Vertical Aerospace (EVTL) said in a regulatory filing on Tuesday that it faces material uncertainty about its ability to continue as a going concern.

The company said it has not yet generated revenue from its electric aircraft, relying instead on government grants and UK research and development tax relief to fund operations. As of Dec. 31, 2025, the company had 69 million British pounds ($92.3 million) in cash, but it projects net cash outflows of about 145 million pounds over the next 12 months.

"Our limited cash and cash equivalents, recurring losses from operations and dependency on raising additional capital indicate that a material uncertainty exists that may cast significant doubt regarding our ability to continue as a going concern," the company said.

Current resources are expected to last into mid-2026, after which more funding will be needed to continue operations and advance commercialization, it added.

Shares of Vertical Aerospace were down 11% in the session.

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