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The call highlights robust operational progress—major eIPP awards, backlog growth, charging network expansion, strategic partnerships (GE, General Dynamics), continued flight-testing and a strong cash balance—balanced against meaningful near-term challenges: FAA certification timing uncertainty for the electric engine, substantial negative adjusted EBITDA and high operating spend, a low current production rate, and dependency on final OTAs and permitting. Management framed the investments (including ~$50M eIPP pull-forward) as strategic and tied to long-term commercialization. Overall, operational and strategic milestones are substantial and the company retains strong liquidity, but material near-term costs and schedule uncertainty temper near-term financial outlook.
BETA reiterated full‑year 2026 revenue guidance of $39M–$43M (back‑half weighted) while reporting Q1 revenue of $10.1M (up 6% YoY, above the prior $7M–$10M Q1 guide) and Q1 adjusted EBITDA of -$97.2M; the company ended Q1 with $1.59B cash & short‑term investments, Q1 operating expenses of $138.8M (R&D $91.7M, G&A $47.1M) and CapEx of $24.2M. Management updated full‑year adjusted EBITDA guidance to -$355M to -$445M (prior guide was -$305M to -$395M and excluded eIPP spend), reflecting roughly $50M of incremental eIPP investment at the midpoint, and narrowed full‑year CapEx to $150M–$200M (from $175M–$225M). For Q2 they expect revenue of $8M–$11M and adjusted EBITDA of -$100M to -$120M (inclusive of eIPP), and noted a commercial backlog of $3.9B (991 aircraft) toward a $4B year‑end target plus operational metrics like 139,000 nautical miles flown through May 10 toward a 250,000 nm full‑year goal.
BETA was selected for 7 of 8 eVTOL Integration Pilot Program (eIPP) awards—more than any other OEM—spanning 26 states; company expects this to pull forward commercialization by more than a year and drive near-term infrastructure and operations revenue streams (charging, training/maintenance, aircraft).
Commercial aircraft backlog increased to $3.9 billion and 991 aircraft after adding a significant order from Surf Air Mobility (added $375 million to backlog in two months); company reiterated year-end target of $4.0 billion backlog.
Q1 revenue of $10.1 million, a 6% year-over-year increase, exceeded the prior Q1 guidance range of $7M–$10M; Q2 revenue guide $8M–$11M and full-year 2026 revenue guidance unchanged at $39M–$43M.
Ended Q1 with $1.59 billion in cash and short-term investments, providing liquidity to fund certification, eIPP investments, CapEx, and production ramp activities.
Added 16 charging sites since last call for a total of 123 sites; secured state-level business including Florida Department of Transportation contract for 34 chargers (structured as 17 Charge Cubes + 17 smaller chargers) plus thermal management systems; reported ~30,000 charging sessions last year.
Completed multiple key tests and milestones: 11 conforming electric engines in use, four-credit lightning tests, icing/ingestion testing, and completion of requirements-based software testing across 2,100 engine software requirements with a targeted month-end milestone for 100% dispositioning.
Entered a new program contract with General Dynamics; accelerated MV-250 program by six months due to demand; completed preliminary design review on hybrid turbo generator with GE Aerospace and deepened collaboration with GE (ODA support) to accelerate propulsion and compliance work.
Fleet has exceeded 139,000 nautical miles flown through May 10 with a full-year target of 250,000 miles; flights are customer- and test-focused with a perfect safety record reported.
Completed a tuck-in acquisition of an AI firm for software validation in regulated applications; management expects efficiency gains (noted in lower CapEx guidance and improved labor/facilities cost forecasts) from this integration.
Hello, everyone. Thank you for joining us. Welcome to the BETA Technologies 1st quarter 2026 financial and operating results. After today's prepared remarks, we will host a Q and A session. If you would like to ask a question, please press star one on your telephone keypad. I will now hand the call over to Devon Rothman, Head of Investor Relations. Please go ahead.
Thank you, operator, good morning, everyone. Thank you for joining us for BETA Technologies first quarter 2026 earnings call. Joining me today are Kyle Clark, our Founder and Chief Executive Officer, and Herman Cueto, our Chief Financial Officer. Following their prepared remarks, we will open the call for Q and A, where Kristen Costello, our Head of Government and Regulatory Affairs, will also join us. Earlier today, we issued a press release announcing our first quarter 2026 financial results, as well as an investor presentation, which are both available on the investor relations section of our website. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. Please refer to our filings with the SEC for a discussion of these risks.
We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our earnings materials. With that, I'll turn the call over to Kyle.
Thanks, Devon, and good morning, everyone. Thanks for joining us. We'r...