Vertical Aerospace (NYSE: EVTL) reported progress in its electric aircraft development program, including completion of piloted flight phases and expansion of manufacturing capabilities for its Valo aircraft.

The company completed hover, vertical flight and wingborne flight testing in 2025, including what it described as the first winged electric vertical takeoff and landing aircraft flight in open European airspace. Transition testing began in November 2025 under UK Civil Aviation Authority oversight, focusing on movement between vertical lift and wingborne flight modes.

Vertical launched its battery pilot production line at its Vertical Energy Centre, enabling production of battery packs for certification aircraft and initial commercial deliveries. The company plans to open VEC2, a 30,000 square foot facility, later this year to increase battery manufacturing capacity.

The company signed a letter of intent to expand its presence at Cotswold Airport to approximately 130,000 square feet, targeting production capacity of more than 25 Valo aircraft annually. Valo is designed for four to six passengers with applications in emergency medical services, cargo and defense.

Vertical reported securing over $175 million in capital during 2025 through two public equity raises and establishing an "at the market" facility. The company used approximately $112 million in net cash for operations in fiscal year 2025.

As of December 31, 2025, Vertical held approximately $93 million in cash and cash equivalents. The company expects net cash outflows of approximately $195 million over the next 12 months for flight testing, certification and manufacturing investments.

Recent orders from JetSetGo and Heli Air Monaco support market development in India and along the Côte d'Azur. The company reported approximately 1,500 pre-orders for Valo from customers across four continents.