Vertical Aerospace provides first quarter update, achieves key execution milestones and advances toward certification

Vertical Aerospace, a global aerospace and technology company that is pioneering electric aviation, today will provide a Business & Strategy Update for the first quarter of 2026, highlighting continued progress across flight testing, certification, and financing.

The Company’s Q1 2026 financial results filing is available on its investor relations website.

Stuart Simpson, CEO at Vertical, said: “This quarter represents a clear inflection point for Vertical. The successful completion of two-way piloted transition flight demonstrates our aircraft’s performance in real-world conditions and validates the core architecture required for certification. With this milestone achieved, our focus now shifts to executing Critical Design Review and advancing toward certification. Combined with our recent financing, we believe we are well positioned to deliver against our roadmap and progress Valo toward commercialization.”

Recent Highlights

Completion of Two-way Piloted Transition

- Successfully completed the fourth and final phase of the prototype aircraft piloted flight test campaign under the direct oversight of the UK Civil Aviation Authority (CAA), validating core technology and supporting the certification pathway.

- 2026 milestones to date include completion of both thrustborne transition flight and two-way piloted transition flight, a critical technical validator achieved by a limited number of global peers.

- Completion of the piloted flight test campaign marks the transition from technology demonstration into certification-focused development.

- The Company plans a series of upcoming public flight demonstrations

Advancing Toward Critical Design Review

- Progressing towards the Critical Design Review (CDR), which establishes the certifiable design baseline and enables the build and test of certification-conforming aircraft.

- Represents a key gating milestone ahead of full-scale certification testing, locking aircraft design elements, key supply chain configuration, and the certification partner ecosystem.

- Significant progress achieved across all major workstreams, including supplier alignment and validation of key structural and system elements.

- After CDR is achieved, preparation for assembly of the first pre-production aircraft begins, supporting continued progression toward certification.

Financial Outlook & Clear Path to Certification

- Strengthened balance sheet with a financing package of up to $850 million, providing access to a flexible suite of capital.

- Financing package is aligned to support key technical and operational milestones and progress towards certification.

- Ended the quarter with approximately $96 million (£73 million) of cash and cash equivalents.

- Short-term liquidity includes cash of approximately $103 million (£76 million) and anticipated near-term receipts from R&D tax reliefs (approximately $23 million / £17 million) and government grants & VAT (approximately $7 million / £6 million).

- Expected net cash outflows of between approximately $180 million and $200 million (£135 million to £145 million) over the next 12 months, reflecting continued investment in public flight demonstrations and key certification activities.

- Short-term liquidity, together with anticipated draws under available facilities, expected to provide at least 12 months runway.

Positioned for Next Phase

With the completion of transition flight and continued progress toward CDR, Vertical is entering a phase defined by disciplined execution against its certification roadmap.

The Company’s third prototype aircraft is expected to commence flight testing shortly, supporting further validation and certification activities.

Joining the Q1 Webcast

Vertical will host a webcast today to discuss the first quarter’s results. The call will be hosted by Vertical Chair, Dómhnal Slattery and Stuart Simpson, Vertical’s CEO. They will be joined by Simon Davies, Vertical’s Chief Test Pilot, and David King, Vertical’s Chief Engineer.

Annual Report

Vertical filed its 2025 Annual Report, including FY25 financial results on March 24, 2026. A copy of the Annual Report is available on the Company’s Investor Relations website. Vertical will provide a hard copy of the Annual Report containing its audited consolidated financial statements, free of charge, to its shareholders upon request.