# EDGAR Filing Document

**Accession Number:** 0001784570
**File Stem:** 0000000000-25-008333
**Filing Date:** 2025-8
**Character Count:** 11984
**Document Hash:** e409e9d8702add689530fdbfbba462e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008333.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0000000000-25-008333

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250808

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BETA Technologies, Inc.
- **CENTRAL INDEX KEY:** 0001784570
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 831276474
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08207

**BUSINESS ADDRESS:**
- **STREET 1:** 1150 AIRPORT DRIVE
- **CITY:** SOUTH BURLINGTON
- **STATE:** VT
- **ZIP:** 05403
- **BUSINESS PHONE:** 802-242-6422

**MAIL ADDRESS:**
- **STREET 1:** 1150 AIRPORT DRIVE
- **CITY:** SOUTH BURLINGTON
- **STATE:** VT
- **ZIP:** 05403

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Beta Technologies Inc.
- **DATE OF NAME CHANGE:** 20190805
**PUBLIC REFERENCE ACCESSION NUMBER**: 0000950123-25-006364

## Text-Extract

```

                                                             August 8, 2025

Kyle Clark
Chief Executive Officer
Beta Technologies Inc.
1150 Airport Drive
South Burlington, Vermont 05403

       Re: Beta Technologies Inc.
           Draft Registration Statement on Form S-1
           Submitted July 14, 2025
           CIK No. 0001784570
Dear Kyle Clark:

       We have reviewed your draft registration statement and have the
following comments.

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

      After reviewing the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments.

Draft Registration Statement on Form S-1
Cover Page

1.     We note your disclosure that, as a controlled company, you "may utilize
any or all of
       the exemptions from the applicable corporate governance standards."
Please revise to
       state affirmatively whether you will rely on exemptions, and if so,
state which
       exemptions.
Prospectus Summary, page 1

2.     Please revise your organizational chart to identify the specific
subsidiaries, including
       country of incorporation for each subsidiary.
 August 8, 2025
Page 2
Prospectus Summary
The Offering, page 18

3.     You disclosed that unless otherwise noted, the information in this
prospectus gives
       effect to a forward split of your capital stock, which will become
effective on a date in
       the future. If the forward stock split will occur at or immediately
before the
       effectiveness of your registration statement, we remind you that in
accordance with
       SAB Topic 4C, you must revise your financial statements and all related
disclosures
       throughout your filing to retro-actively reflect the forward stock
split. If the
       forward stock split will occur after the effectiveness of your
registration statement,
       please provide appropriate pro forma disclosures throughout your filing.
Please advise
       or revise your disclosures accordingly.
Use of Proceeds, page 72

4.     Please revise your disclosure to state the approximate amount of
proceeds intended to
       be used for each stated purpose.
Capitalization, page 74

5.     Please revise the "total stockholders' equity" line item amount in the
"Actual" column
       to include your convertible preferred stock as shown in the December 31,
2024
       audited balance sheet on page F-3. We note your current disclosure
excludes
       the outstanding convertible preferred stock amounts. Further, revise
your computation
       of total capitalization to be inclusive of both total notes payable and
total stockholders'
       equity including the convertible preferred stock.
Dilution, page 76

6.     Please expand your dilution table to disclose historical net tangible
book value and
       related per share amount at December 31, 2024 on an actual basis. In
this regard, your
       discussion should encompass the historical, pro forma, and adjusted pro
forma impact
       in the dilution presentation. To the extent the historical and pro forma
net tangible
       book value amounts would be the same, so state, and describe any
material difference
       that would result in the calculation of net tangible book value per
share as a result of
       the IPO Recapitalization. Please revise to also disclose the key
estimates and
       assumptions used in your computations.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Overview, page 78

7.     We note on page 3 that your business model contemplates four key revenue
streams
       including selling aircraft to military and commercial customers, selling
replacement
       batteries in the aftermarket, selling propulsion systems, and selling
ground service
       equipment, primarily chargers. We also note on page 10 that you
primarily compete
       across four end markets within the aerospace industry, including cargo
and logistics,
       medical, defense and passengers. Further, we note on pages 4 and 5 that
you have
       backlog for Firm Orders and Options for both your ALIA CTOL (CX300) and
ALIA
       VTOL (A250). Based on your discussions on page 80 under "Government
       Certification" and page F-7 under "Nature of Business and Liquidity," it
does not
       appear that your aircraft is available for sale and that you have not
sold or generated
 August 8, 2025
Page 3

       any revenue from aircraft sales to date. If so, please provide
disclosure to this effect
       here in MD&A and also in the Prospectus Summary and Business sections.
Results of Operations
Comparison of Results for the Years Ended December 31, 2024 and 2023, page 82

8.     Please revise your discussion of revenues on page 83 to address the
following:
           Expand to describe the nature of your product revenue generated in
each year. We
           note your disclosure on pages 127 and 128 that you entered into
agreements with
           ARMI (in 2023 and 2024) to construct and deliver one rapid response
forward
           operating base (FOB), to perform support services related to the
FOB, to install
           electric charging stations at various airports, and to conduct a
trade study.
           Disclose the amount of revenue generated from these particular
products and the
           nature of the product revenue related to new contracts with
commercial
           customers. For example, disclose if these contracts encompass
tangible products
           such as motors, batteries, charge equipment, etc.
           Given that service revenue is your primary revenue source, expand
           your discussion to describe the nature of the services attributable
to certain U.S.
           government customers and those to commercial customers. In this
regard, specify
           the type of engineering and priority access services rendered and
any other
           services, such as consulting, usage and access of your charge
stations. Also,
           explain why there was a reduction in service revenue recognized from
certain
           U.S. Government customers.
Emerging Growth Company Status, page 90

9.     Please revise to disclose whether or not you have elected to take
advantage of the
       extended transition period for complying with new or revised accounting
standards
       pursuant to Section 107(b) of the JOBS Act. Please also clarify your
intentions in
       the related risk factor on pages 65-66. Refer to Question 13 of the
Staff's Jumpstart
       Our Business Startups Act Frequently Asked Questions.
Business, page 92

10.    We note your disclosure on page 94 that you are developing a
fully-integrated, digital
       platform. Please revise to include information about the timeline for
development for
       that platform.
11.    Please include a discussion of the manner in which seasonality affects
your business.
       See Item 101(c)(1)(v) of Regulation S-K.
Our Products, page 95

12.    Please revise to state when you expect to achieve type certification for
the ALIA
       Defense VTOL and the larger aircraft you are developing.
Intellectual Property, page 117

13.    Please revise this section to include the duration of all intellectual
property held. See
       Item 101(c)(1)(iii)(B) of Regulation S-K.
 August 8, 2025
Page 4

Facilities, page 119

14.    Please state specifically the lease term for each material physical
property. See Item
       102 of Regulation S-K.
Management, page 121

15.    Please provide the information required by Item 401 of Regulation S-K
for each
       director. For instance, we note Francesco Capretti and Mike Stone were
designated as
       directors, and that you mention other directors, but your management
table only lists
       Kyle Clark and David Churchill as directors.
Executive Compensation, page 125

16.    Please revise to fill in the disclosure required by Item 402 of
Regulation S-K in your
       next submission to ensure that your submission is substantially
complete.
Security Ownership of Certain Beneficial Owners and Management, page 130

17.    Please revise to disclose the addresses of the 5% or more stockholders
identified in the
       table.
Notes to the December 31, 2024 Audited Financial Statements
Note 2. Basis of Presentation and Accounting Policies
Revenue Recognition, page F-12

18.    Please disclose the types of products that are generally recognized at a
point in time,
       and those products and services that are generally recognized over time,
along with
       disclosing the terms of payment including any financing arrangements.
Also, give
       consideration to expanding Note 3 on page F-18 to disclose
disaggregation of
       revenues based on contract type, such as firm fixed price,
cost-reimbursable, or time
       and materials. Refer to ASC 606-10-55-89 through 55-91.
Exhibits

19.    Please file all material agreements as exhibits to the registration
statement. This
       includes, but is not limited to, the Security Control Agreement,
employment
       agreements, and lock-up agreements. See Item 601(b)(10) of Regulation
S-K.
20.    We note the footnote "#" to the exhibit index that you are redacting
information.
       Please revise to clarify which exemption you are relying on to redact
information in
       those exhibits.
General

21.    We note your disclosure throughout that you based internal calculations
on an analysis
       conducted by a global-third party consulting firm. Please revise to
clarify whether you
       commissioned any of the third-party data presented in the registrations
statement. If
       you did, file consents of such third parties pursuant to Rule 436 of the
Securities Act
       as exhibits.
22.    We note your letter from your CEO. Please relocate the letter to a more
appropriate
       location in your prospectus, such as the section beginning on page 92.
 August 8, 2025
Page 5

        Please contact Beverly Singleton at 202-551-3328 or Ernest Greene at
202-551-3733
if you have questions regarding comments on the financial statements and
related
matters. Please contact Erin Donahue at 202-551-6063 or Erin Purnell at
202-551-3454 with
any other questions.

                                                         Sincerely,

                                                         Division of
Corporation Finance
                                                         Office of
Manufacturing

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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