BETA Technologies (BETA) Stock: Why Goldman Sachs Chose This Flying Car Maker Over Joby

TLDR

• Goldman Sachs gave BETA Technologies a “Buy” rating and named it the top stock in the eVTOL sector over competitors Archer, Joby, and Eve
• BETA landed a 10-year supply contract with Eve Air Mobility worth up to $1 billion to provide pusher motors for 2,800 aircraft
• The stock climbed 8% on Tuesday after the motor deal announcement, which dwarfs the company’s $15 million in 2024 revenue
• BETA raised $1 billion in its November IPO and is valued at approximately $6 billion with a vertically integrated business model
• Analysts project revenue growth from $30 million in 2025 to $2.8 billion by 2029, with three of four analysts rating it “Strong Buy”

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BETA Technologies received a major vote of confidence from Goldman Sachs this week. The investment bank initiated coverage with a “Buy” rating and named the flying car maker its top pick in the electric aircraft sector.

BETA Technologies, Inc., BETA

Goldman took a different stance on BETA’s competitors. The firm assigned “Neutral” ratings to both Archer Aviation and Eve Holding while giving Joby Aviation a “Sell” rating.

The company went public in November at $34 per share. BETA raised over $1 billion through its initial public offering with Goldman Sachs and Morgan Stanley as lead underwriters.

Goldman analyst Anthony Valentini highlighted BETA’s stepwise certification approach. The strategy brings forward revenue and speeds up the learning curve without sacrificing the eVTOL timeline.

BETA operates as both an aircraft manufacturer and parts supplier. The investment bank views this vertically integrated model as the most attractive in aviation.

The company has partnered with General Electric on hybrid vehicle development for defense. It also sells motors and chargers to competitors, creating multiple revenue streams.

Game-Changing Supply Agreement

BETA announced a major contract on Tuesday that sent shares up 8%. The company will supply pusher motors for Eve Air Mobility’s electric vertical takeoff and landing air taxis.

Eve has a backlog of 2,800 eVTOLs waiting for production. The supply deal represents a potential 10-year opportunity worth up to $1 billion for BETA.

The contract looks transformational for the company. BETA’s total revenue for 2024 was just over $15 million.

Eve tested BETA’s motors in a prototype during an evaluation phase. The test aircraft is scheduled for its first flight in late 2025 or early 2026.

CEO Kyle Clark emphasized the motors’ proven performance. He noted they have thousands of hours of real-world operations demonstrating high reliability.

Expansion Plans Taking Shape

BETA is developing autonomous flight technology through a partnership with Near Earth Autonomy. The company has completed over 1,000 hours of uncrewed flights on subscale aircraft with ranges exceeding 158 nautical miles on a single charge.

Testing of integrated autonomous systems begins in the first half of 2026. The autonomous capability will enable aircraft to fly faster, carry heavier payloads, and travel longer distances without pilots.

Current piloted BETA aircraft carry up to 1,240 pounds or five passengers. Removing the pilot nearly doubles that capacity.

BETA secured a charging infrastructure contract with Abu Dhabi Airports. The company will install its Charge Cube and Battery Thermal Management System at Al Bateen Executive Airport and Zayed International Airport to support the region’s first eVTOL flights in 2026.

This expands BETA’s international footprint beyond its network of over 50 charging sites in the United States and Canada.

Analyst Outlook

Analysts covering BETA project revenue growth from $30 million in 2025 to $2.8 billion by 2029. The company will need additional capital with projected free cash outflow exceeding $1.4 billion through 2028.

Three of four analysts rate the stock “Strong Buy” with the remaining analyst assigning a “Hold” rating.

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