BETA invested enough in equipment during the first half to buy more than four dollars of capex for every dollar of revenue. The company’s six-month sales reached $14.7 million, up 44.7% from the comparable period, while capex climbed to $65.3 million.
That is the cleanest way to read the latest report: the business is getting larger, but the cash required to build it is getting larger faster. Operating cash use widened from $114.5 million to $170.2 million, and cash fell 6.9% to $1.5 billion.
The income statement offers the more familiar startup-industrial picture. Gross profit rose 37.5% to $8.0 million, but the operating loss widened from $133.0 million to $158.1 million. Revenue is moving up; the cost base has not yet moved into the same neighborhood.
BETA gives the cash bridge in unusually blunt terms:
"Sources of Cash The following table sets forth our cash flows for the periods indicated (in thousands): Six Months Ended June 30, 2026 2025 Net cash (used in) provided by: Operating activities $ (170,241) $ (114,541) Investing activities (65,289) (11,776) Financing activities 4,883 2,331 Effect of currency translation on cash, cash equivalents, and restricted cash (106) 30 Net decrease in cash, cash equivalents, and restricted cash $ (230,753) $ (123,956)"
BETA, Form 10-Q, Aug. 12, 2026
The practical takeaway is not simply that BETA lost money. It is that both operating activity and investment activity consumed more cash than a year earlier, with financing providing only a small offset. Diluted shares also rose 1.0% to 232.0 million, so the buildout is not being funded by operations alone.
Management attributes the revenue increase to commercial engineering and consulting contracts, plus smaller contributions from charging-station access and government work:
"The increase was attributable to contracts with commercial customers of $13.1 million related to engineering and consulting services to support our customers’ research and development activities and $0.3 million related to priority access to the Company’s charging stations, offset by $3.4 million related to completion of services for the U.S. government during 2025."
BETA, Form 10-Q, Aug. 12, 2026
That mix matters. The largest disclosed increase came from services supporting customers’ research and development. BETA also said deferred revenue increased because customer payments exceeded revenue recognized on performance obligations, another sign that cash receipts and reported sales are arriving on different clocks.
The annual record supplies some scale. Revenue rose from $15.1 million in 2024 to $35.6 million in 2025, while the latest annual operating margin was still negative 1046.3%. At the latest close, BETA had a $1.8 billion market cap against $313.9 million of enterprise value, reflecting the $1.5 billion net cash balance. The stock has gained 47.1% over six months, though the latest close itself was up 3.5%.
Boeing is part of the ecosystem, not a shortcut to a revenue forecast: BETA disclosed that the companies worked with NASA and GE Aerospace on a hybrid-electric flight above 30,000 feet. The next quarterly report will add the useful comparison: whether capex and operating cash use are still expanding alongside the commercial-services revenue base.
For now, BETA is converting a bigger revenue base into a bigger cash requirement. Aerospace math, with the cash register facing the wrong way.
BETA’s latest six-month filing shows higher revenue alongside higher operating and investing cash use.