Persistent free cash flow deficits, frequently exceeding $20 million per quarter, underscore a heavy reliance on external financing to sustain operations in the absence of organic cash generation.
| Cash from Operations | -104.5M | -78.11M | -46.29M | -74.7M | -103.71M | -27.55M | -12.01M | -7.28M |
| Operating CF Margin % | - | - | - | - | - | -20871.21% | -13806.9% | -10404.29% |
| Operating CF Growth % | -688550.53% | -68.74% | 38.03% | 27.98% | -276.46% | -129.35% | -64.93% | - |
| Net Income | -244.82M | 227.82M | -781.24M | -59.95M | -94.38M | -245.22M | -12.33M | -7.48M |
| Depreciation & Amortization | 2.71M | 1.91M | 2.7M | 2.71M | 2.18M | 942K | 682K | 330K |
| Stock-Based Compensation | 4.13M | 0 | 7.49M | 8.82K | 23.19M | 27.28M | 96K | 0 |
| Deferred Taxes | -6.24M | 0 | 45K | -22.66M | 0 | 0 | 4K | -30K |
| Other Non-Cash Items | 119.18M | -326.78M | 735.06M | 785.18K | -1.7M | 141.76M | 807K | 66K |
| Working Capital Changes | 12.24M | 18.93M | -10.35M | 4.4M | -33.01M | 47.69M | -1.27M | -165K |
| Change in Receivables | -7.62M | 5.35M | -7.77M | 3.79M | -6.21M | -12.55M | -2.06M | -848K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 60.24M | 0 | 0 |
| Cash from Investing | 47.57K | -283.64K | 1.73M | 61.38M | -62.96M | -3.35M | -688K | -2.83M |
| Capital Expenditures | -716.43K | -283.64K | -428K | -2.26M | -2.01M | -790K | -155K | -1.53M |
| CapEx % of Revenue | - | - | - | - | - | 598.48% | 178.16% | 2181.43% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -300K | -731K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 764K | 0 | 2.16M | 63.64M | -60.95M | -2.56M | -233K | -575K |
| Cash from Financing | 119.15M | 125.01M | 18.77M | 169K | 7.25M | 244.71M | 12.51M | 10.87M |
| Debt Issued (Net) | -416K | 0 | -771K | -669K | -484K | 166.74M | 5.38M | -130K |
| Equity Issued (Net) | 120.46M | 126.03M | 15.63M | 838K | 7.73M | 67.26M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -896.73K | -1.01M | 3.91M | 0 | 0 | 10.71M | 7.13M | 11M |
| Net Change in Cash | 10.19M | 47.64M | -26.12M | -14.25M | -149.73M | 211.82M | -190K | 757K |
| Free Cash Flow | -105.06M | -78.4M | -46.72M | -76.96M | -105.72M | -28.34M | -12.4M | -9.38M |
| FCF Margin % | - | - | - | - | - | -21469.7% | -14252.87% | -13407.14% |
| FCF Growth % | -48.81% | -67.8% | 39.29% | 27.2% | -273.05% | -128.55% | -32.13% | - |
| FCF per Share | -0.74 | -0.62 | -2.30 | -4.02 | -5.89 | -2.28 | -3.25 | -0.94 |
| FCF Conversion (FCF/Net Income) | 0.43x | -0.34x | 0.06x | 1.25x | 1.10x | 0.11x | 0.97x | 0.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Certification Delays
As reported in financial statements, the extreme divergence between net income and operating cash flow, highlighted by the $395.7 million net income in 2025Q1 against a $20.6 million cash outflow, suggests that accounting adjustments are obscuring the underlying reality of the company's persistent cash consumption.
The lack of correlation between reported net income and operating cash flow indicates that earnings are heavily influenced by non-cash items or non-operating accounting entries rather than core business performance. Investors should monitor this gap closely, as it suggests that the company's reported profitability metrics are not reflective of its actual ability to generate cash from operations.
According to recent SEC filings, Vertical Aerospace continues to report consistent negative free cash flow, with quarterly outflows frequently exceeding $20 million, underscoring the company's status as a pre-revenue entity that remains entirely dependent on external capital to fund its ongoing aircraft development and testing programs.
The trajectory of free cash flow remains firmly in negative territory, reflecting the high costs of R&D and prototype development. Without a clear path to commercial revenue, this trend suggests that the company will continue to face significant liquidity pressure until it achieves regulatory certification and begins aircraft deliveries.
Based on reported figures, working capital changes have shown significant volatility, swinging from a $38.5 million inflow in 2021Q4 to a $4.2 million outflow in 2026Q1, which may indicate inconsistent timing in supplier payments or the irregular management of inventory and pre-delivery obligations.
The erratic nature of working capital movements suggests that the company's cash management is highly sensitive to the timing of specific project milestones and supplier interactions. This volatility warrants further investigation, as it may reflect underlying challenges in managing the supply chain during the critical pre-certification phase.
As indicated by the provided financial data, the cash flow statement obscures the true cost of development by relying on periodic founder-led funding, which effectively masks the lack of organic cash generation and the potential for significant future dilution as the company nears its commercialization targets.
The reliance on insider funding suggests that the company may be struggling to attract broader institutional capital, which could be a signal of market skepticism regarding the current certification timeline. Analysts should be wary of how these capital injections are used to bridge the gap between development costs and the absence of sustainable operating cash flow.
Quick answers to the most common questions about buying EVTL stock.
Vertical Aerospace Ltd. (EVTL) generated $-78.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vertical Aerospace Ltd. (EVTL) reported negative free cash flow of $78.4M in 2025, indicating capital requirements exceeded cash from operations.
Vertical Aerospace Ltd. (EVTL) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.