Vertical Aerospace (EVTL) Q1 2026 earnings summary

Executive summary

• Achieved a major milestone with the successful two-way piloted transition flight of the prototype eVTOL aircraft under civil aviation oversight, validating design and de-risking certification pathway.

• Transition marks shift from development to execution, with focus now on certification and production readiness, including public flight demonstrations.

• Progressed toward Critical Design Review (CDR), establishing the certifiable design baseline and formalizing key supplier partnerships.

• Strong customer and industry feedback following transition and Valo design showcase, with major airlines and international partners expressing enthusiasm.

Financial highlights

• Secured a comprehensive financing package of up to $850 million, with $50 million in equity raised and $30 million accessed to date, significantly strengthening the balance sheet.

• Q1 net cash used in operating activities was GBP 47 million; cash and cash equivalents at quarter end were GBP 96 million.

• Short-term liquidity includes $103 million in cash and anticipated near-term receipts from R&D tax reliefs and government grants.

• Expected net cash outflows of $180–$200 million over the next 12 months, with over 12 months of liquidity runway.

Outlook and guidance

• Certification target remains end of 2028, though a slight delay in transition increases risk to timeline.

• Near-term priorities: complete critical design review (CDR), strong presence at Farnborough Airshow, and expand manufacturing footprint.

• First Valo aircraft to be built in Q1 2027, with immediate flight testing and rapid progression to certification.

• Focus shifting to disciplined execution against the certification roadmap, with the third prototype aircraft to commence flight testing soon.