Vertical Aerospace (EVTL) Q4 2025 earnings summary

Executive summary

• Hosted showcase events in major cities, generating strong stakeholder enthusiasm and customer momentum for the Valo eVTOL aircraft, which is positioned as a category-defining, upgradable eVTOL with modular architecture and the largest cabin in its class.

• Achieved all key 2025 operational milestones or have them in progress, including full-scale piloted flights, prototype builds, and the first winged eVTOL flight in open European airspace.

• Embedded AI and automation into engineering and manufacturing workflows through strategic partnerships.

• Renewed customer and partner demand, with reopened order book and new orders from JetSetGo, Heli Air Monaco, and deals in Saudi Arabia, Monaco, and the US.

• Strategic partnerships expanded, including MoUs with AHQ Group and Saudi National Industrial Development Centre, and Evolito as electric propulsion partner.

Financial highlights

• FY2025 spend aligned with guidance at $110M–$125M, with net cash used in operations at $112M (£83M); cash and equivalents stood at $93M (£69M) as of Dec 31, 2025.

• Short-term liquidity was $58M (£43M) as of March 24, 2026, plus anticipated near-term receipts of $23M (£17M) in R&D tax relief and $5M (£4M) in grants and VAT.

• ATM facility has $78M remaining capacity as of March 24, 2026.

• Over $175M in capital raised through public equity and ATM facility in FY25.

• Projected spend for the next 12 months is $190M–$200M due to ramping manufacturing and certification investment.

Outlook and guidance

• Full transition flight test expected within weeks, weather permitting, with plans to fly at Farnborough Airshow and complete critical design review mid-year.

• Entry into service and certification targeted for 2028; hybrid certification by 2029.

• Two new manufacturing facilities and expanded battery production to open in 2026, including VEC2, a 30,000 sq ft battery facility.

• Plans to expand customer pre-orders, progress defense partnerships, and increase annual production to over 25 Valo aircraft.