Vertical Aerospace (EVTL) is moving closer to a major milestone as it readies for its first piloted transition flight. While larger rivals Joby Aviation (JOBY) and Archer Aviation (ACHR) dominate headlines, Vertical is quietly positioning itself as a focused challenger in the race to bring electric air taxis to market. In the company’s third-quarter earnings release, the company outlined steady progress toward certification, unveiled new details about its aircraft design, and reaffirmed its long-term financial goals.
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Vertical said it expects to begin piloted transition flight tests within days, marking a key technical step before full transition flights later this year. It also shared first images of its upcoming certification aircraft, highlighting what it calls the largest and most comfortable cabin in the eVTOL sector.
Transition Flights and Aircraft Updates
The company said it will start transition flight testing of its VX4 aircraft within days, marking a key step before full transition flights later this year. The phase will show the aircraft shifting from vertical lift to forward flight, which is a crucial test before certification. Vertical said it met all 200 safety requirements from the UK Civil Aviation Authority after months of simulation and flight tests.
At the same time, Vertical shared a first look at the design of its certification aircraft. The company claims the cabin will be the largest in its class, built for both comfort and flexibility. It features a four-seat layout, an optional six-seat setup, and space for 12 bags with a total payload of more than 1,200 pounds. The company plans to unveil its full-size aircraft at an event in London on December 10.
Financial Outlook and Path to Certification
In its latest business update, Vertical restated its goal of producing at least 175 aircraft by 2030 and reaching a run rate of 225 per year by the end of that period. The company targets a 20% gross margin by 2030 and expects to ramp up to about 40% as it scales. It also projects positive operating cash flow above $100 million by 2030.
Vertical expects to complete piloted transition flights in the fourth quarter of 2025 and begin final assembly of its third prototype around the same time. The company aims to achieve full type certification in 2028 under UK and European rules, which it said carry the highest safety standards. The cost to reach certification is estimated at $700 million, which the firm believes is lower than that of many peers.
As of the end of the third quarter, Vertical held about $117 million in cash and equivalents, enough to fund operations through mid-2026. It expects cash outflows of $145 million to $165 million for 2025, staying within earlier guidance.
Leadership and Market Position
The company added Patrick Ky, the former head of the European Union Aviation Safety Agency, to its board. His appointment is meant to strengthen oversight as Vertical moves through its certification stages. Chair Dómhnal Slattery said the new aircraft design will set new standards in size and passenger comfort. Chief Executive Stuart Simpson added that the firm continues to meet all milestones under full regulatory review while maintaining strict cost control.
Vertical’s market value stands at roughly $400 million, far below that of Joby Aviation and Archer Aviation, which are valued at about $14 billion and $7 billion, respectively. Even so, Vertical says its steady progress, efficient spending, and clear certification plan make it a company to watch as electric aircraft development accelerates.
Is EVTL Stock a Buy?
As stated above, Vertical Aerospace boasts a Strong Buy consensus rating, based on five analysts. The average EVTL stock price target stands at $11.60, implying a 172.94% upside from the current price.
