Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>BETA Technologies’ second quarter 2026 results illustrate ongoing progress across multiple aerospace segments, including commercial electric aircraft, defense applications, and infrastructure development.</li><li>The company reported revenue of $14.7 million, exceeding guidance and demonstrating 146% year-over-year growth, primarily driven by the Electrified Powertrain Flight Demonstration (EPFD) program in partnership with GE Aerospace and charger deliveries under contract with the Florida Department of Transportation.</li><li>Despite this revenue growth, operating expenses remained substantial at $166 million, with research and development (R&D) accounting for the majority, and adjusted EBITDA stood at negative $110 million, aligning with the company’s forecast.</li></ul>

BETA Technologies’ second quarter 2026 results illustrate ongoing progress across multiple aerospace segments, including commercial electric aircraft, defense applications, and infrastructure development.The company reported revenue of $14.7 million, exceeding guidance and demonstrating 146% year-over-year growth, primarily driven by the Electrified Powertrain Flight Demonstration (EPFD) program in partnership with GE Aerospace and charger deliveries under contract with the Florida Department of Transportation.Despite this revenue growth, operating expenses remained substantial at $166 million, with research and development (R&D) accounting for the majority, and adjusted EBITDA stood at negative $110 million, aligning with the company’s forecast.

BETA Technologies' 1,001-Aircraft Backlog — Is Electric Aviation Near a Tipping Point?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/beta-technologies-inc">BETA Technologies</a> is a vertically integrated electric aerospace company at the forefront of the emerging Advanced Air Mobility (AAM) market, developing and manufacturing electric vertical takeoff and landing (eVTOL) and conventional takeoff and landing (eCTOL) aircraft, alongside a proprietary charging infrastructure.</li>
  <li>The company's dual-aircraft strategy, with the ALIA CTOL and ALIA VTOL, allows for a pragmatic, stepwise approach to certification and market entry, targeting diverse end markets including cargo, logistics, medical, passenger, and defense.</li>
  <li>A key differentiator is BETA's focus on building an entire ecosystem, including a network of multimodal charging stations, which not only supports its aircraft but also creates a potential recurring revenue stream and a competitive moat.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
BETA Technologies is a vertically integrated electric aerospace company at the forefront of the emerging Advanced Air Mobility (AAM) market, developing and manufacturing electric vertical takeoff and landing (eVTOL) and conventional takeoff and landing (eCTOL) aircraft, alongside a proprietary charging infrastructure.
  The company's dual-aircraft strategy, with the ALIA CTOL and ALIA VTOL, allows for a pragmatic, stepwise approach to certification and market entry, targeting diverse end markets including cargo, logistics, medical, passenger, and defense.
  A key differentiator is BETA's focus on building an entire ecosystem, including a network of multimodal charging stations, which not only supports its aircraft but also creates a potential recurring revenue stream and a competitive moat.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: BETA Technologies (BETA US) - Aug 2026

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alliance Laundry Holdings / Index Rebalance

<ul>
<li>All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.</li>
<li>The largest forecasted IPO additions in terms of market cap are <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a>, <a href="https://www.smartkarma.com/entities/ft-intermediate-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">FT Intermediate (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/fermi-llc" target="_blank" data-smartkarma-citation="entities:45788:1" rel="noopener">Fermi (FRMI US)</a>.</li>
<li>The largest forecasted IPO additions in terms of passive fund impact include <a href="https://www.smartkarma.com/entities/legence-corp" target="_blank" data-smartkarma-citation="entities:45669:1" rel="noopener">Legence (LGN US)</a>, <a href="https://www.smartkarma.com/entities/via-transportation-inc" target="_blank" data-smartkarma-citation="entities:45670:1" rel="noopener">Via Transportation (VIA US)</a> and <a href="https://www.smartkarma.com/entities/avidia-bancorp-inc" target="_blank" data-smartkarma-citation="entities:46007:1" rel="noopener">Avidia Bancorp (AVBC US)</a>.</li>
</ul>


All eligible US IPOs that went public from 1 August to 31 October will get added to a major US index in December 2025.
The largest forecasted IPO additions in terms of market cap are Bullish US (BLSH US), FT Intermediate (FIGR US) and Fermi (FRMI US).
The largest forecasted IPO additions in terms of passive fund impact include Legence (LGN US), Via Transportation (VIA US) and Avidia Bancorp (AVBC US).


US: 19 IPOs Forecasted for Index Addition in December 2025

<ul><li>Beta Technologies is a vertically integrated electric aviation company developing electric CTOL aircraft, VTOL powered-lift aircraft, propulsion systems, batteries, motors, flight controls, and charging infrastructure.</li><li>Its model extends beyond aircraft manufacturing to include higher-margin recurring revenue from aftermarket components and charging services.</li><li>The company is pursuing a stepwise FAA certification path while building a broader electric aviation ecosystem through its growing charging network.</li></ul>

Beta Technologies is a vertically integrated electric aviation company developing electric CTOL aircraft, VTOL powered-lift aircraft, propulsion systems, batteries, motors, flight controls, and charging infrastructure.Its model extends beyond aircraft manufacturing to include higher-margin recurring revenue from aftermarket components and charging services.The company is pursuing a stepwise FAA certification path while building a broader electric aviation ecosystem through its growing charging network.

BETA Technologies: From CTOL Cargo Aircraft to VTOL Urban Mobility — The Two-Step Strategy Reshaping Electric Flight!

<ul>
<li>Electric aircraft company <a href="https://www.smartkarma.com/entities/beta-technologies-inc" target="_blank" data-smartkarma-citation="entities:45894:1" rel="noopener">BETA Technologies (BETA US)</a> went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.</li>
<li>Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.</li>
<li>Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.</li>
</ul>


Electric aircraft company BETA Technologies (BETA US) went public on 4 November 2025 on NYSE and has a current market cap of over $7.5bn.
Inclusion in US indices is expected in December 2025 and March 2026, as the security meets US eligibility criteria before the lock-up expiry.
Earliest inclusion in Global indices is expected in February and June 2026, with potential delay due to free float and float cap constraints during the lock-up period.


BETA Technologies (BETA US): Electric Takeoff to US & Global Indices

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BETA Technologies (BETA US)

BETA Technologies' 1,001-Aircraft Backlog — Is Electric Aviation Near a Tipping Point?

BETA Technologies’ second quarter 2026 results illustrate ongoing progress across multiple aerospace segments, including commercial electric...

Baptista Research

Primer: BETA Technologies (BETA US) - Aug 2026

BETA Technologies is a vertically integrated electric aerospace company at the forefront of the emerging Advanced Air Mobility (AAM) market,...

αSK Primers

US: 19 IPOs Forecasted for Index Addition in December 2025

Eligible US IPOs that debuted Aug-Oct 2025 will be added to major US index in Dec 2025, with BLSH, FIGR and FRMI leading in market cap while LGN,...

Dimitris Ioannidis

BETA Technologies: From CTOL Cargo Aircraft to VTOL Urban Mobility — The Two-Step Strategy Reshaping Electric Flight!

Beta Technologies is a vertically integrated electric aviation company developing electric CTOL aircraft, VTOL powered-lift aircraft, propulsion...

Baptista Research