Beta Technologies posted its first quarterly results on Thursday since the stock debuted on the New York Stock Exchange.

The electric aircraft maker, which went public last month, reported revenue of $8.9 million, more than double the $3.1 million from a year ago.

“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,” CEO Kyle Clark said in a statement.

Net loss widened to $452 million, a loss of $9.83 per share, from a loss of $82.1 million, a loss of $1.81 per share, in the year-ago period.

The company said the net loss took a hit from the issuance of convertible preferred stock.

Beta forecasted full-year revenue to reach between $29 million and $33 million and adjusted EBITDA to range between a loss of $295 million and a loss of $325 million.

The Amazon-backed company is establishing itself as another player alongside rivals Joby Aviation and Archer Aviation in the small but competitive electric vertical take-off and landing, or eVTOL, space.

Air taxi manufacturers are vying to gain approval from the Federal Aviation Administration, which launched the eVTOL Integration Pilot Program, or eIPP, in September.

Clark told CNBC that the program is a “massive testament” to the Trump administration’s efforts in accelerating the nascent industry.

Beta is applying to the program with state partners, including North Carolina, Michigan and Ohio, to host its commercial aircraft operations as soon as next June.

“We have flown more than twice as many miles than anybody else in this industry,” Clark said. “That real-world flying gives us the ability to go into these eIPP opportunities with a mature type of certification product with a ton of reliability.”

The company is currently working on military and cargo operations before focusing on passenger applications. During the quarter, aircraft engine supplier GE Aerospace agreed to invest $300 million in Beta and co-develop a hybrid electric turbogenerator for both defense and civil use.

“The eIPP program is meant to augment America’s drone dominance and that is a military interest as well as a civil interest,” Clark said. “Partnership with dual-use aircraft like ours, with the military and civil applications, is a big part of this.”

The company also worked with Hartzell Propeller to land certification during the quarter, becoming the first FAA-certified propeller specifically designed for advanced air mobility aircraft.

The achievement marks…

Beta Technologies shares surged more than 9% after air taxi maker Eve Air Mobility announced an up to $1 billion deal to buy motors from the Vermont-based company.

Eve, which was started by Brazilian airplane maker Embraer and is now under Eve Holding, said the manufacturing deal could equal as much as $1 billion over 10 years. The Florida-based company said it has a backlog of 2,800 vehicles.

Shares of Eve Holding gained 14%.

Eve CEO Johann Bordais called the deal a “pivotal milestone” in the advancement of the company’s electric vertical takeoff and landing, or eVTOL, technology.

“Their electric motor technology will play a critical role in powering our aircraft during cruise, supporting the maturity of our propulsion architecture as we progress toward entry into service,” he said in a release.