“Vertical remains on track to meet our 2025 net operating cash outflow guidance of USD110–125 million, supported by disciplined cost controls and industry-leading capital efficiency,” said a press statement today from Vertical Aerospace. “As of the date of this report, Vertical has approximately UKP89 million (USD117 million) of cash and cash equivalents on hand, currently projected to fund the Company’s operations towards the middle of 2026. Expected net cash outflows from operating activities for the next 12 months to be approximately UKP175 million (USD235 million), which are expected to be used primarily to fund testing of the prototype aircraft, and to further develop our certification aircraft.”
According to its latest financial report:
“Net finance income increased by UKP345,917 thousand, or 2,704% from finance costs of UKP12,792 thousand during the nine months ended September 30, 2024 to finance income of UKP333,125 thousand during the nine months ended September 30, 2025.” According to the company “Effective May 22, 2024, we reached an agreement with Rolls-Royce to terminate the contract we had previously entered into with Rolls-Royce to develop an Electric Propulsion Unit (EPU). Under the termination agreement, we received a cash amount from Rolls-Royce in an amount equal to USD34 million during the nine months ended September 30, 2024.”
In terms of the VX4 programme progress the company announced: “Vertical will begin transition flight testing phase, as soon as this week, as we continue to expand the flight test envelope of its VX4 aircraft, with full transition flights expected before the end of the year. Vertical will share an animation explaining this critical step during our Business & Strategy Update call today. To prepare for transition flight, Vertical’s engineering and test teams recently completed extensive simulation, ground, and flight testing in collaboration with the UK Civil Aviation Authority (CAA), satisfying all 200 CAA Minimum Safe Aircraft requirements.
“Vertical will also share first images of the design of our certification aircraft cabin, which we believe is the largest in the sector, designed for passenger comfort and operator flexibility.
“At our Capital Markets Day in September, the company refined our 2030 operational and financial goals: Aircraft Production and Deliveries: at least 175 aircraft targeted by 2030, reaching a run-rate of over 225 aircraft annually by Q4 2030; Margins: targeting 20% gross margin by 2030, ramping to ~40% at scale; Cash Flow: positive net operating cash flow exceeding $100 million by 2030, versus prior breakeven target.
Upcoming Milestones
- Piloted Transition Flight: the key engineering proof point and critical de-risking step for the VX4 platform; flight phase targeted for completion in Q4 2025
- New Aircraft Reveal: 10 December 2025 London launch event, where Vertical will unveil our new full-size aircraft design
- Further Supplier Announcements: additional tier-one production partners to be confirmed, complementing existing partners Honeywell and Aciturri
- Aircraft 3 Assembly: final prototype aircraft to be fully assembled in December 2025, flying eVTOL and hybrid thereafter
“With the UK/European certification process front-loaded, Vertical has a clear timeline and path to type certification in 2028, enabling the Company to forecast the further cost to certification at approximately USD700 million,” said the company. “UK/European certification is the highest safety threshold and Vertical is achieving it for a fraction of the cost to the rest of the market.”
For more information
https://investor.vertical-aerospace.com/financials/sec-filings/