The company has failed to generate meaningful commercial revenue, with operating expenses of $44.9 million in 2025Q4 significantly outpacing gross profit and highlighting a lack of operational scale.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 132K | 87K | 70K |
| Revenue Growth % | - | - | - | - | -100% | 51.72% | 24.29% | - |
| Cost of Goods Sold | 11.01M | 1.91M | 3.45M | 3.37M | 2.69M | 64K | 44K | 66K |
| COGS % of Revenue | - | - | - | - | - | 48.48% | 50.57% | 94.29% |
| Gross Profit | -11.01M | -1.91M | -3.45M | -3.37M | -2.69M | 68K | 43K | 4K |
| Gross Margin % | - | - | - | - | - | 51.52% | 49.43% | 5.71% |
| Gross Profit Growth % | - | 44.61% | -2.38% | -25.46% | -4054.38% | 58.14% | 975% | - |
| Operating Expenses | 137.27M | 124.53M | 130.18M | 128.73M | 123.62M | 277.31M | 11.56M | 7.45M |
| OpEx % of Revenue | - | - | - | - | - | 210081.06% | 13285.06% | 10645.71% |
| Selling, General & Admin | 61.21M | 53.63M | 44.69M | 40.9M | 54.89M | 264.37M | 3.9M | 2.7M |
| SG&A % of Revenue | - | - | - | - | - | 200278.79% | 4487.36% | 3854.29% |
| Research & Development | 78.45M | 74M | 59.89M | 65.37M | 49.13M | 24.29M | 9.97M | 5.15M |
| R&D % of Revenue | - | - | - | - | - | 18402.27% | 11460.92% | 7361.43% |
| Other Operating Expenses | -1000K | -3.09M | 25.6M | 22.46M | 19.61M | -11.35M | -2.32M | -399K |
| Operating Income | -148.27M | -126.45M | -61.17M | -101.95M | -98.11M | -277.24M | -11.52M | -7.45M |
| Operating Margin % | - | - | - | - | - | -210029.55% | -13235.63% | -10640% |
| Operating Income Growth % | - | -106.72% | 40% | -3.92% | 64.61% | -2307.63% | -54.61% | - |
| EBITDA | -145.73M | -124.53M | -60.08M | -99.23M | -95.92M | -276.3M | -10.83M | -7.12M |
| EBITDA Margin % | - | - | - | - | - | -209315.91% | -12451.72% | -10168.57% |
| EBITDA Growth % | -7.03% | -107.28% | 39.46% | -3.45% | 65.28% | -2450.51% | -52.19% | - |
| D&A (Non-Cash Add-back) | 2.54M | 1.91M | 1.09M | 2.71M | 2.18M | 942K | 682K | 330K |
| EBIT | -392.26M | -126.45M | -61.17M | -66.25M | -79.33M | -244.65M | -11.54M | -7.47M |
| Net Interest Income | -5.8M | 2.65M | -702.89M | -13M | -14.42M | -575K | -1.01M | -51K |
| Interest Income | 3.4M | 2.84M | 2.16M | 3.36M | 623K | 0 | 0 | 46K |
| Interest Expense | 9.2M | 187.79K | 705.05M | 16.36M | 15.04M | 575K | 1.01M | 46K |
| Other Income/Expense | -108.52M | 317.21M | -720.03M | 19.34M | 3.73M | 32.02M | -807K | -66K |
| Pretax Income | -256.8M | 190.76M | -781.2M | -82.61M | -94.38M | -245.22M | -12.32M | -7.51M |
| Pretax Margin % | - | - | - | - | - | -185775.76% | -14163.22% | -10734.29% |
| Income Tax | -11.98M | -37.06M | 45K | -22.66M | -5.54M | -3.28M | 4K | -30K |
| Effective Tax Rate % | 4.66% | -19.43% | -0.01% | 27.43% | 5.87% | 1.34% | -0.03% | 0.4% |
| Net Income | -244.82M | 227.82M | -781.24M | -59.95M | -94.38M | -245.22M | -12.33M | -7.48M |
| Net Margin % | - | - | - | - | - | -185775.76% | -14167.82% | -10691.43% |
| Net Income Growth % | 92.86% | 129.16% | -1203.24% | 36.48% | 61.51% | -1889.49% | -64.7% | - |
| Net Income (Continuing) | -244.82M | 227.82M | -781.24M | -59.95M | -94.38M | -245.22M | -12.33M | -7.48M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.72 | -0.56 | -38.46 | -3.13 | -5.26 | -19.80 | -4.14 | -0.75 |
| EPS Growth % | 96.38% | 98.54% | -1128.75% | 40.49% | 73.43% | -378.26% | -452% | - |
| EPS (Basic) | - | 2.57 | -38.46 | -3.13 | -5.26 | -19.80 | -4.14 | -0.75 |
| Diluted Shares Outstanding | 142.5M | 127.18M | 20.32M | 19.13M | 17.95M | 12.41M | 3.82M | 9.99M |
| Basic Shares Outstanding | 100.7M | 88.66M | 20.32M | 19.13M | 17.95M | 12.41M | 3.82M | 9.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and Certification Delays
As indicated by the provided financial data, Vertical Aerospace has failed to generate meaningful commercial revenue over the last ten quarters, with the most recent periods showing zero top-line activity, underscoring the company's status as a pre-revenue entity awaiting critical regulatory certification for its VX4 aircraft.
The absence of revenue growth highlights the company's total dependence on future certification milestones rather than current market adoption. Investors should monitor the conversion of non-binding pre-orders into firm contracts, as the current trajectory suggests a prolonged period of zero commercial output.
Based on reported income statements, the company's cost structure is dominated by heavy R&D spending, which reached $27.4 million in 2025Q4, reflecting the capital-intensive nature of developing and testing prototype aircraft in a highly regulated aerospace environment without any offsetting commercial revenue streams.
The reliance on R&D as the primary expense line item confirms the company's focus on technical validation over operational efficiency. This cost structure appears unsustainable without consistent external capital injections, as the lack of gross profit leaves no buffer to absorb these ongoing development expenditures.
According to the latest quarterly filings, the company continues to report significant operating losses, with 2025Q4 operating expenses of $44.9 million far exceeding gross profit, demonstrating that the firm has yet to achieve the scale necessary to leverage its fixed cost base effectively.
The persistent gap between operating expenses and the lack of revenue suggests that the company is currently unable to achieve economies of scale. Until the VX4 reaches serial production, operating leverage will likely remain negative, placing continued pressure on the company's limited cash reserves.
As reported in financial statements, the company's net income has exhibited extreme volatility, including a $395.7 million gain in 2025Q1 followed by a $289.5 million loss in 2025Q2, which suggests that non-operating items and accounting adjustments are significantly distorting the underlying operational performance of the business.
The erratic nature of net income figures warrants caution, as these fluctuations appear disconnected from the company's actual cash-burning operational reality. Analysts should focus on cash flow metrics rather than net income to assess the true liquidity runway and the impact of potential future dilution.
Based on the provided financial data, the company's reliance on periodic, founder-led funding rounds, such as the recent $50 million commitment, highlights a precarious liquidity position that may force further dilutive financing if certification timelines slip beyond the currently projected 2025/2026 windows.
Short-sellers would likely focus on the company's narrow cash runway and the high probability of future equity dilution. The lack of institutional capital participation at this stage suggests that the market remains skeptical of the company's ability to reach commercialization before exhausting its available liquidity.
Quick answers to the most common questions about buying EVTL stock.
For fiscal year 2025, Vertical Aerospace Ltd. (EVTL) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 2019.
Vertical Aerospace Ltd. (EVTL) is profitable, generating $227.8M in net income for the fiscal year ending 2025.