Vertical Aerospace (EVTL) Q1 2025 earnings summary

Executive summary

• Announced a new hybrid aircraft program with a 1,000-mile range and payload over 1,100 kg, expanding opportunities in defense, cargo, emergency services, and commercial markets.

• Progressed on the VX4 eVTOL program, completing piloted high-speed taxi tests, assembling a third prototype, and preparing for wing-borne flight tests in Q2 2025.

• Maintained a clear certification roadmap, targeting completion of all piloted flight test phases by year-end 2025 and full certification in 2028.

• Expanded a $1 billion, 10-year partnership with Honeywell for flight controls and management systems, including the Anthem Integrated Flight Deck.

• Enhanced board governance with three new directors, bringing capital markets and industrial scale-up expertise.

Financial highlights

• Q1 2025 net cash used in operating activities was approximately £21m ($28m)–£20.6m, mainly due to reduced government grant receipts.

• Yearly cash spend guidance for FY 2025 remains at £90–100m ($110–125m).

• Closed Q1 2025 with £68.8m ($90m) in cash and cash equivalents after a $90m equity offering.

• Reported a non-cash GBP 396m/£395.7m credit to P&L due to convertible loan notes revaluation, driven by share price decline.

• No revenue generated in Q1 2025; company remains in R&D phase.

Outlook and guidance

• On track to complete all phases of piloted flight testing by end of 2025, with certification targeted for 2028.

• Cash and cash equivalents expected to fund operations into Q4 2025; additional capital required beyond that point.

• Hybrid aircraft flight testing planned to start in 2026, with commercial and defense opportunities under discussion.

• Company actively seeking further funding rounds in 2025; material uncertainty exists regarding ability to continue as a going concern if capital is not raised.

• 2025 milestones include building a third VX4 prototype and earning further CAA DOA privileges.