# EDGAR Filing Document

**Accession Number:** 0001784570
**File Stem:** 0001628280-25-055206
**Filing Date:** 2025-12
**Character Count:** 26179
**Document Hash:** b0b73dc0a50136d07af76b71263bdef6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-055206.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001628280-25-055206

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251204

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**FILER**: 

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42932
- **FILM NUMBER:** 251548173

**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

?xml version='1.0' encoding='ASCII'? bta-20251204

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

______________________________

**FORM 8-K**

**CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **December 4, 2025**

______________________________

**BETA Technologies, Inc.** (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-42932** | **83-1276474** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **1150 Airport Drive**<br>**South Burlington,Vermont** | **05403** |
| (Address of principal executive offices) | (Zip code) |

---

Registrant's telephone number, including area code: **(802) 281-3623**

**Not Applicable**

(Former name or former address, if changed since last report)

______________________________

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange<br>on which registered** |
| **Class A common stock, par value $0.0001 per share** | **BETA** | **The New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On December 4, 2025, BETA Technologies, Inc. (the "Company") issued a press release announcing its financial and operating results for the quarter ended September 30, 2025. In the press release, the Company also announced that it will hold a conference call on December 4, 2025 to discuss its financial and operating results for the quarter ended September 30, 2025. The full text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, "Results of Operations and Financial Condition" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits. The following exhibits are filed with this Current Report on Form 8-K:

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| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibits** |
| 99.1 | <u>[Press release dated December 4, 2025](a3q2025earningsprtemplate2.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BETA Technologies, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BETA Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: December 4, 2025 | | /s/ Herman Cueto |
| | | Herman Cueto <br>Chief Financial Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

**BETA Technologies, Inc. Announces Third Quarter 2025 Results**

*Successfully Listed as a Public Company on NYSE*

*Formed Strategic Partnership with GE Aerospace Including $300M Equity Investment* 

*Received FAA Part 35 Type Certification for Hartzell Propeller*

BUSINESSWIRE – South Burlington, VT –December 4, 2025 – BETA Technologies, Inc. (NYSE: BETA) ("BETA" or the "Company"), an electric aerospace company, leading in the development and commercialization of electric aircraft, charging infrastructure, and aerospace grade electric propulsion, today announced its financial and operating results for the third quarter ended September 30, 2025.

Kyle Clark, President and Chief Executive Officer, commented, "It's been an incredibly exciting time at BETA following our recent listing on the New York Stock Exchange last month. 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. We are redefining aerospace and capturing the significant, untapped opportunity in sustainable, reliable, and efficient electric aviation."

**Third Quarter Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Initial Customer Deliveries:** Delivered an ALIA CTOL (as defined below) aircraft to Norway for demonstration flights with the Bristow Group in Norway's international test arena for zero and low emission aviation. Additionally, BETA shipped another ALIA CTOL to New Zealand for demonstration flights with Air New Zealand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **First Certified AAM Technology:** Certified the first pusher propeller in partnership with Hartzell under FAA Part 35 Type Certification for electric aircraft. This milestone supports the process of obtaining Type Certification for BETA's H500A electric engine under Part 33 given the shared requirements among each program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Progressed VTOL Testing:** Completed and was granted a Special Airworthiness Certificate by the FAA for its first production ALIA VTOL (as defined below) and successfully entered piloted flight testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Partnered with Legacy Aerospace on Hybrid Solutions:** Formed a strategic partnership with GE Aerospace, including a $300 million equity investment, to co-develop a hybrid electric turbogenerator for Advanced Air Mobility applications, including long-range hybrid Vertical Takeoff and Landing ("VTOL") aircraft, future BETA aircraft, and additional applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Varied Propulsion Applications:** BETA and General Dynamics announced a partnership in which BETA will design and manufacture propulsion systems for classified undersea applications. This partnership is a testament to BETA's full stack technology control and leadership within electric aerospace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Growing Orderbook:** As of September 30, 2025, BETA had an existing civil aircraft backlog of 891 aircraft worth $3.5 billion, of which 289 are for firm orders and 602 are for options. The

------

strength of this orderbook highlights the diversity of civil uses for our aircraft, including cargo, logistics, medical, and passenger missions.

**Third Quarter 2025 Financial Highlights**

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| | | |
|:---|:---|:---|
| | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
| ***(In thousands, except per share amounts)*** | **2025** | **2024** |
| Revenues | $8918 | $3066 |
| Cost of Revenues | 2741 | 1189 |
| Gross Margin | 6177 | 1877 |
| General and Administrative | 30380 | 20834 |
| Research and Development | 56371 | 54043 |
| Total Operating Expenses | 86751 | 74877 |
| Loss from Operations | (80574) | (73000) |
| Net Loss Attributable to Common Stockholders | (451810) | (82099) |
| Net Loss per Share Attributable to Common Stockholders | (9.83) | (1.81) |
| Adjusted EBITDA <sup>(1)</sup> | (67575) | (64194) |
| Capital Expenditures <sup>(2)</sup> | 12957 | 13052 |
| Cash and Cash Equivalents  | 687627 | 52248 |

---

<sup>(1)</sup> In addition to results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release contains financial measures that are not calculated and presented in accordance with GAAP. See "Non-GAAP Financial Measures" for definitions of these non-GAAP financial measures and a reconciliation of the non-GAAP measures to their related GAAP measures can be found in the supplemental tables later in this press release.

<sup>(2)</sup> Represents purchases of property and equipment.

**Financial Highlights** 

Revenues during the quarter ended September 30, 2025 were $8.9 million. Product revenue was $2.9 million, exceeding management's expectations as the result of ahead-of-schedule motor deliveries that were originally planned for the fourth quarter. Service revenue was $6 million driven by defense contracts. Together, product and service revenue growth highlight BETA's leadership position in both the technological innovation and execution of electric aviation.

Operating expenses during the quarter ended September 30, 2025 were $86.8 million, including $56.4 million of research and development expense and $30.4 million of general and administrative expense.

Net loss attributable to common stockholders during the quarter was $451.8 million, or $9.83 per share, unfavorably impacted by the loss on issuance of convertible preferred stock.

Adjusted EBITDA during the quarter ended September 30, 2025 was ($67.6) million, reflecting our efforts to closely manage expenses.

Capital expenditures in the quarter were $13.0 million, further supporting the expansion of our manufacturing capacity, testing facilities, and other resources for aircraft development.

------

**Cash Flow and Liquidity**

BETA ended the quarter with $687.6 million in cash and cash equivalents compared to $52.2 million in the prior year period. This amount excludes approximately $1.1 billion in IPO net proceeds that will be reported in our results for the annual period ended December 31, 2025.

The Company continues to invest in research and development, manufacturing scale-up, and working capital to support growth and personnel expansion. Ongoing investment in production facilities, vertiports, and supporting infrastructure remains critical as BETA advances toward commercialization.

**Financial Outlook**

BETA currently expects full year 2025 Revenue to be in the range of $29 million to $33 million and full year 2025 Adjusted EBITDA to be in the range of ($295) million to ($325) million.

We have not reconciled our forward-looking Adjusted EBITDA estimates because certain items that impact this non-GAAP metric are uncertain or out of our control and cannot be reasonably predicted. In particular, stock based compensation expense is impacted by the future fair market value of our common stock along with other factors, all of which are difficult to predict, subject to frequent change, or not within our control. The actual amount of these expenses during 2025 will have a significant impact on our future GAAP financial results. Accordingly, a reconciliation of this forward-looking non-GAAP metric is not available without unreasonable effort.

**Webcast and Conference Call Details**

BETA will host a live webcast and conference call at 8:30 am ET today to discuss the quarter's results. A link to the live webcast and supporting materials can be accessed on the Company's Investor Relations website and a replay webcast will be available following the call. Participants may also join the conference call by dialing 800-343-4136 (domestic) or 203-518-9843 (international) and entering the access code BETAQ325.

BETA uses its investors.beta.team website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

------

**About BETA Technologies, Inc.**

BETA (NYSE: BETA) is an aerospace company designing, manufacturing and selling high-performance electric aircraft, advanced electric propulsion systems, components and charging systems to top operators worldwide. BETA has built and flown its family of ALIA aircraft, consisting of both conventional fixed-wing electric aircraft (the "ALIA CTOL") and electric vertical takeoff and landing aircraft ("ALIA VTOL"), more than 100,000 nautical miles, including multiple trips across the United States. BETA is deploying a network of charging infrastructure to enable the growing industry with more than 50 sites online across the United States and Canada. BETA's intentional approach to developing the enabling technologies necessary to electrify aviation unlocks lucrative after market revenue opportunity over the life of each aircraft. These highly scalable enabling technologies allow BETA to serve a customer base across cargo and logistics, defense, passenger and medical end markets and unlock cost-effective and safe missions. BETA was named the #1 company on TIME's list of the World's Top GreenTech Companies of 2025. Visit <u>www.beta.team</u> for more information about BETA and its products.

**Contacts**

**Media:**

Lexi Pace

pa@beta.team

**Investor Relations:**

Devon Rothman

investors@beta.team

**Forward Looking Statements** 

This press release and the accompanying earnings call contain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements can be identified by words such as: "anticipate," "intend," plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our future financial and operating performance, including our outlook and guidance; our regulatory outlook, progress and timing; our business strategy, plan, objectives, and goals; capital needs and the growth of our growth of our operations, manufacturing capabilities, and supporting infrastructure for aircraft development and deployment; plans and anticipated benefits with respect to our collaborations with third parties, and projected demand for our aircraft, other products, and services.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, factors as discussed throughout the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our prospectus for our IPO filed with the Securities and Exchange Commission (the "SEC")

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on November 4, 2025 pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended, as well as the subsequent periodic and current reports and other filings that we make with the SEC from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release and the accompanying earnings call.

Any forward-looking statement made by us in this press release and the accompanying earnings call is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

**Non-GAAP Financial Measures**

In addition to traditional financial metrics, we use EBITDA and Adjusted EBITDA to help us evaluate our business.

We define EBITDA as net loss, adjusted for interest income, interest expense, income tax expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for loss on issuance of convertible preferred stock, stock based compensation expense, warrant expense, loss on disposal of property and equipment, and IPO readiness costs.

We believe that these non-GAAP measures provide useful information to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP measures are presented for supplemental informational purposes and should not be considered as substitutes for or superior to financial information presented in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude certain expenses that are required by GAAP to be recorded in our financial statements, and they are subject to inherent limitations as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-GAAP financial measures. Further, non-GAAP financial measures are not standardized. It may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. In addition, investors are encouraged to review our consolidated financial statements included in our filings with the SEC in their entirety and not rely solely on any single financial measure.

We caution readers that our definitions of these non-GAAP financial measures may not be calculated in the same manner as similar measures used by other companies. Reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures are included in the schedules attached to this press release.

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**<u>BETA Technologies, Inc.</u>**

**<u>Condensed Consolidated Statements of Operations and Comprehensive Loss</u>**

*(in thousands, except share and per share amounts)*

*(unaudited)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended**<br>**September 30,** | **For the Three Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** | **For the Nine Months Ended**<br>**September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product revenue | $2917 | $799 | $7993 | $1395 |
| &nbsp;&nbsp;&nbsp;Service revenue | 6001 | 2267 | 16490 | 9260 |
|  | 8918 | 3066 | 24483 | 10655 |
| Cost of revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product revenue | 1660 | 662 | 2255 | 1250 |
| &nbsp;&nbsp;&nbsp;Service revenue | 1081 | 527 | 3415 | 2049 |
|  | 2741 | 1189 | 5670 | 3299 |
| Gross margin: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product revenue | 1257 | 137 | 5738 | 145 |
| &nbsp;&nbsp;&nbsp;Service revenue | 4920 | 1740 | 13075 | 7211 |
|  | 6177 | 1877 | 18813 | 7356 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 56371 | 54043 | 170484 | 146152 |
| &nbsp;&nbsp;&nbsp;General and administrative | 30380 | 20834 | 86241 | 57399 |
| Total operating expenses | 86751 | 74877 | 256725 | 203551 |
| Loss from operations | (80574) | (73000) | (237912) | (196195) |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (3464) | (2908) | (9214) | (8502) |
| &nbsp;&nbsp;&nbsp;Interest income | 2628 | 1035 | 7348 | 5740 |
| &nbsp;&nbsp;&nbsp;Loss on issuance of convertible preferred stock | (355551) |  | (355551) |  |
| Total other (expense) | (356387) | (1873) | (357417) | (2762) |
| Loss before income taxes | (436961) | (74873) | (595329) | (198957) |
| Income tax expense | (253) | (191) | (580) | (246) |
| Net loss | (437214) | (75064) | (595909) | (199203) |
| Convertible preferred stock PIK dividend | (14596) | (7035) | (39136) | (19987) |
| Net loss attributable to common stockholders | $(451810) | $(82099) | $(635045) | $(219190) |
| Net loss per share attributable to common stockholders, basic and diluted | $(9.83) | $(1.81) | $(13.86) | $(4.85) |
| Weighted average common shares outstanding, basic and diluted | 45948603 | 45269895 | 45807560 | 45174580 |
| Comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(437214) | $(75064) | $(595909) | $(199203) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (110) | 23 | 114 | (47) |
| Comprehensive loss | $(437324) | $(75041) | $(595795) | $(199250) |

---

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**<u>BETA Technologies, Inc.</u>**

**<u>Summary Condensed Consolidated Balance Sheets</u>**

*(in thousands)*

*(unaudited)*

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents  | $687627 | $301396 |
| &nbsp;&nbsp;Accounts receivable | 7683 | 2152 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 17196 | 23791 |
| Total current assets  | 712506 | 327339 |
| Property and equipment, net  | 331706 | 319588 |
| Operating lease right-of-use assets | 16582 | 16411 |
| Prepaid expenses and other non-current assets | 8543 | 3034 |
| Total assets  | $1069337 | $666372 |
| Liabilities, Convertible Preferred Stock and Stockholders' Equity |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable  | $13166 | $16232 |
| &nbsp;&nbsp;Deferred revenue, current | 3616 | 6401 |
| &nbsp;&nbsp;Operating lease liabilities, current  | 1540 | 1741 |
| &nbsp;&nbsp;Notes payable, current  | 5670 | 2835 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities  | 44320 | 29345 |
| Total current liabilities  | 68312 | 56554 |
| Deferred revenue, non-current | 12430 | 6360 |
| Operating lease liabilities, non-current  | 16995 | 16683 |
| Notes payable, non-current  | 179103 | 149231 |
| Other liabilities  | 2608 | 1601 |
| Total liabilities  | 279448 | 230429 |
| Total convertible preferred stock and stockholders' equity  | 789889 | 435943 |
| Total liabilities, convertible preferred stock and stockholders' equity  | $1069337 | $666372 |

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**<u>BETA Technologies, Inc.</u>**

**<u>Non-GAAP EBITDA and Adjusted EBITDA Reconciliation</u>**

*(in thousands)*

(*unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended <br>September 30,** | **Nine Months Ended <br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(437214) | $(75064) | $(595909) | $(199203) |
| Increase (decrease) as adjusted for: |  |  |  |  |
| Interest income | (2628) | (1035) | (7348) | (5740) |
| Interest expense | 3464 | 2908 | 9214 | 8502 |
| Income tax expense | 253 | 191 | 580 | 246 |
| Depreciation and amortization expense | 5794 | 3888 | 16314 | 11313 |
| EBITDA | $(430331) | $(69112) | $(577149) | $(184882) |
| Loss on issuance of convertible preferred stock | 355551 |  | 355551 |  |
| Stock based compensation expense | 5205 | 4567 | 16819 | 9172 |
| Warrant expense | 308 |  | 308 |  |
| Loss on disposal of property and equipment | 932 | 351 | 2473 | 591 |
| IPO readiness costs<sup>(1)</sup> | 760 |  | 1310 |  |
| Adjusted EBITDA | $(67575) | $(64194) | $(200688) | $(175119) |

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<sup>(1)</sup> Represents legal and accounting related expenses incurred in connection with becoming a public company.