Electric aircraft maker Beta Technologies saw revenue more than double in its first earnings report since going public, though its net loss expanded.
Revenue was US$8.92 million, up from $3.07 million one year ago. Its net loss per share was $9.83, compared with a loss of $1.81 last year, which it said was impacted by a loss when issuing convertible preferred stock.
“It’s been an incredibly exciting time at BETA following our recent listing on the New York Stock Exchange last month,” said Beta CEO Kyle Clark.
“As a newly public company, we remain firmly grounded in what makes BETA unique — our simple, stepwise approach, our vertical integration and our focus on designing and manufacturing the complete electric aviation ecosystem to meet the needs of customers around the world.”
Product revenue was $2.92 million, up from $799 million, which the company credited to ahead-of-schedule motor deliveries. Service revenue climbed to $6 million from $2.27 million.
Its loss from operations grew to $80.57 million, from a loss of $73 million last year.
Operating expenses increased from $74.88 million to $86.75 million, driven by a rise in both administrative and research and development costs.
Beta’s civil aircraft backlog is 891 aircraft worth $3.5 billion, with 289 in firm orders and 602 in options. It agreed to supply air taxi manufacturer Eve Air Mobility with up to $1 billion in electric motors this week, and formed a strategic partnership with GE Aerospace last quarter.
The company has also been applying to the United States government’s newly launched pilot program for developing electric vertical takeoff and landing aircraft, according to Clark. It plans to focus on military and cargo applications before passenger operations.
Beta Technologies’ (NYSE: BETA) share price closed at $29.84, up from a previous close at $29.50, before climbing to $30.68 in after-hours trading. Its market capitalisation is $6.81 billion.
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