Vertical Aerospace (EVTL) Company Report

Vertical Aerospace's Board of Directors and senior leadership team increased their aggregate holdings of ordinary shares by approximately 50% through open-market purchases in November 2025.
Mudrick Capital Management, LP, the company's majority shareholder, also increased its position by 350,000 shares via open-market purchases since November 24, 2025.
These share purchases underscore leadership's strong confidence in the company's long-term value creation and upcoming milestones, including the completion of Phase 4 Transition Flight and the unveiling of its new full-size aircraft on December 10, 2025.
Company founder Stephen Fitzpatrick's directly held shares decreased significantly, representing less than 0.4% of the company's ordinary shares as of November 28, 2025, down from approximately 15% on January 1, 2025.

6 days ago

6-K

Vertical Aerospace Receives Permit to Fly and Commences Final Phase of VX4 Flight Testing

EVTL

New Projects/Investments

Product Launch

Vertical Aerospace (EVTL) has received its Permit to Fly from the UK Civil Aviation Authority (CAA), enabling the commencement of 'Phase 4 – Transition' flight testing for its VX4 prototype.
This phase, the final stage of the VX4 prototype flight-test program, involves the aircraft seamlessly shifting between hover and wingborne flight.
The first flight of this critical phase occurred on November 13, 2025, and the company remains on track to complete transition testing by the end of 2025.

Nov 13, 2025, 12:07 PM

Press Release

Vertical Aerospace Provides Update on VX4 Certification and Operations

EVTL

New Projects/Investments

Board Change

Vertical Aerospace is advancing its electric vertical-takeoff-and-landing (eVTOL) program, targeting type certification by 2028 with an estimated $700 million investment.
The company plans to complete full transition flights by the end of 2025 and will publicly unveil its certification-conforming aircraft on December 10, 2025.
Vertical Aerospace has sufficient cash reserves to sustain operations until mid-2026 but faces financial challenges, including operational losses, despite holding approximately 1,500 pre-orders.
The company strengthened its board with the addition of former EASA Director General Patrick Ky and aims for commercial production of 175 aircraft annually by 2030 with a 20% gross margin.

Nov 4, 2025, 1:42 PM

Morningstar

EVTL Commences Piloted Transition Flights for VX4 Aircraft

EVTL

Product Launch

New Projects/Investments

Guidance Update

Piloted Transition Flights for the VX4 aircraft have commenced this week, marking an industry first for eVTOL aircraft under Permit to Fly oversight.
Vertical Aerospace is focused on the VX4 aircraft, emphasizing its design for safety and operator economics, aiming for a 10-9 Safety Standard.
The company is actively seeking a Global Strategic Partner to support manufacturing and commercialization efforts, outlining specific criteria for this alliance.
Vertical Aerospace highlights significant risks, including the need to raise additional capital, recurring losses, and the ongoing challenge of obtaining necessary certifications for the VX4 aircraft, which is not yet certified. The company also expects net cash outflows for FY 2025.

Nov 4, 2025, 1:30 PM

Presentation

Vertical Aerospace Provides Q3 2025 Business Update, Highlights Piloted Transition Flight Progress and Strategic Partnership Search

EVTL

Guidance Update

New Projects/Investments

Vertical Aerospace is set to begin its piloted transition flight test campaign later this week (Q3 2025), which is a critical de-risking step for the VX4 development and certification program.
As of November 4, 2025, Vertical Aerospace's cash position was $117 million, with full-year 2025 spend guidance maintained at $110 million - $125 million.
The VX4 aircraft is designed to scale from four to six passengers, which is projected to increase operator revenue by 50% and more than double annual operating profit potential.
Vertical Aerospace is actively seeking a strategic industrial partner to support its ramp from certification to commercialization, with confidence that a transaction will conclude shortly.
The total estimated investment to achieve 2028 certification is $1.1 billion, with $235 million anticipated to be spent over the next 12 months.

Nov 4, 2025, 1:30 PM

Transcript

Vertical Aerospace Reports Q3 2025 Update with Significant Profit Turnaround and Key Operational Milestones

EVTL

Earnings

Guidance Update

New Projects/Investments

Vertical Aerospace reported a net profit of £274,927 thousand for the nine months ended September 30, 2025, a significant improvement from a loss of (£45,660 thousand) in the prior year period. The company had £91,716 thousand in cash and cash equivalents as of September 30, 2025.
The company is on track to imminently begin piloted transition flight testing for its VX4 aircraft, with full transition flights expected before the end of Q4 2025. A new full-size aircraft design will be unveiled on December 10, 2025.
Vertical refined its 2030 operational and financial goals, targeting at least 175 aircraft deliveries by 2030, 20% gross margin, and positive net operating cash flow exceeding $100 million. The estimated further cost to certification is approximately $700 million.
As of November 4, 2025, Vertical Aerospace had approximately £89 million ($117 million) in cash and cash equivalents, projected to fund operations towards the middle of 2026. The company remains on track to meet its 2025 net operating cash outflow guidance of $110–125 million.

Nov 4, 2025, 12:00 PM

6-K

Vertical Aerospace Provides Update at Litham Partners Fall 2025 Investor Conference

EVTL

New Projects/Investments

Guidance Update

Product Launch

Vertical Aerospace (EVTL) positions itself as a "clear winner" in the eVTOL market, emphasizing its aerospace engineering expertise, a team that has certified over 30 aircraft, and the VX4's superior safety (one in a billion chance of failure), larger capacity, and powerful battery technology, including a hybrid variant.
The company has strengthened its financial position by restructuring its balance sheet, equitizing $130 million of debt, and raising $160 million in funding, providing cash until mid-next year. This is supported by an order book exceeding $6 billion from major airlines such as American Airlines, Japan Airlines, and Air Asia.
Vertical Aerospace is pursuing certification under EASA and CAA (UK) to the highest global safety standards, with the final phase of flight testing, demonstrating full transition from helicopter to aircraft flight, expected in Q4 this year. The company projects generating $100 million in free cash flow by 2030.

Sep 30, 2025, 2:15 PM

Transcript

Vertical Aerospace Updates Certification Path, Financial Outlook, and Manufacturing Plans

EVTL

Guidance Update

New Projects/Investments

Vertical Aerospace (EVTL) announced on September 17, 2025, that it requires an additional $700 million in capital to achieve certification of its all-electric VX4 aircraft by 2028.
The company projects achieving cash break-even by the end of 2029, with over $100 million in positive free cash flow in 2030, and anticipates generating approximately $1.0 billion in consolidated annual revenues by 2030 at a 20% gross profit margin.
Operational targets were revised upwards, including cumulative aircraft deliveries of at least 175 units by end 2030 and an annual production run-rate of greater than 225 units by Q4 2030.
Initial manufacturing facilities have been secured, including an expanded aircraft assembly site at Cotswold Airport with capacity for over 25 VX4 aircraft annually, and an expanded battery production facility in Avonmouth, tripling capacity.