0001104659-26-033487
SEC filingVertical Aerospace Ltd., a pre-revenue eVTOL developer, reported a net profit of $232.9M for FY 2025 ending December 31, 2025, a stark turnaround from a $781.2M net loss in FY 2024. This swing was driven by $330.0M net finance income, primarily from $318.0M fair value gains on financial liabilities at FVTPL (Convertible Senior Secured Notes), offsetting a $127.4M operating loss (up 108% YoY from $61.2M). No revenue was generated, with R&D expenses rising 20% to $72.0M and administrative expenses up 23% to $53.4M, reflecting intensified prototype testing and commercialization efforts. Balance sheet shows total assets of $105.2M, including $69.1M cash (up from $22.6M), but a $121.4M shareholders' deficit due to $917.6M accumulated losses. Cash burn from operations was $82.8M, funded by $127.8M financing inflows from share issuances. Forward-looking, certification targeted for 2028 amid liquidity concerns; cash runway to mid-2026 requires additional funding. Strong finance gains highlight non-operating volatility, underscoring reliance on capital raises for sustainability.
Vertical Aerospace achieved a FY 2025 net profit of $232.9M, reversing a $781.2M loss in 2024, primarily via $330.0M net finance income from fair value gains on Convertible Senior Secured Notes ($318.0M). Operating loss widened to $127.4M (108% YoY increase) amid $72.0M R&D (20% up) and $53.4M admin expenses (23% up), reflecting prototype flight tests and commercialization push. No revenue as pre-production stage persists. Cash rose to $69.1M from $22.6M, supported by $127.8M financing (share issuances). Shareholders' deficit stands at $121.4M with $105.2M assets.
No revenue reported in FY 2025 or prior years; company remains pre-revenue, focused on eVTOL certification (target 2028). Other operating income was -$1.8M (vs $43.4M in 2024 from Rolls-Royce settlement). Growth hinges on commercialization post-certification.
N/A due to zero revenue. Operating loss margin not applicable; profitability driven by non-operating finance gains ($330.0M net), offsetting ops loss. R&D/admin dominate costs at $125.4M combined (20% YoY rise).
Ops cash use $82.8M (79% worse YoY). Investing inflow $2.6M; financing $127.8M from equity raises. Ending cash $69.1M supports runway to mid-2026. Balance sheet: $105.2M assets ($99.8M current), $226.6M liabilities ($223.2M current, incl. $188.5M FVTPL notes), $121.4M deficit.
Liquidity critical; needs funding beyond mid-2026 for certification (2028 target). Piloted transition tests underway; hybrid variant eyed for defense/logistics. Risks: capital dependency, certification delays, going concern doubt noted.