• Target $33; Think VTOL Ambulance service in places like Hawaii and commerical VTOL Taxi services.  Cargo, logistics, medical, military.   MV250
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• H500A motor continued rotation issue resolved with the FAA with no motor redesign required, derisking certification.

The most important update was the resolution of the H500A continued policy interpretation issue (see more here). Management noted the agreed path with the Federal Aviation Administration (FAA) requires no changes to the motor, shifting the remaining work toward execution of mechanical, software, and longer-duration tests under FAA oversight. Management characterized the program as being in “pure execution mode”, although FAA witness scheduling and data acceptance remain key timing variables. The CX300 eCTOL aircraft also reached an important milestone, with the FAA signing the final open issue paper and accepting 100% of the detailed design standards framework. BETA can now finalize compliance plans and advance preparations for TIA (Type Inspection Authorization) flight testing. Importantly, management said H500A timing has not negatively affected CX300 and that the two programs can progress concurrently. The work completed on the CX300 and H500A should also carry into the ALIA A250 eVTOL aircraft given significant design, certification, and production commonality.

• CX300 requirements definition complete; H500A motor timing is not delaying aircraft certification progress.
• eIPP operations began on July 10, with addt’l markets expected to come online over the next 4-6 weeks.
• MV250 aircraft unveiled at Farnborough Airshow as GE Aerospace partnership expands across defense and regional hybrid programs.
• FY26 revenue guide raised; adj. EBITDA outlook lowered on accelerated investment. Reiterate OW / PT of $33.