Vertical Aerospace today released its 2025 Annual Report, including FY25 financial results and an update on its flight test programme, manufacturing progress and commercial momentum. The Annual Report is available on the Company’s Investor Relations website and at www.sec.gov.
According to the company, Vertical strengthened its balance sheet in 2025, completing two public equity raises and establishing an “at the market” facility, securing over USD175 million in capital. “The Company maintained strong capital discipline, with FY25 net cash used in operations of approximately USD112 million (UKP83 million), in line with guidance,” said the financial report. “Looking ahead, Vertical expects net cash outflows of approximately USD195 million (UKP145 million) over the next 12 months, reflecting increased investment in flight testing, certification and manufacturing. As of December 31, 2025, the Company held approximately USD93 million (UKP69 million) in cash and cash equivalents. As of the date of this report, Vertical’s short-term liquidity includes cash on hand (approximately USD58 million / UKP43 million) and anticipated near-term receipts from R&D tax reliefs (approximately USD23 million / UKP17 million) and government grants & VAT (approximately USD5 million / UKP4 million).
Stuart Simpson, CEO of Vertical Aerospace, said: “We’ve made strong progress across the business – achieving key piloted flight milestones, advancing transition testing and launching Valo to the market. The response from customers and partners has been very encouraging, with renewed order activity and growing confidence in our programme. We are now firmly focused on certification and scaling production.”
Vertical launched Valo, its commercial eVTOL aircraft, in 2025. “Recent orders from JetSetGo and Heli Air Monaco support early market development in India and along the Côte d’Azur.
“Vertical completed key piloted flight phases in 2025 – hover, vertical flight (VTOL) and wingborne flight (CTOL) – including the first winged eVTOL flight in open European airspace and airport-to-airport flight at the Royal International Air Tattoo. Following 20 months of piloted flight tests, transition testing began in November 2025 under UK Civil Aviation Authority (CAA) oversight, focusing on seamless movement between vertical lift and wingborne flight. The Company is expanding the transition envelope from both ends, accelerating from hover (90 to 50 degrees tilt) and decelerating from wingborne flight (0 to 40 degrees), and recently completed a wingborne tilt profile with controlled rear propeller deployment and re-stow. A third, and final, identical full-scale prototype was completed in December to provide increased flight capacity and has begun ground testing ahead of demonstration flight tests this year.”
“Vertical recently launched its battery pilot production line at its Vertical Energy Centre (VEC), enabling production of battery packs for certification aircraft and initial commercial deliveries. VEC2, a new 30,000 sq ft facility adjacent to the existing site, is expected to open later this year and will significantly ramp-up battery build and manufacture.”
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(Image: Vertical Aerospace)
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