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EVTL

Vertical Aerospace Ltd.

EVTL

Vertical Aerospace Ltd. • NYSE
$4.50 ▲ 2.51% (+0.11)
Market Cap $449.04 M
52w High $15.99
52w Low $2.76
Dividend Yield 0%
P/E -0.09
Volume 722.33K
Outstanding Shares 99.79M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $36.61M ▲ $-289.526M ▼ 0% $-3.52 ▼ $-289.068M ▼
Q2-2025 $0 $18.305M ▼ $-144.763M ▼ 0% $-1.76 ▼ $-144.534M ▼
Q1-2025 $0 $22.926M ▼ $395.725M ▲ 0% $5.08 ▲ $379.72M ▲
Q4-2024 $0 $136.642M ▲ $-3.771B ▼ 0% $-124.84 ▼ $-3.732B ▼
Q3-2024 $0 $19.282M $-28.539M 0% $-1.48 $-27.199M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $91.716M ▲ $118.32M ▲ $210.417M ▼ $-92.097M ▲
Q2-2025 $61.984M ▼ $87.002M ▼ $263.107M ▲ $-176.105M ▼
Q1-2025 $68.803M ▲ $104.581M ▲ $143.637M ▼ $-39.056M ▲
Q4-2024 $22.556M ▼ $47.732M ▼ $547.073M ▲ $-499.341M ▼
Q3-2024 $42.806M $71.303M $126.631M $-55.328M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-289.526M ▼ $-11.368M ▼ $884K ▲ $-794K ▼ $-6.819M $-11.69M ▼
Q2-2025 $-144.763M ▼ $-5.684M ▲ $442K ▼ $-397K ▼ $-6.819M ▼ $-5.845M ▲
Q1-2025 $395.725M ▲ $-20.62M ▲ $596K ▼ $67.173M ▲ $46.247M ▲ $-20.662M ▲
Q4-2024 $-28.539M $-23.866M $630K $-185K $-23.98M $-23.888M
Q3-2024 $-28.539M $-23.866M $630K $-185K $-23.98M $-23.888M

Five-Year Company Overview

Income Statement

Income Statement Vertical Aerospace is still a development-stage company with no commercial revenue yet. The income statement is dominated by research, development, and overhead costs, which produce ongoing operating losses. These operating losses have been fairly steady over the last few years, reflecting a consistent spend on development rather than a sudden surge in costs. However, net losses have at times been larger than the underlying operating loss, suggesting additional hits from non-operating items, accounting adjustments, or financing effects. Overall, the business is still firmly in the “investment phase,” spending money to build the aircraft and ecosystem long before it can earn regular sales or service income.

Balance Sheet

Balance Sheet The balance sheet is thin and has weakened over time. Total assets and cash are now much smaller than they were shortly after the SPAC listing, showing that earlier funding has largely been used to finance development. The company has almost no traditional debt, which is positive from a leverage standpoint, but shareholder equity has turned negative, a warning sign that accumulated losses now exceed the company’s net assets. This combination—low cash, small asset base, and negative equity—highlights financial fragility and a strong dependence on future fundraising, successful partnerships, or other forms of external support. The recent reverse stock split also hints at past share price pressure and helps keep the stock listed, but does not change the underlying economics.

Cash Flow

Cash Flow Cash flow is consistently negative, as expected for a pre-revenue aerospace developer. Operating cash outflows reflect spending on engineers, testing, prototypes, and overhead rather than cash coming in from customers. The burn rate has moderated slightly in the most recent period compared with its peak, but it remains meaningfully negative. Capital expenditures have been minimal, which fits with an “asset-light” model that leans heavily on partners rather than building large factories in-house. Still, the current cash balance appears modest compared with the long and costly path to certification and production, implying that the company’s ability to keep executing will likely hinge on securing additional capital or support along the way.

Competitive Edge

Competitive Edge Vertical Aerospace’s competitive position rests less on scale today and more on its partnerships and pre-order relationships. It operates in a crowded eVTOL field with well-funded rivals and intense regulatory scrutiny. Its edge comes from an asset-light strategy that leans on major aerospace suppliers for propulsion, avionics, airframe, and systems, which can reduce technical and certification risk compared with doing everything in-house. A significant conditional pre-order book from large airlines and operators signals strong interest and gives commercial credibility, even though these orders are not yet firm cash commitments. On the other hand, the company is still pre-revenue, relatively small, and highly exposed to certification timelines, regulatory changes, and the ability of partners to deliver. Competition from better-capitalized eVTOL players, possible customer deferrals, and infrastructure bottlenecks all pose real strategic risks.

Innovation and R&D

Innovation and R&D Innovation and R&D are clearly the core of the Vertical story. The VX4 aircraft, with its focus on safety, low noise, and zero operating emissions, is designed around modern battery systems, advanced propellers, and digital flight controls. Vertical is investing heavily in proprietary battery pack design and integration, which could become a high-value, recurring revenue source if the fleet scales as planned. Its collaboration model—working with established names on propulsion, avionics, structures, and airframes—lets it concentrate internal resources on design, systems integration, and certification rather than on heavy manufacturing. The roadmap includes key milestones such as piloted transition flights, type certification in the second half of the decade, and even a potential hybrid-electric variant. However, this R&D path is long, expensive, and technically demanding, with meaningful uncertainty around timelines, regulatory approval, and whether the technology will deliver the range, reliability, and economics envisioned.

Summary

Vertical Aerospace is a high-risk, early-stage aerospace venture that is still in the prototype and certification phase, with no commercial revenue and ongoing losses. Its financial position is constrained: cash and total assets have shrunk, equity is now negative, and continued progress will likely depend on successful access to new capital or strategic support. On the positive side, the company has carved out a clear strategic niche: an asset-light model anchored in partnerships with top-tier aerospace suppliers, a strong focus on safety and certifiability, and a pipeline of conditional pre-orders from well-known airlines and operators. Innovation in batteries, flight controls, and composite structures underpins its long-term vision, but the road to commercialization is long and uncertain, with material execution, funding, and regulatory risks. Overall, the story is less about current financial performance and more about whether Vertical can bridge the gap—in time and funding—from today’s development stage to a future where the VX4 is certified, produced at scale, and generating recurring service and battery-related revenue.

NEWS

November 14, 2025 · 7:25 AM UTC

Vertical Aerospace Welcomes UK CAA's Preparation for Commercial eVTOL Operations by 2028

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November 13, 2025 · 7:07 AM UTC

Vertical Aerospace Receives Permit to Fly Approval Allowing Piloted Transition Testing to Proceed

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November 4, 2025 · 9:35 AM UTC

ADDING MULTIMEDIA Vertical Aerospace Provides Third Quarter Update, Demonstrating Momentum on Transition Flight Testing, Business Plan Updates and Best-in-Class Aircraft

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November 4, 2025 · 7:00 AM UTC

Vertical Aerospace Provides Third Quarter Update, Demonstrating Momentum on Transition Flight Testing, Business Plan Updates and Best-in-Class Aircraft

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October 1, 2025 · 6:00 AM UTC

Vertical Aerospace to Report Q3 Business Update on 4 November 2025

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