Solid Quarter and Incremental eIPP Investment

Beta Technologies (BETA) reported a solid 1Q26 with revenue and EBITDA beats, leading Goldman Sachs to maintain its Buy rating. While EBITDA guidance was lowered for incremental R&D investment, the company remains well-positioned for long-term production growth.

Key Takeaways

• 1.BETA's 1Q26 revenue and EBITDA exceeded both Goldman Sachs and consensus estimates, with revenue beating expectations by 10%.
• 2.Management lowered FY26 EBITDA guidance to reflect higher investment in eIPP programs, while maintaining revenue guidance.
• 3.Charging network expansion remains on track, with sites increasing to 123 and a year-end target of 150.

Table of Contents

• Our view on the stock post 1Q26 earnings
• Key elements of the quarter
• Key Data
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Balance Sheet ($ mn)
• Income Statement ($ mn)
• Cash Flow ($ mn)
• Exhibit 1: BETA 1Q26 results vs. GS estimates
• Revenue
• Adjusted EBITDA
• Backlog
• Balance sheet and cash flow
• Guidance
• Estimate revisions
• Disclosure Appendix

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