Vertical Aerospace has announced its FY25 financial results, stating the ability to continue operating as a “going concern” due to challenging financials. As of December 2025, Vertical had 454 employees, up from 359 in 2024. The company is currently based in the UK.
Vertical is the developer of the Valo eVTOL. The aim is that the aircraft will be able to fly for 100 miles at speeds of 150mph and accommodate between four to six passengers. Currently, the design is envisioning four titling frontal propellers for propulsion with a 200Wh/kg battery. However, Vertical is also designing a hybrid-electric Valo aircraft, which was announced in May 2025. The hybrid-electric variant would have a higher payload and range capability of up to 1,100 kilograms and 1,000+ miles.
The key financials are as follows:
- Research and development expenses: GBM 71 million in 2025, up 20% from GBP 59 million in 2024.
- Net finance income/(costs): GBP 330 million in 2025, up down from GBP 720 million in 2024.
- Operating loss: GBP 127 million in 2025, up from GBP 61 million in 2024.
- Cash and cash equivalents as of 31/12/25: GBP 69 million
- Total comprehensive income/(loss) for the year: 240 million, down from 756 million in 2024.
While Vertical Aerospace is, like most eVTOL developers, a pre-revenue company, the organisation is currently expressing concerns about a lack of funding, and the knock-on effect this might have.
The financial report read: “Significant doubt (or substantial doubt as contemplated by PCAOB standards) about our ability to continue as a going concern may materially and adversely affect the price per share of our ordinary shares, and it may be more difficult for us to obtain financing. If potential collaborators decline to do business with us or potential investors decline to participate in any future financings due to such concerns, our ability to increase our cash position may be limited. The perception that we may not be able to continue as a going concern may cause others to choose not to deal with us due to concerns about our ability to meet our contractual obligations.”
Indeed, following the earnings call, Vertical share prices reached a record low in March 2025.
In terms of progress for the year, Vertical did hit some milestones, having launched Valo in 2025 and completing piloted test phases throughout the year with its demonstrator aircraft (hover, vertical flight, and wingborne flight). Additionally, Vertical launched a battery pilot production line to produce battery packs for certification aircraft.
“We’ve made strong progress across the business – achieving key piloted flight milestones, advancing transition testing and launching Valo to the market,” said Stuart Simpson, CEO of Vertical Aerospace. “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.”
Photo: Vertical Aerospace
