NOTES PAYABLE

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

NOTES PAYABLE

Notes Payable

On December 13, 2023, BETA entered into the Ex-Im Credit Agreement, which provides a $170,103 direct loan facility. The Company drew $170,103 under the Ex-Im Credit Agreement as of December 31, 2025 and December 31, 2024. The principal amount of borrowings was $170,103, of which $151,250 was used to finance the costs of construction of the Company’s Final Assembly Facility and the remaining $18,853 was used to finance the total exposure fees incurred under the agreement. The total discount of $20,207 at December 31, 2025 and 2024 consists of exposure fees of $18,853 and debt issuance costs of $1,354, which are amortized to interest expense on an effective interest rate basis over the term of the Ex-Im Credit Agreement.

Borrowings under the Ex-Im Credit Agreement bear interest at a fixed per annum rate of 5.52%, payable quarterly in arrears. The effective per annum interest rate is 7.32% on the Company’s outstanding borrowings under the Ex-Im Credit Agreement, which considers the timing and amount of borrowings and payments, exposure fees and debt issuance costs. Borrowings under the Ex-Im Credit Agreement are required to be repaid in 54 quarterly installments, commencing on September 20, 2025, with a maturity date of December 20, 2038. The Ex-Im Credit Agreement is secured by first-priority liens on the Final Assembly Facility with an approximate amount of $141,976.

In addition, the Ex-Im Credit Agreement contains covenants that limit, among other things, the Company’s ability to sell assets, participate in mergers and acquisitions and grant liens on certain assets.

As of December 31, 2025, the Company recognized $32,626 in notes payable, non-current, as a result of a sale-leaseback transaction. See Note 6 “Leases.”

Notes payable consisted of the following (in thousands):

	As of December 31,
	2025		2024
Ex-Im credit agreement	$	167,268	$	170,103
Financing liability	32,626		—
Other note	1,492		—
Unamortized discount and debt issuance costs	(15,876)		(18,037)
	185,510		152,066
Less: current portion of notes payable	(5,711)		(2,835)
Notes payable, non-current	$	179,799	$	149,231

The estimated aggregate amounts and timing of payments on the Company’s notes payable for the next five fiscal years and thereafter are as follows (in thousands):

	As of December 31, 2025
2026	$	5,711
2027	11,383
2028	11,386
2029	11,389
2030	11,392
Thereafter	150,125
Total principal payments	201,386
Unamortized discount and debt issuance costs	(15,876)
Total	$	185,510

The Company’s Ex-Im Credit Agreement is recorded on an amortized cost basis and has a fair value of $155,507 and $157,043 as of December 31, 2025 and 2024, respectively. The fair value of the Ex-Im Credit Agreement is based on quoted prices in similar markets, which is a Level 2 input within the fair value hierarchy.