# BETA Technologies, Inc. (BETA)

> Source: Nexqual · https://nexqual.com/BETA · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, BETA Technologies, Inc. (BETA), nexqual.com/BETA" · informational, not investment advice.

**Price:** USD 19.98 (-3.71% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 20.75 · day 19.83–21.05 · 52w 13.43–39.5 · market cap $4.67B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $44.8M, net income -$858M (-1913.9% margin), free cash flow -$422M (SEC filings).
- Insider open-market sales, last ~7 months: 26 Form 4 filings, $18.3M; 6 not under a Rule 10b5-1 plan ($2.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $753K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.67 on a 1–5 scale) (9 analysts), mean target USD 32.22 (range 28–37).
- Total return with dividends: 1Y -44.5% vs S&P 500 +13.6%; 5Y -37.6% vs S&P 500 +79.8%.
- Next earnings: 2026-11-03, EPS estimate USD -0.62, revenue estimate $10.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $15.4M | $15.1M | $35.6M | $44.8M |
| Gross profit | $13.3M | $10.6M | $25.7M | — |
| Operating income | -$187M | -$272M | -$373M | -$506M |
| Net income | -$176M | -$276M | -$746M | -$858M |
| EPS (diluted) | -$4.50 | -$6.77 | -$12.85 | — |
| Free cash flow | -$311M | -$296M | -$313M | -$422M |
| Gross margin | 86.8% | 70.1% | 72.2% | — |
| Operating margin | -1214.9% | -1803.7% | -1046.3% | -1129.3% |
| Net margin | -1143.2% | -1826.4% | -2094.2% | -1913.9% |
| Revenue growth | — | -1.7% | +136.0% | — |
| Cash + short-term investments | $254M | $301M | $1.71B | — |
| Total debt | — | $152M | $186M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 104.2x · EV/Sales 75.3x · P/B 2.9x · FCF yield -9.02% · Earnings yield -18.36% · Net cash $1.30B · EV $3.38B

## Insider sales (SEC Form 4, open-market, last ~7 months)
20 of 26 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-23…2026-10-27 | Clark Kyle | SEE REMARKS | 30,000 | $597K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-20…2026-10-22 | Clark Kyle | SEE REMARKS | 30,000 | $559K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-15…2026-10-19 | Clark Kyle | SEE REMARKS | 30,000 | $550K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-12…2026-10-14 | Clark Kyle | SEE REMARKS | 30,000 | $560K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-07…2026-10-09 | Clark Kyle | SEE REMARKS | 30,000 | $612K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-02…2026-10-06 | Clark Kyle | SEE REMARKS | 30,000 | $640K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-29…2026-10-01 | Clark Kyle | SEE REMARKS | 30,000 | $673K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-24…2026-09-26 | Clark Kyle | SEE REMARKS | 30,000 | $705K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-19…2026-08-21 | Clark Kyle | SEE REMARKS | 83,205 | $2.1M | 1.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14…2026-08-18 | Clark Kyle | SEE REMARKS | 77,800 | $2.0M | 1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-12…2026-08-13 | Clark Kyle | SEE REMARKS | 45,000 | $1.1M | 0.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07…2026-08-11 | Clark Kyle | SEE REMARKS | 47,896 | $1.1M | 0.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-16 | Clark Kyle | SEE REMARKS | 5,000 | $88K | 0.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-13…2026-07-15 | Clark Kyle | SEE REMARKS | 45,000 | $810K | 0.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-01…2026-07-02 | Clark Kyle | SEE REMARKS | 30,000 | $530K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-29…2026-06-30 | Clark Kyle | SEE REMARKS | 30,000 | $495K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-24…2026-06-26 | Clark Kyle | SEE REMARKS | 45,000 | $722K | 0.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18…2026-06-23 | Clark Kyle | SEE REMARKS | 45,000 | $713K | 0.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-18…2026-06-23 | Clark Kyle | SEE REMARKS | 45,000 | $713K | 0.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16…2026-06-17 | Clark Kyle | SEE REMARKS | 30,000 | $479K | 0.4% | Yes | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $753K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-01…2026-09-02 | Stone Michael Robert | Director | 25,945 | $503K | 19.38 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-19 | Stone Michael Robert | Director | 17,135 | $250K | 14.59 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 9 analysts; mean target USD 32.22 (low 28, high 37).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Needham | Reiterated | Buy | $34 |
| 2026-10-09 | Barclays | Initiated | Overweight | $35 |
| 2026-10-05 | Cantor Fitzgerald | Reiterated | Overweight | $31 |
| 2026-08-13 | Cantor Fitzgerald | Reiterated | Overweight | $31 |
| 2026-08-13 | BTIG | Reiterated | Buy | $33 |
| 2026-08-12 | Needham | Reiterated | Buy | $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-04) | 5Y (from 2025-11-03) |
|---|---|---|
| Total return | -44.5% | -37.6% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -45.2% | -38.0% |
| Volatility (annualized) | 75.7% | 73.3% |
| Max drawdown | -63.1% (Nov 2025→Mar 2026) | -56.0% (Nov 2025→Mar 2026) |

## Peers (Aerospace & Defense)
SARO (StandardAero, Inc.) USD 22.21 -0.94% · KTOS (Kratos Defense & Security Solut) USD 41.17 -0.36% · CAE (CAE Inc) USD 25.76 +0.08% · DRS (Leonardo DRS, Inc.) USD 35.5 -1.36% · HII (Huntington Ingalls Industries, ) USD 279.26 -0.73% · MOG-B (Moog Inc.) USD 350.17 -1.24%

## More
Full page: https://nexqual.com/BETA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BETA's own 10-K filed 2026-03-09 (https://www.sec.gov/Archives/edgar/data/1784570/000162828026015838/bta-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | UNITED THERAPEUTICS Corp (UTHR) | "We have also completed successful cargo and logistics demonstrations with medical partners and customers such as UPS and United Therapeutics Corporation ("United Therapeutics")." |
| Customer | UPS (UPS) | "(1)selling aircraft to military and commercial customers such as UPS, Air New Zealand and United Therapeutics;" |
| Customer | UPS and United Therapeutics | "We have also completed successful cargo and logistics demonstrations with medical partners and customers such as UPS and United Therapeutics Corporation ("United Therapeutics")." |
| Partner | GE Aerospace (GE) | "•our exposure to adverse effects from our GE Aerospace partnership and future alliances;" |

Other companies that name BETA in their own reports (relationship from BETA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | York Space Systems Inc. (YSS) | 10-K 2026-03-20 | "Since September 2023, General McConville has been an Operating Partner at AE Industrial Partners, and has served on the board of Redwire Corporation (NYSE: RDW) since October 2025 and on the board of …" |
| partner | Bristow Group Inc. (VTOL) | 10-K 2026-02-26 | "In February 2026, Bristow completed its first electric aviation test project, conducted as an international test arena alongside partners BETA Technologies, Inc. ("Beta"), Avinor and Norway CAA, using…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $11.4M | 77.6% | +232.5% |
| Product | $3.3M | 22.4% | +28.9% |
| Total revenue | $14.7M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 43%, 17%, 11%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-12).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.61 | $-0.51 | −$0.10 | $10.8M | 2 |
| Next quarter (ends 2026-12-31) | $-0.57 | $-0.46 | −$0.11 | $11.4M | 2 |
| Current fiscal year (ends 2026-12-31) | $-2.28 | $-2.15 | −$0.13 | $46.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $-2.25 | $-2.10 | −$0.15 | $361.6M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±18.0%; last 4 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 89.0% | ±18.0% |
| 2026-12-18 | 51 | 79.9% | ±24.1% |
| 2027-01-15 | 79 | 80.5% | ±30.3% |
| 2027-04-16 | 170 | 80.1% | ±44.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 12, 2026 | Quarter ended Jun 30, 2026 | −$0.46 | −$0.56 | Beat +17.9% | +6.7% |
| May 12, 2026 | Quarter ended Mar 31, 2026 | −$0.40 | −$0.74 | Beat +45.9% | -0.9% |
| Mar 9, 2026 | Quarter ended Dec 31, 2025 | −$1.71 | −$0.47 | Miss −263.8% | +3.7% |
| Dec 4, 2025 | Quarter ended Sep 30, 2025 | −$1.94 | −$0.44 | Miss −340.9% | -3.8% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | Charles A. Davis: 7.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1784570/000119312526352914/0001193125-26-352914-index.htm |
| 2026-08-14 | Schedule 13G/A | Austin Meyer: 5.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1784570/000107261326000685/0001072613-26-000685-index.htm |
| 2026-08-12 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1784570/000162828026055982/0001628280-26-055982-index.htm |
| 2026-08-12 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1784570/000162828026055933/0001628280-26-055933-index.htm |
| 2026-07-22 | 8-K | Ended a material agreement — “On July 14, 2026, BETA Technologies, Inc. (the "Company") received notice from the Defense Counterintelligence and Security Agency ("DCSA") that the Security Control Agreement (the "SCA"), dated June 15, 2025, by and among QIA Industrials Holding, LLC ("QIA"), the Company, and the U.S. Department of Defense, is no longer required and has been terminated. The SCA was put in place to mitigate foreign ownership, control, or influence considerations arising from QIA's prior board representation. Because QIA no longer…” | https://www.sec.gov/Archives/edgar/data/1784570/000162828026049223/0001628280-26-049223-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.