Vertical Aerospace (EVTL) Q2 2026 earnings summary

Executive summary

• Achieved major milestones with piloted transition flights and five days of public eVTOL demonstrations at Farnborough International Airshow, demonstrating operational maturity and regulatory oversight.

• Expanded ecosystem through partnerships in autonomy, charging, and airspace integration, including collaborations with Near Earth Autonomy, Honeywell, and Project VERTI-GO.

• Secured substantial UK government support, with total awarded grants approaching $100 million and advanced discussions for further funding and export finance.

• Strengthened financial position with $100 million in new financing commitments and cash/cash equivalents of £99 million as of August 13, 2026.

• Outlined clear milestones for certification, industrial readiness, and hybrid testing, targeting type certification in 2029.

Financial highlights

• Announced a new financing package expected to provide $100 million in gross proceeds from a mix of equity, convertible notes, and preferred equity.

• Cash and cash equivalents as of August 13, 2026, totaled £99 million ($134 million), expected to rise to £109 million ($148 million) after all financing commitments.

• Net cash used in operating activities was £83.0 million in H1 2026, with projected net cash outflows of approximately £110 million ($150 million) over the next 12 months.

• Research and development expenses rose 143% year-over-year to £55.3 million, and administrative expenses increased 35% to £29.8 million.

• Raised or accessed $185 million in gross proceeds since March 2026, with $700 million of potential future capacity under existing facilities.

Outlook and guidance

• Targeting completion of Critical Design Review by end of 2026, establishing the certifiable design baseline.

• Early production aircraft assembly facility and expanded battery center to come online in Q3 and Q4 2026, respectively.

• Hybrid electric prototype flight testing to begin in first half of 2027, with selection of turbogenerator supplier in late 2026.

• Type certification expected in 2029, following a rebaselining from 2028 due to minor delays.

• Cash runway expected to extend through the end of Q3 2027, supporting delivery of key milestones.