Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data BETA Technologies, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
15.4
15.1
35.6
Cost of revenue
2.03
4.52
9.9
Gross profit
13.3
10.6
25.7
Research and development
138
207
260
General and administrative
61.6
75.9
138
Operating expenses
200
283
398
Operating income
-187
-272
-373
Interest expense
0.35
11.4
13
Interest income
12.4
8.52
20.1
Other non-operating income
12
-2.91
-372
Pre-tax income
-175
-275
-745
Income tax
1.03
0.51
0.76
Net income
-176
-276
-746
EBITDA
-178
-256
-351
EPS, basic
-4.50
-6.77
-12.85
EPS, diluted
-4.50
-6.77
-12.85
Shares, basic (weighted)
44.9
45.2
75
Shares, diluted (weighted)
44.9
45.2
75
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
254
301
1,710
Receivables
2.15
5.75
Other current assets
2.83
23.5
Total current assets
327
1,739
Property, plant and equipment
320
349
Lease right-of-use assets
16.4
16.4
Other non-current assets
3.03
1.84
Total assets
666
2,106
Accounts payable
16.2
24.5
Accrued liabilities
24.5
35.1
Deferred revenue
6.4
3.7
Short-term debt
2.84
5.71
Total current liabilities
56.6
76.4
Long-term debt
149
180
Lease liabilities
16.7
16.8
Other non-current liabilities
1.6
2.85
Total liabilities
230
288
Total debt
152
186
Paid-in capital
0
3,731
Retained earnings
-969
-1,913
Treasury stock
-5.89
0
Other comprehensive income
-0.21
-0.01
Shareholders' equity
385
436
1,818
Total equity
385
436
1,818
Total liabilities and equity
666
2,106
Shares outstanding
37
Cash flow statement
FY2023
FY2025
FY2025
Net income
-176
-276
-746
Depreciation and amortization
8.62
16.5
22
Stock-based compensation
8.96
12.1
34.8
Deferred income tax
0.63
-0.24
0.24
Change in receivables
-0.97
0.03
-3.6
Change in payables
5.72
6.16
30.2
Cash from operations
-158
-223
-268
Capital expenditures
-153
-73.5
-45.4
Cash from investing
-152
-68.8
-44.1
Debt issued
136
15.5
0
Debt repaid
-0.97
-0.91
-3.76
Stock issued
0.72
1.65
5.23
Share buybacks
0
-0.53
0
Cash from financing
134
339
1,725
Exchange rate effect
-0.14
0.03
0.03
Net change in cash
-176
47.9
1,413
Free cash flow
-311
-296
-313
Interest paid
0.11
9.19
10.9
Income taxes paid
0.2
0.03
0.17
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.85 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
60.1%
Gross profit / revenue.
Operating margin
-1,129.0%
Operating income / revenue.
EBITDA margin
-1,076.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-1,912.0%
Pre-tax income / revenue.
Net margin
-1,914.0%
Net income / revenue.
FCF margin
-940.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-721.4%
Cash from operations / revenue.
Return on equity (ROE)
-53.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-44.4%
Net income / average total assets.
Return on invested capital (ROIC)
-125.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
802.6%
Research and development expense / revenue.
Stock-based pay / revenue
136.6%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
218.6%
Capital expenditures / revenue.
D&A / revenue
53.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
136.0%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
143.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
317.0%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
216.1%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
65.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
14.5x
Current assets / current liabilities.
Quick ratio
14.3x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
14.2x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.11x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
9.5%
Total debt / total assets.
Liabilities / assets
16.5%
Total liabilities / total assets.
Net debt
-$1.30B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.19
Revenue / diluted weighted shares.
FCF per share
-$1.82
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.39
Cash from operations / diluted weighted shares.
Book value per share
$6.96
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
124x
Market cap / revenue.
P/B
3.45x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.45x
Market cap / tangible book value, when positive.
EV/Sales
95.5x
Enterprise value / revenue.
FCF yield
-7.6%
Free cash flow / market cap.
Earnings yield
-15.4%
Net income / market cap (the inverse of P/E).
What was BETA Technologies, Inc.'s revenue in fiscal 2025?
BETA Technologies, Inc. reported revenue of $35.6M for fiscal 2025, 136% higher than the year before.
Was BETA Technologies, Inc. profitable in fiscal 2025?
No. It reported a net loss of $745.9M.
How much free cash flow did BETA Technologies, Inc. generate in fiscal 2025?
Cash from operations of $267.8M minus capital expenditures of $45.4M left free cash flow of -$313.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.