EMERGING TECH RESEARCH Climate Tech VC Trends VC activity across the climate tech ecosystem Q4 2025 REPORT PREVIEW The full report is available through the PitchBook Platform. Institutional Research Group John MacDonagh Senior Research Analyst, Climate Tech john.macdonagh@pitchbook.com pbinstitutionalresearch@pitchbook.com Contents | Climate tech landscape | 3 | | --- | --- | | Quarterly analysis | 4 | | Key takeaways | 4 | | VC activity | 4 | | AI themes | 7 | | Conclusions | 8 | | Climate tech VC deal sum ...

SÃO PAULO, Feb. 23, 2026 AZUL S.A. (B3: AZUL53; OTC: AZULQ) ("Azul" or "Company"), the largest airline in Brazil in number of cities served and direct domestic routes, today announced the appointment of John S. Slattery to its Strategy Committee, effective February 20, 2026. John joins Azul at a pivotal moment as the Company finalizes its emergence from its Chapter 11 process, bringing decades of global leadership experience in the aerospace and aviation industries. Azul S.A. (B3: AZUL53; OTC: AZULQ), the l ...

Beta Technologies and Amazon logos highlighted in front of an imaginative depiction of a Beta Technologies eCTOL aircraft. Key Points Amazon solidified its long-term partnership by acquiring a significant equity stake to support the decarbonization of its global delivery network. A solid liquidity position provides the company with the longest financial runway in the industry to support manufacturing and certification. Wall Street analysts see significant upside potential driven by near-term federal pr ...

Core Insights - BETA Technologies' stock increased by 15.6% following a stake disclosure from Amazon and an upgrade from Jefferies [1] - BETA Technologies is supported by GE Aerospace, indicating strong backing in the aerospace sector [1] - The analyst, Dhierin-Perkash Bechai, specializes in aerospace, defense, and airline industries, focusing on identifying investment opportunities [1] Company Analysis - BETA Technologies has gained significant attention due to its recent stock performance and strategic partnerships [1] - The involvement of major players like Amazon and GE Aerospace enhances BETA's credibility and potential for growth [1] Industry Context - The aerospace, defense, and airline sectors are characterized by substantial growth prospects, making them attractive for investment [1] - The analysis provided by industry experts aims to contextualize developments and their implications for investment strategies [1]

Market Overview - The U.S. stock market showed mixed performance with the Dow Jones Industrial Average (DJIA) up around 0.4% but later down 0.2%, reflecting a volatile trading session influenced by economic data and sector concerns [2][3] - The S&P 500 (SPX) and Nasdaq Composite (IXIC) faced challenges, with the SPX down 0.1% and IXIC down 0.4%, indicating investor caution particularly in high-growth technology stocks [3] Economic Data - The January jobs report revealed that U.S. employers added 130,000 jobs, surpassing expectations of 75,000, and the unemployment rate improved to 4.3%, alleviating some economic slowdown concerns [4] - The strong jobs data raised worries that the Federal Reserve may keep interest rates higher for longer, potentially impacting stock prices [4] Corporate Earnings Highlights - Shopify (SHOP) reported a strong Q4 profit of $743 million, with a 31% revenue increase year-over-year, and announced a $2 billion share repurchase program [6] - Teradata (TDC) shares surged 35% following a strong Q4 performance and positive outlook [6] - Cloudflare (NET) saw an 11% increase in shares after reporting strong Q4 results [6] - Unity Software (U) experienced a significant drop of 32% due to a weak Q1 outlook despite a Q4 beat [6] - Mattel (MAT) shares plunged 27% after missing Q4 earnings estimates [6] - Zillow Group (Z) fell 14% due to below-consensus guidance for adjusted EBITDA [6] Upcoming Earnings and Corporate Developments - Upcoming earnings reports include Alibaba (BABA) on February 18, with a focus on cloud revenue and AI monetization [7] - Other companies with recent or upcoming earnings include Coca-Cola (KO), Cisco Systems (CSCO), McDonald's (MCD), and T-Mobile US (TMUS) [7] Sector-Specific Developments - The influence of Artificial Intelligence (AI) is shaping market dynamics, with financial firms facing pressure after the launch of an AI-driven tax planning tool by Altruist, leading to declines in shares of companies like LPL Financial (LPLA) and Charles Schwab (SCHW) [12] - Major tech companies such as Amazon (AMZN), Meta (META), and Alphabet (GOOGL) experienced declines due to concerns over high-value AI stocks and infrastructure spending [12] - Baker Hughes (BKR) announced a significant order for gas turbines, indicating growing demand for energy solutions in the AI and digital sectors [12] - Exxon Mobil (XOM) climbed 2.2%, and Smurfit Westrock (SMFT) jumped nearly 11% after providing encouraging forecasts, reflecting strength in the energy and raw materials sectors [12]

Group 1: Amazon and BETA Technologies - Amazon has acquired a 5.3% stake in BETA Technologies, leading to a nearly 19% increase in BETA's shares premarket [4][5] Group 2: Moderna - Moderna's shares fell 9% in premarket trading after the FDA refused to file its application for the mRNA-1010 influenza vaccine, citing inadequate trial controls [6][8] - The FDA's refusal was based on the application not reflecting the best-available standard of care during the study, although no specific safety or efficacy concerns were identified [7] - Moderna plans to meet with FDA officials to clarify the next steps but does not anticipate an impact on its 2026 financial guidance [8] Group 3: Estée Lauder and Walmart - Estée Lauder is suing Walmart for selling counterfeit products on its platform, claiming that Walmart facilitated these sales despite not selling the products directly [9][10] - The lawsuit alleges that Walmart allowed the use of Estée Lauder's trademarks in search engines, profiting from counterfeit sales [10]

Investment Rating - The report does not explicitly provide an investment rating for the industry but indicates a cautious outlook for enterprise SaaS multiples into 2026 due to global uncertainty and technological disruptions [6]. Core Insights - The median EV/TTM revenue multiple for public enterprise SaaS companies decreased to 5x at the end of Q4 2025, down from 5.3x in Q3 2025, and is expected to see limited upside into 2026 [6]. - Revenue growth rates for 2026 are anticipated to step down to high single digits or low double digits, with significant declines expected in several segments, while slight growth is expected in collaboration, productivity, and creative segments [9]. - The median gross margin for public enterprise SaaS companies increased to nearly 77% in 2025, with expectations of continued strength but limited substantial growth in 2026 [10]. - The median EBITDA margin rose to 19.8% in 2025, with expectations for further strengthening across most segments into 2026 [11]. Summary by Sections Revenue - Revenue growth rates for enterprise SaaS companies are projected to decline significantly in 2026, with the median growth rate barely in double digits, down from previous years' rates of 15% to 30% [9]. - The report highlights specific segments expected to experience declines, including CRM, sales, marketing & CX, finance, ERP, HR & payroll, and data, analytics & AI platforms [9]. Valuation - The report notes that valuation multiples have continued to decline, with 76 out of 102 tracked companies experiencing decreases in their EV/TTM revenue multiples from year-end 2024 to year-end 2025 [12]. - Notable companies that outperformed the broader SaaS decline include Unity, On24, and CS Disco, while companies like Ibotta and The Trade Desk saw significant decreases in their multiples [12]. Gross Margin and EBITDA - The median gross margin across public enterprise SaaS companies is projected to remain strong at 77% in 2026, with some segments like DevOps and vertical SaaS expected to see slight growth [10]. - The report anticipates that EBITDA margins will continue to improve, with the highest growth expected in data, analytics & AI platforms and collaboration, productivity & creative segments [11].

Core Insights - Norway has achieved a significant milestone in its transition to low- and zero-emission aviation with the completion of its first electric aviation test project, marking an important step towards sustainable aviation [1][11] Project Overview - The electric aviation test project was conducted over six months, involving regular test flights on a cargo route between Stavanger and Bergen, with a total of 126 flights covering 8,748 nautical miles (16,201 km) and charging 12 MWh [12][5] - The project was a collaboration between Bristow, BETA Technologies, Avinor, and CAA Norway, and was part of Norway's international test arena established to accelerate the introduction of new aviation technologies [11][1] Operational Insights - The BETA ALIA electric aircraft operated by Bristow provided valuable real-world experience in electric aircraft operations, infrastructure, and regulatory frameworks [2][8] - Key learnings from the project include the need for robust charging solutions, winter-adapted infrastructure, and specialized training for fire and rescue services related to batteries and alternative fuels [8][10] Regulatory and Safety Framework - The project demonstrated how new aviation technologies can be safely introduced into a highly regulated environment, emphasizing the importance of cooperation among authorities, airports, operators, and technology providers [3][4] - A Regulatory Sandbox was established to evaluate safety regulations in the context of new technologies, enhancing the safety methodology for innovation settings [6][5] Future Development - The experience gained from this project will inform the next phase of electric aviation development, focusing on integrating electric aircraft into existing airspace and airport systems while ensuring commercial viability [10][8] - The project has generated strong interest both domestically and internationally, highlighting the strategic needs for advancing electric aviation technologies [10][8]

Core Insights - Ohio has submitted a proposal to the FAA's Electric Vertical Takeoff and Landing Integration Pilot Program (eIPP) aimed at addressing medical transport challenges across a four-state region, with operational aircraft expected to be deployed within three months of approval [1] - The proposal is backed by over $1.2 billion in existing Advanced Air Mobility (AAM) infrastructure and aims to demonstrate the immediate operational benefits of advanced air mobility technologies [1][2] - The initiative is supported by a coalition including JobsOhio, BETA Technologies, Joby Aviation, and the states of Michigan, Indiana, and Kentucky, highlighting a multistate approach to AAM [1][6] Ohio's AAM Ecosystem - Ohio is recognized as having the most powerful aviation and aerospace ecosystem in the U.S., with over 640 aerospace companies and the third-largest manufacturing workforce [2][8] - The state has attracted significant investments, including a $300 million strategic investment from GE Aerospace in BETA Technologies to accelerate hybrid electric aviation development [14] - Ohio's commitment to AAM is demonstrated through its infrastructure, including the U.S. Air Force Research Lab and the SkyVision UAS test site, which provide essential testing capabilities for AAM technologies [12][13] Collaborative Efforts - The proposal emphasizes cross-sector collaboration, with JobsOhio playing a key role in attracting investments and building infrastructure for AAM [2][10] - Michigan, Indiana, and Kentucky have formally supported Ohio's eIPP application, underscoring the importance of regional alignment for the safe integration of AAM technologies [6][7] - The National Advanced Air Mobility Center of Excellence (NAAMCE) is facilitating partnerships among industry, federal partners, and local communities to accelerate AAM deployment [9] Technological Advancements - BETA Technologies and Joby Aviation are leveraging advanced aviation technologies to create efficient alternatives to traditional transport methods, focusing on medical cargo delivery [2][3] - Joby Aviation is expanding its manufacturing capacity in Ohio, doubling its footprint to support increased production of aircraft components [14] - The collaboration between Hartzell Propeller and BETA Technologies has led to the development of the first FAA-certified electric aircraft propeller, enhancing the capabilities of AAM aircraft [14]

Core Viewpoint - Surf Air Mobility Inc. has partnered with the Hawaii Department of Transportation and BETA Technologies to apply for the Electric Vertical Takeoff and Landing Integration Pilot Program, aiming to integrate electric aircraft into Hawaii's air transportation system [1][2][3]. Company Overview - Surf Air Mobility operates Mokulele Airlines, the largest commuter airline in Hawaii, with high-frequency interisland service across 10 routes and nine destinations [2][4]. - The company has established airport operations, maintenance facilities, and crew in Hawaii, positioning it well for the integration of electric aircraft [2][3]. - Surf Air Mobility employs 196 people in Hawaii, including 96 pilots, and maintains a strong safety record under FAA Part 135 operations [7]. Partnership and Initiative - The collaboration with HDOT and BETA aims to leverage Surf Air Mobility's operational expertise and BETA's electric aircraft technology to fulfill the eIPP initiative's objectives [3][6]. - The initial plan includes conducting cargo-carrying missions between existing route pairs operated by Mokulele Airlines [3]. Operational Highlights - Mokulele Airlines flew approximately 36,000 flights in 2025, with an average flight length of 51 miles, suitable for electrified aircraft [7]. - The airline served about 224,000 passengers in 2025, with a high percentage of repeat and local fliers, achieving a 96% controllable completion factor [7]. - BETA's ALIA electric aircraft has flown over 100,000 nautical miles in real-world operations, providing valuable operational data for certification [5][8]. Strategic Goals - The eIPP initiative is expected to support infrastructure development and operational readiness for electric aircraft in Hawaii, enhancing advanced air mobility through real-world airline operations [8]. - Surf Air Mobility aims to deliver quieter, lower-emission transportation options for communities and visitors in Hawaii [6].