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 the certification pathway.

• Transitioned from technology demonstration to execution, focusing on certification and production readiness, with public flight demonstrations and strong customer and strategic partner engagement, including major airlines and defense interest.

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

Financial highlights

• Secured a comprehensive financing package of up to $850 million, with $50 million in equity raised, $30 million accessed to date, and $80 million accessed overall, significantly strengthening liquidity.

• Q1 net cash used in operating activities was $47 million (£36 million/GBP 47 million); cash and equivalents at quarter end were $96 million (£73 million/GBP 96 million), with $102 million (£77 million) as of May 6, 2026.

• Short-term liquidity includes $23 million (£17 million) in R&D tax relief, $7 million (£6 million) in government grants and VAT, and GBP 30 million in anticipated near-term receipts.

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

Outlook and guidance

• Certification targeted for end of 2028, with a clearly defined pathway and major milestones through 2029, including public demos, certification aircraft assembly, and customer delivery ramp-up.

• Near-term priorities include completing CDR, strong presence at Farnborough Airshow, expanding manufacturing footprint, and commencing flight testing of the third prototype in Q1 2027.

• Short-term liquidity and available facilities expected to provide at least 12 months of runway.