility documents contain affirmative and negative covenants, including, among other things, delivery of annual audited financial statements and Make More in America Initiative annual reports, maintenance of certain governmental consents, licenses, permits, authorizations, and approvals, compliance with laws (including sanctions) and the “MMIA Compliance Plan” (as defined in the Ex-Im Credit Agreement), and maintenance of insurance, along with restrictions on the incurrence of liens, asset dispositions, acquisitions, changes in nature of business, mergers, consolidations, dissolutions, and sales, and other customary covenants, in each case, subject to customary exceptions. The Ex-Im Credit Agreement also includes events of default relating to customary matters (and customary notice and cure periods), including, among other things, nonpayment of principal, interest, or other amounts, violation of covenants, incorrectness of representations and warranties in any material respect, cross-default with respect to material indebtedness and other Ex-Im indebtedness, bankruptcy, material judgments, and certain ERISA events.
Contractual Obligations and Commercial Commitments
Our contractual obligations and commercial commitments consist primarily of long-term debt obligation and operating leases. These contractual obligations impact our short-term and long-term liquidity and capital needs. As of September 30, 2025, there were no material changes to our contractual obligations and commercial commitments from those described in Note 5 “Notes Payable” and Note 6 “Leases” in the audited consolidated financial statements included within our Prospectus, other than as disclosed in Note 6 “Leases” to the interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Critical Accounting Estimates
Our consolidated financial statements are prepared in accordance with GAAP. In connection with preparing our consolidated financial statements and interim condensed consolidated financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expense and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time we prepare our consolidated financial statements. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ materially from our assumptions and estimates. There have been no changes to our critical accounting estimates as disclosed in the audited consolidated financial statements included in the Prospectus.
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Recently Issued Accounting Pronouncements
See Note 2 “Basis of Presentation and Accounting Policies” in the Notes to our audited historical consolidated financial statements in the Prospectus and interim condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q, for a discussion of recent accounting pronouncements.
Emerging Growth Company Status
Under the JOBS Act, we are an “emerging growth company,” which allows us to have an extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards. Electing to use the phase-in periods permitted by this election may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the longer phase-in periods under Section 107 of the JOBS Act and who will comply with new or revised financial accounting standards.
We will remain an emerging growth company until the earliest of (i) the last day of our first fiscal year in which we have total annual gross revenues of $1.235 billion or more, (ii) the last day of the first fiscal year in which we become a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act, with at least $700 million of equity securities held by non-affiliates as of the end of the last business day of the second quarter of that fiscal year, (iii) the date on which we have issued, in any three-year period, more than $1.0 billion in non-convertible debt securities, or (iv) the last day of our fiscal year after the fifth anniversary of the date of the completion of the IPO.
Off-Balance Sheet Arrangements
We have no material off-balance sheet arrangements.
Item 3. Quantitative and Qualitative Disclosure about Market Risks
Market risk is the risk of loss arising from adverse changes in market rates and prices. Currently, our market risks relate to potential changes in the fair value of our long-term debt due to fluctuations in applicable market interest rates and inflation. Going forward our market risk exposure generally will be limited to those risks that arise in the normal course of business, as we do not engage in speculative, non-operating transactions, nor do we utilize financial instruments or derivative instruments for trading purposes.
Interest Rate Risk
We had cash and cash equivalents totaling $687.6 million as of September 30, 2025. These amounts were invested in standard checking, demand deposit and money market funds. The cash and cash equivalents are held for working capital purposes. We do not enter into investments for trading or speculative purposes. We believe that we do not have any material exposure to changes in the fair value as a result of changes in interest rates due to the short term nature of our cash equivalents. Declines in interest rates, however, would reduce future interest income.
Credit Risk
Financial instruments that subject us to significant concentrations of credit risk consist primarily of cash and money-market cash equivalents. Our cash is held in accounts with multiple financial institutions that we believe are creditworthy. These amounts at times may exceed federally insured limits. We have not experienced any credit losses in such accounts and do not believe it is exposed to any significant credit risk on these funds.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this Quarterly Report on Form 10-Q.
Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of September 30, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, the effectiveness of any internal control over financial reporting is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting, no matter how well designed and operated, can only provide reasonable, not absolute assurance that its objectives will be met. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business, but cannot assure that such improvements will be sufficient to provide us with effective internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings
See Part I, Item 1, Note 7 “Commitments and Contingencies” to the interim condensed consolidated financial statements, which is incorporated herein by reference.
From time to time, the Company is party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not currently expect these matters to have a materially adverse effect on the financial position or results of operations of the Company.
Item 1A. Risk Factors
There have been no material changes to the risk factors disclosed in “Risk Factors” in the Prospectus.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities
Unregistered Sale of Securities
For the three months ended September 30, 2025, the Company issued 3,978,505 shares of previously authorized Series C Preferred Stock and expanded the shares authorized and issued pursuant to the Series C Preferred Stock offering by 4,235,947 shares that provided aggregate net proceeds of approximately $147.4 million.
In September 2025, the Company entered into a Series C-1 Preferred Stock purchase agreement. Through September 30, 2025, the Company issued 16,723,599 shares of Series C-1 Preferred Stock to GE Aerospace for total proceeds of $300.0 million. The Company issued an additional 6,821,852 shares of Series C-1 Preferred Stock for aggregate net proceeds of approximately $122.4 million to new and previous investors, including board members and their associated companies.
See Note 8 “Convertible Preferred Stock and Stockholders’ Equity Convertible Preferred Stock and Stockholders’ Equity” to our audited consolidated financial statements in the Prospectus for additional information regarding the terms of conversion for the convertible preferred stock.
In connection with the closing of the Series C-1 Financing, on September 26, 2025, the Company issued warrants to GE Aerospace to purchase 2,552,467 shares of the Company’s Class A common stock at a pre-split exercise price of $0.01 per share.
See Note 14 “Related Party Transactions” to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information on the terms of conversion for the GE Warrants.
The offers and sales of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act, Regulation D or Regulation S promulgated thereunder. The foregoing transaction did not involve any underwriters, underwriting discounts or commissions or any public offering. The recipients of the above securities represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof. Appropriate legends were placed upon any stock certificates issued in these transactions.
Use of Proceeds from Registered Securities
On November 5, 2025, the Company completed its IPO of 34,330,882 shares of the Company’s Class A common stock at a price to the public of $34.00 per share, inclusive of the exercise in full by the underwriters to purchase from the Company 4,477,941 shares of Class A common stock. The Company received net proceeds from the IPO of approximately $1,103 million, after deducting approximately $63.9 million in underwriting discounts and commissions. All shares sold were registered pursuant to a registration statement on Form S-1 (File No. 333-290570), as amended (the “Registration Statement”) which became automatically effective pursuant to Section 8(a) of the Securities Act of 1933, as amended. Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC acted as representatives of the underwriters for the IPO. The offering terminated after the sale of all the securities registered pursuant to the Registration Statement.
There has been no material change in the use of proceeds from our IPO as described in our Prospectus.
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Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Trading Arrangements
During the three months ended September 30, 2025 no director or officer of BETA adopted, modified, or terminated any Rule 10b5–1 trading arrangement or any non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) and (c) of Regulation S-K.
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Item 6. Exhibits
The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q:
Exhibit
Number
Description
3.1*
3.2*
4.1*
4.2*
4.3*
4.4*
10.1*
31.1**
31.2**
32.1***
32.2***
101.INS
Inline XBRL Instance Document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101).
*Incorporated herein by reference as indicated.
**Filed herewith.
***Furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BETA Technologies, Inc.
Date: December 4, 2025 /s/ Kyle Clark
Kyle Clark
President and Chief Executive Officer
Date: December 4, 2025/s/ Herman Cueto
Herman Cueto
Chief Financial Officer
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