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- **Piloted Transition Milestone**: Completed under U.K. CAA, first in industry for aircraft size. 
- **Cost-Effective Certification**: $700M total, 75% below peers, $550M opex. 
- **Hybrid Powertrain**: Flight testing mid-2026, unique airframe compatibility. 
- **Manufacturing Strategy**: UK-based with US/Asia expansion. 
- **Defense Opportunity**: Low noise/thermal, strategic discussions. 
- **Financial Health**: $117M cash, $255M 2026 spend forecast.

**【CEO Summary Section】**
- Completed piloted transition flight test under U.K. CAA oversight, first in the industry for aircraft size. 
- 2028 certification timeline with 75% of components locked in for certification aircraft. 
- VX4 cabin space 70% larger than competitors, 6-passenger capacity allows 50% revenue increase. 

**【CFO Financial Commentary】**
- Total certification cost guidance: $700M ($550M opex, $225M non-recurring). 
- 2025 spend in line with $110-125M annual guidance, $117M cash position. 
- 2026 spend forecast to be updated at year-end, $255M projected. 

**【Q&A Key Highlights】**
- Hybrid powertrain flight testing to begin mid-2026, airframe compatible with gas turbine without modification. 
- Strategic partnership discussions with global aerospace/defense players to turbocharge production. 
- Defense market opportunity: low noise/thermal signature, nondilutive funding potential. 
- Manufacturing expansion plans include U.K. battery giga factory and global production hubs. 
- Order book closed for 2025, reopening selectively in 2026 for high-value geographies.

Vertical Aerospace Ltd. (EVTL) Q3 2025 Earnings Call Transcript

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