Company Overview - Beta Technologies went public in November 2025, raising approximately $1.01 billion with an IPO price of $34, valuing the company at around $7.4 billion [1][4] - The company designs the ALIA electric aircraft and supplies core components, positioning itself as a full ecosystem player in electric aviation [2][4] Financial Performance - In Q3 2025, Beta reported revenues of $8.9 million, a significant increase from $3.1 million the previous year, driven by product sales and service contracts [10] - Operating expenses were reported at $86.8 million, with a net loss of $451.8 million, equating to -$9.83 per share, largely due to a one-time accounting loss [11] - The company ended Q3 with $687.6 million in cash, a substantial increase from $52 million a year ago, providing a multi-year runway for development [11] Market Position and Valuation - Beta's enterprise value-to-sales ratio is approximately 198×, with a forward price-to-sales ratio around 150×, significantly higher than established aerospace firms [5][6] - The company has negative book equity, resulting in a price/book ratio of -2.4× compared to the industry average of 4.1× [5] Strategic Developments - Amazon holds a 5.3% stake in Beta, amounting to roughly 11.75 million shares, which is seen as a vote of confidence in Beta's long-term potential [3][7][8] - Beta has a backlog of 891 aircraft orders worth $3.5 billion, indicating strong demand across various use cases [13] Future Outlook - The company has reiterated its 2025 revenue guidance of $2 million to $3 million and anticipates adjusted EBITDA losses of around $295 to $325 million for the year [12] - Analysts are generally bullish on Beta, with a consensus rating of "Strong Buy" and an average 12-month price target around $37, suggesting potential for significant upside [14][15]