Vertical Aerospace (EVTL) Reports Advancements in Flight Testing of Valo eVTOL as Earnings Filing Warns of ‘Going Concern’

(London, U.K. and New York, NY) Vertical Aerospace (NYSE: EVTL) announced earnings, including a smaller than expected full-year loss, this morning (Mar. 24) before the open, in addition to an annual filing with a “going concern” warning; Vertical’s earnings call was preceded by the company’s FY2025 Annual Report, as well as a press release from Vertical reporting advancements in piloted flight testing, manufacturing and demand of the company’s Valo electric vertical takeoff and landing (eVTOL) aircraft.

Image of Vertical Aerospace’s flight testing courtesy of Vertical Aerospace.

Per Barron’s, Vertical’s FY2025 results indicate that the company will need to raise more cash in 2026.

‘Going concern’ warnings are warranted “when there is substantial doubt the company can continue to conduct its normal business operations in the foreseeable future without having to liquidate a portion of its assets and/or restructure its obligations,” explained accounting expert Robert Willens in today’s Barron’s article.

Vertical reported that it used about $112 million in operations in 2025 and expects to utilize about $195 million in the next 12 months; as of December 31, 2025, the company held approximately $93 million of cash and cash equivalents.

Vertical’s reported $127 million operating loss in 2025, with no sales, compares to Wall Street’s expected $147 million loss – per FactSet – according to Barron’s.

Finances permitting, Vertical Aerospace anticipates completing certification of its Valo evTOL by 2028, about one to two years after the expected completion dates anticipated by peers Archer Aviation(NYSE: ACHR) and Joby Aviation (NYSE: JOBY).

** Not investment advice; neither The FLY Report nor FLYJETS – nor any associated individual – is a registered investment adviser.