Beta Technologies reports Q1 EPS (53c) vs. ($1.98) last year

Reports Q1 revenue $10.13M, consensus $8.66M. “Since the beginning of the year, BETA has made critical progress in support of our stepwise approach to electrify aviation, demonstrating our leadership position in the advanced air mobility sector as we prepare to enter eIPP operations,” said Kyle Clark, President and CEO. “We’ve created a complete system to bring electric aviation to market including training pilots, building aircraft and designing support systems. This strategy has led the best operators in the world to choose BETA as their partner and translates into tangible progress. In Q1, we led the industry with selections in seven of the eight eIPP launch programs; we added 16 sites to our nationwide charging network, and we secured additional contracts in our undersea propulsion work with General Dynamics. In parallel, for defense applications, we completed a preliminary design review on the hybrid turbogenerator with GE Aerospace that will initially support our MV250 VTOL. With more than 139,000 nautical miles flown to date all over the world, we are entering eIPP operations with hard-earned experience and momentum. We remain keenly focused on achieving type certifications and scaling production as we prepare to meet the tremendous demand, and ultimately change the way people fly.”