BETA Technologies raises its 2026 revenue guidance to a range of $42m to $50m, and the best case on its adjusted loss for the year is now $95m worse than the company forecast in March

Ninety five million dollars.

That is how much worse the shallow end of BETA Technologies' forecast loss for 2026 has become since March, on the company's own adjusted measure, without the deep end of the range moving at all since May.

The electric aircraft maker filed its second quarter results before the market opened on Wednesday, its second set of numbers as a public company. Revenue for the quarter was $14.7 million, against $6.0 million a year earlier. Operating expenses were $166.1 million. Net loss was $148.8 million, against $80.4 million.

The guidance trail

Three releases now carry a full year 2026 forecast, and reading them in order is the whole story.

In March, with the 2025 results, the company expected revenues of $39 million to $43 million and adjusted EBITDA of negative $305 million to negative $395 million. In May, with the first quarter, it reaffirmed the revenue range and moved adjusted EBITDA to negative $355 million to negative $445 million. On Wednesday it raised revenue to $42 million to $50 million and moved adjusted EBITDA to negative $400 million to negative $445 million.

So the revenue range has gone up by $3 million at the bottom and $7 million at the top. The best available outcome on the adjusted loss has gone down by $95 million. The release does not say why, and the company notes that it has not reconciled the forward looking figure to any measure under generally accepted accounting principles.

Where the quarter's money went

Research and development was $122.4 million, up from $58.0 million. Two items inside it are described twice in the same document and slightly differently each time. The narrative calls $16.1 million in-process research and development expense related to an acquisition. The reconciliation footnote calls the same $16.1 million acquisition-related expense, comprising $15.0 million of acquired in-process research and development and $1.1 million of direct transaction costs. The acquisition is not named anywhere in the release.

A further $5.7 million was non-cash warrant expense tied to the collaboration with GE Aerospace. Capital expenditure was $41.1 million, against $6.0 million a year earlier.

The line the summary does not draw

Product revenue for the half year was $4.2 million, against $5.0 million in the same period of 2025. It fell. Service revenue rose from $10.5 million to $20.5 million and carries all of the growth, which the quarterly split makes plain: $3.3 million of product against $11.4 million of service in the three months to June.

Cash and equivalents stood at $1,479.5 million at the end of June. The release compares that with $174.5 million a year earlier. The balance sheet on the following page compares it with $1,710.2 million at the end of December.

Operationally the company said it has 138 charging sites and has announced deployment of up to 250 with Archer Aviation and Macquarie Capital, that it flew the first operations under the Federal Aviation Administration's eVTOL Integration Pilot Program, and that Loganair signed a term sheet for five CX300 aircraft with options for five more. A term sheet is not an order.