Why did EVTL's EPS stagnate in recent quarters?

The EPS of Vertical Aerospace (EVTL) has not been provided for the recent quarters, but we can infer from the available data that the company's focus on strategic investments and partnerships might be the key reason for the stagnation.

1. **Strategic Investments and Partnerships**: EVTL has been actively investing in its eVTOL aircraft development, with plans to be fully funded through 2025. The company has reported a net cash usage of approximately $100 million in 2024, with projections of $110-$125 million for 2025. These investments are supporting ambitious development goals, including the construction of a third prototype and the initiation of production for certification aircraft in 2025. The company is also exploring a battery-as-a-service model and expanding into defense markets, which could diversify its revenue streams.
2. **Market Challenges**: The eVTOL market is still in its early stages, and EVTL is navigating the challenges of this emerging sector with strategic moves. The company's stock has faced significant headwinds, with a year-to-date decline of over 71%. The industry's rapid development and intense competition might be contributing factors to the stagnation of EPS.

In conclusion, EVTL's EPS stagnation can be attributed to the company's strategic investments and partnerships that prioritize long-term growth over short-term profitability, as well as the inherent challenges and competitive dynamics in the eVTOL market.