Vertical Aerospace Ltd.

Vertical did not report revenue, EPS or gross margin on this business update call. It said first-half 2026 net cash used in operating activities was $112 million, and it expects net cash outflows from operations of approximately $150 million over the next 12 months. As of August 13, 2026, cash and cash equivalents were approximately $134 million, rising to an expected $148 million after financing commitments. The financing package includes $35 million from an underwritten offering, $40 million accelerated from Mudrick Capital under an existing convertible note facility, and $25 million drawn under Yorkville preferred equity. Management said the package is expected to extend runway through toward the end of Q3 2027, with around $700 million of potential remaining capacity under Yorkville facilities. The company reiterated a 2029 type-certification target, said Critical Design Review is expected by the end of 2026, and guided to opening the aircraft assembly facility in Q3 2026 and the expanded Vertical Energy Center in Q4 2026, which should triple battery production over time.

Stuart Simpson framed the first half as one of the most important periods in the company’s history, pointing to the move from technical proof to repeatable public operations. His tone was confident and execution-focused: he repeatedly emphasized that the company is delivering on its Flight Path 2030 commitments, has spent less than originally planned, and is building not just an aircraft but the broader certification, manufacturing and commercial ecosystem. He also stressed that government support, industrial partnerships and financing are being lined up in parallel to support scale-up.

No separate CFO spoke; Stuart Simpson covered the financial update. He said the company had approximately $134 million of cash and cash equivalents as of August 13, 2026, and expects $148 million once financing commitments are received. He detailed the gross proceeds mix as $35 million equity, $40 million accelerated Mudrick note funding and $25 million Yorkville preferred equity, and said the package should extend runway toward the end of Q3 2027. He also said first-half operating cash use was $112 million and that over the next 12 months net cash outflows from operations should be about $150 million, driven by CDR, manufacturing readiness, batteries and hybrid development. Management said the expanded Vertical Energy Center should triple battery production over time and that the company still has about $700 million of potential capacity under Yorkville preferred equity and equity line facilities.

Analysts asked why the stock price seems disconnected from technical progress and whether strategic partners could help close the gap; management said execution, existing strategic partners like Honeywell and American Airlines, and a future accretive partner could drive rerating. Questions on orders led management to say the order book has been closed for some time, conversations are ongoing, and customer announcements are more likely after CDR, toward the end of 2026 and into early 2027. On the 2029 certification shift, Stuart said the delay mainly reflects a later-than-planned transition milestone that kept engineering focused on the prototype program, and that CAA and EASA are aligned. Analysts also pressed on hybrid and defense; management said hybrid is a close follower to the electric program, could be pulled forward if customers or governments demand it, and that Near Earth Autonomy could enable faster autonomy integration because it fits the existing Anthem avionics architecture.