# EDGAR Filing Document

**Accession Number:** 0001867102
**File Stem:** 0001104659-25-105897
**Filing Date:** 2025-11
**Character Count:** 175232
**Document Hash:** 2dfbaba3072e5f3009c1b013b9e658ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-105897.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-105897

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251104

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vertical Aerospace Ltd.
- **CENTRAL INDEX KEY:** 0001867102
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41169
- **FILM NUMBER:** 251446362

**BUSINESS ADDRESS:**
- **STREET 1:** UNIT 1 CAMWAL COURT
- **STREET 2:** CHAPEL STREET
- **CITY:** BRISTOL
- **STATE:** X0
- **ZIP:** BS2 0UW
- **BUSINESS PHONE:** 44 7799310595

**MAIL ADDRESS:**
- **STREET 1:** UNIT 1 CAMWAL COURT
- **STREET 2:** CHAPEL STREET
- **CITY:** BRISTOL
- **STATE:** X0
- **ZIP:** BS2 0UW

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM 6-K**

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**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO SECTION 13A-16 OR 15D-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number:** **001-41169**

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**Vertical Aerospace Ltd.**

**(Exact Name of Registrant as Specified in Its Charter)**

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**Unit 1 Camwal Court, Chapel Street**

**Bristol BS2 0UW**

**United Kingdom**

**(Address of principal executive office)**

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ¨

**INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K**

On November 4, 2025, Vertical Aerospace Ltd. (the "Company") issued a press release announcing its third quarter updates and the filing of its financial results for the three months and nine months ended September 30, 2025, a copy of which is furnished as Exhibit 99.1 hereto.

The Company's operating and financial review and prospects with respect to the nine months ended September 30, 2025 and unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2025 and related notes thereto are attached as Exhibits 99.2 and 99.3, respectively, to this Report on Form 6-K.

The Company's unaudited consolidated capitalization as at September 30, 2025 is set forth in Exhibit 99.4 of this Report.

**INCORPORATION BY REFERENCE**

Exhibits 99.2, 99.3 and 99.4 to this Report on Form 6-K are hereby incorporated by reference into the Company's Registration Statements on Form F-3 (File No. 333-270756, File No. 333-284763 and File No. 333-287207) (including any prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this Report on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit <br> No. | Description |
| [99.1](tm2529753d1_ex99-1.htm) | [Press release of Vertical Aerospace Ltd. dated November 4, 2025](tm2529753d1_ex99-1.htm) |
| [99.2](tm2529753d1_ex99-2.htm) | [Operating and financial review and prospects with respect to the nine months ended September 30, 2025](tm2529753d1_ex99-2.htm) |
| [99.3](tm2529753d1_ex99-3.htm) | [Unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2025](tm2529753d1_ex99-3.htm) |
| [99.4](tm2529753d1_ex99-4.htm) | [Capitalization & Indebtedness as at September 30, 2025](tm2529753d1_ex99-4.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Vertical Aerospace Ltd.** | **Vertical Aerospace Ltd.** |
| Date: November 4, 2025 | By: | /s/ Stuart Simpson |
|  |  | Stuart Simpson |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Vertical Aerospace Provides Third Quarter Update** **, Demonstrating Momentum on Transition Flight Testing, Business Plan Updates and Best-in-Class Aircraft**

&nbsp;&nbsp;&nbsp;&nbsp;· Vertical will imminently enter piloted transition flight test phase

&nbsp;&nbsp;&nbsp;&nbsp;· First look at new certification aircraft's leading cabin size and comfort

&nbsp;&nbsp;&nbsp;&nbsp;· Board strengthened with appointment of former EASA Director General, Patrick Ky to the Company's Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;· Q3 2025 Business & Strategy Update call today at 08:30
am ET (13:30 GMT)

**London, UK & New York, USA, November 4, 2025** - Vertical Aerospace (NYSE: EVTL) ("Vertical," "we," "our" or the "Company"), a global aerospace and technology company that is pioneering electric aviation, will today provide its Business & Strategy Update for the third quarter of 2025. The filing of our Q3 2025 financial results is accessible on the Company's investor relations <u>website</u>.

**Transition Flight: The Defining Capability of the VX4**

Vertical will begin transition flight testing phase, as soon as this week, as we continue to expand the flight test envelope of its VX4 aircraft, with full transition flights expected before the end of the year. Vertical will share an <u>animation</u> explaining this critical step during our Business & Strategy Update call today. To prepare for transition flight, Vertical's engineering and test teams recently completed extensive simulation, ground, and flight testing in collaboration with the UK Civil Aviation Authority (CAA), satisfying all 200 CAA Minimum Safe Aircraft requirements.

**V** **ertical reveals first images of certification aircraft**

Vertical will also share first images of the design of our certification aircraft cabin, which we believe is the largest in the sector, designed for passenger comfort and operator flexibility. The images show key features including:

&nbsp;&nbsp;&nbsp;&nbsp;· A luxurious four-seat cabin; a unique six-seat configuration; and an observer seat next to the pilot in the cockpit

&nbsp;&nbsp;&nbsp;&nbsp;· A generous cargo hold for up to six cabin bags and six check-in bags, with a total payload of 550kg / 1,200+
lbs at entry-into-service

&nbsp;&nbsp;&nbsp;&nbsp;· A divider between cockpit and passenger cabin, for safety and privacy

**Business Plan Progress and Updated Operational Outlook**

At our Capital Markets Day in September, the company refined our 2030 operational and financial goals:

&nbsp;&nbsp;&nbsp;&nbsp;· Aircraft Production and Deliveries: at least 175 aircraft targeted by 2030, reaching a run-rate of over 225 aircraft annually by Q4
2030

&nbsp;&nbsp;&nbsp;&nbsp;· Margins: targeting 20% gross margin by 2030, ramping to ~40% at scale

&nbsp;&nbsp;&nbsp;&nbsp;· Cash Flow: positive net operating cash flow exceeding $100 million by 2030, versus prior breakeven target.

**Upcoming Milestones**

&nbsp;&nbsp;&nbsp;&nbsp;· Piloted Transition Flight: the key engineering proof point and critical de-risking step for the VX4 platform; flight phase targeted
for completion in Q4 2025

&nbsp;&nbsp;&nbsp;&nbsp;· New Aircraft Reveal: 10 December 2025 London launch event, where Vertical will unveil our new full-size aircraft design

&nbsp;&nbsp;&nbsp;&nbsp;· Further Supplier Announcements: additional tier-one production partners to be confirmed, complementing existing partners Honeywell
and Aciturri

&nbsp;&nbsp;&nbsp;&nbsp;· Aircraft 3 Assembly: final prototype aircraft to be fully assembled in December 2025, flying eVTOL and hybrid thereafter

**Clear Path to Certification and** **Financial Outlook**

With the UK/European certification process front-loaded, Vertical has a clear timeline and path to type certification in 2028, enabling the Company to forecast the further cost to certification at approximately $700 million. UK/European certification is the highest safety threshold and Vertical is achieving it for a fraction of the cost to the rest of the market.

&nbsp;&nbsp;&nbsp;&nbsp;· Vertical remains on track to meet our 2025 net operating cash outflow guidance of $110–125 million, supported by disciplined
cost controls and industry-leading capital efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;· As of the date of this report, Vertical has approximately £89 million ($117 million) of cash and cash equivalents on hand, currently
projected to fund the Company's operations towards the middle of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· Expected net cash outflows from operating activities for the next 12 months to be approximately £175
million ($235 million), which are expected to be used primarily to fund testing of the prototype aircraft, and to further develop
our certification aircraft .

**Dómhnal Slattery, Chair of Vertical's Board**, said: *"Vertical's new aircraft design is a clear statement of intent - setting new benchmarks for scale, safety, and passenger experience. With the largest cabin in its class, designed for comfort, flexibility, and operator efficiency, it redefines what customers can expect from advanced electric aircraft. The team has executed with discipline and purpose, combining capital efficiency with technical excellence. As we prepare for our global reveal in December, Vertical stands out as the company that will bring certified, commercially viable eVTOL flight to market with the most capable platform in the industry."*

**Stuart Simpson, CEO of Vertical Aerospace**, said: *"Over 2025, Vertical has shown that when we set targets, we deliver. Whilst maintaining our industry-leading capital efficiency, we are not only demonstrating all piloted flight phases, but we are the only eVTOL OEM that has done so under stringent regulatory scrutiny – as mandated by the UK/European Permit to Fly regime. I am proud to lead Vertical, which has both the best-in-class eVTOL on the market and the sector's clearest path to profitability."*

**Joining the Q3 Webcast**

Vertical will host a webcast at 08:30 am ET (13:30 GMT) today to discuss the first quarter's results. The call will be hosted by Vertical Chair, Dómhnal Slattery and Stuart Simpson, Vertical's CEO. To access the webcast, visit Vertical's <u>Investor Relations website</u>. A replay of the webcast will be available on the company website following the event.

**About Vertical Aerospace**

Vertical Aerospace is a global aerospace and technology company pioneering electric aviation. Vertical is creating a safer, cleaner, and quieter way to travel. Its VX4 is a piloted, four-passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical is also developing a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market.

Vertical combines partnerships with leading aerospace companies, including GKN, Honeywell, and Aciturri, with its own proprietary battery and propeller technology to develop the world's most advanced and safest eVTOL.

Vertical has c.1,500 pre-orders of the VX4, with customers across four continents, including American Airlines, Avolon, Japan Airlines, GOL, and Bristow. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, UK, Vertical's experienced leadership team comes from top-tier aerospace and automotive companies such as Rolls-Royce, Airbus, GM, and Leonardo. Together, they have previously certified and supported over 30 different civil and military aircraft and propulsion systems.

**For more information:** 

&nbsp;&nbsp;&nbsp;&nbsp;· Justin Bates, Head of Communications justin.bates@vertical-aerospace.com +44 7878 357 463

&nbsp;&nbsp;&nbsp;&nbsp;· Samuel Emden, Head of Investor Affairs samuel.emden@vertical-aerospace.com +447816 459 904

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position as well as our expected financial performance and operational performance, liquidity, growth and profitability strategies, the design and manufacture of the VX4, the features and capabilities of the VX4 and the hybrid-electric VX4 variant, the business strategy and plans and objectives of management for future operations, including certification and the commercialization of the VX4 and the hybrid-electric VX4 variant and the timing thereof; capital expenditure requirements, which may be higher than anticipated; our ability and plans to raise additional capital to fund our operations; the assumptions underlying the Company's Flightpath 2030 goals; the differential strategy compared to our peer group; expectations surrounding pre-orders and commitments; our plans for capital expenditures, as well as statements that include the words goals," "targets," "objectives," "plan," "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate," "will," "aim," "potential," "continue," "are likely to" and similar statements of a future or forward-looking nature. These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: we may not be able to raise funding through equity securities on acceptable terms, or at all; if we are unable to raise additional capital when we need or want them or generate sufficient cash flows, we may not be able to compete successfully or may need to scale back investments, which could materially impact our certification timeline, which would harm our business, results of operations, and financial condition; our limited operating history without manufactured non-prototype aircraft or completed eVTOL aircraft customer order; certain underlying agreements relating to the initial production facilities are non-binding and may be subject to change or termination. The goal targets, expectations and estimates included in this report were prepared by the Company's management team based on information available at the time such information was developed and reflects numerous assumptions, including those related to general business, economic, market, and financial conditions, as well as other factors that are difficult to predict and many of which are beyond the Company's control. The Company believes the assumptions underlying such goals, targets, expectations and estimates were reasonable at the time such information was prepared. However, important factors that may affect actual results and cause the results reflected in such goals, targets, expectations and estimates not to be achieved including, among other things, risks and uncertainties relating to the Company's business, industry performance, the regulatory environment, and general business and economic conditions, as discussed under the caption "Risk Factors" in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") on March 11, 2025, as such factors may be updated from time to time in the Company's other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

## Exhibit 99.2

**Exhibit 99.2**

**Operating and Financial Review and Prospects**

*The following discussion and analysis of the financial condition and results of operations of Vertical Aerospace Ltd. ("our", "we" or the "Company") should be read in conjunction with our unaudited condensed consolidated interim financial statements and the related notes included elsewhere in this filing, as well as our audited consolidated financial statements and the related notes included in our Annual Report on Form 20-F for the year ended December 31, 2024 (the "Annual Report"). Unless otherwise specified below, definitions of the defined terms used below are included in the Annual Report.*

*The following discussion is based on our financial information prepared in accordance with International Financial Reporting Standards, ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the "Forward-Looking Statements" section of this filing and in the "Risk Factors" section of our Annual Report. Our actual results could differ materially from those contained in any forward-looking statements.*

**Overview**

Our vision is to transform how the world moves. We are a global aerospace and technology company that is pioneering electric aviation, focused on designing, manufacturing and selling a zero operating emission electric vertical takeoff and landing ("eVTOL") aircraft for use in the advanced air mobility ("AAM") market, using cutting edge technology from the aerospace, automotive and energy industries.

Founded in 2016, we come from a deep aerospace and automotive mindset, and we designed, built and flew two sub-scale prototype eVTOL aircraft in 2018 and 2019. We are currently developing, and are progressing towards the certification of, our flagship eVTOL, the VX4. Our first full-scale VX4 prototype successfully concluded its remote thrustborne flight test campaign in August 2023.

Our second, more advanced, full-scale VX4 prototype commenced flight tests in July 2024, achieving the milestone of piloted thrustborne flight maneuvers in January 2025 and commenced wingborne flight in May 2025. The assembly of our third full-scale VX4 prototype, identical to the second, is underway and is expected to begin testing by the end of 2025. Both our second, and soon to be third, prototypes include much of our strategic partners' technology that we plan to incorporate into our final certification aircraft. In addition to the three VX4 prototypes, we also expect to have five flying and two static aircraft, for certification purposes only, built prior to the end of 2027.

We are targeting the VX4 to be capable of transporting a pilot and up to six passengers, traveling distances of up to 100 miles, and achieving cruise speeds of 150 mph, while producing minimal noise and zero operating emissions. The VX4 aircraft is being designed around existing certifiable technology, as well as certain novel technology such as the batteries and propellers which we are designing and developing in-house. Collectively, our experienced team has previously certified and supported the development of over 30 aircraft and propulsion systems around the world. We are currently one of the only eVTOL designers and original equipment manufacturers ("OEMs") actively pursuing certification from the United Kingdom's Civil Aviation Authority (the "CAA") and the European Union Aviation Safety Agency ("EASA") with a winged vehicle. We aim to have our aircraft certified to safety targets the same as those to which large commercial airliners are subject, based on standards that are 100 times safer than those applicable to small single engine helicopters. EASA and the CAA have also agreed how they will collaborate on the certification of Vertical's VX4, under the technical implementation procedures agreed as part of the UK's withdrawal from the European Union. While both regulators have been working closely already, this sets the foundations for their certification experts to apply common standards and work together towards concurrent certification and validation of the VX4 by both authorities. In 2023, the CAA announced its intention to adopt EASA's Means of Compliance to SC-VTOL, the standards against which European and UK manufacturers design eVTOLs. In 2025, the CAA announced its eVTOL Delivery Model which sets out a regulatory framework to facilitate commercial eVTOL flights in the UK by the end of 2028. By achieving certification of our VX4 eVTOL aircraft from the CAA and EASA, we expect to leverage the work done with our home regulator to have the certification validated by other regulators where we intend to operate, including the United States Federal Aviation Administration (the "FAA"), Brazil's National Civil Aviation Agency ("ANAC") and Japan Civil Aviation Bureau ("JCAB").

In March 2023, the CAA issued us with an eVTOL Design Organisation Approval ("DOA"), the scope of which was expanded in July 2024, enabling our engineers to sign-off compliance of an expanding range of technical areas, including additional aspects of flight control, avionics and electrical systems. By enhancing our capacity to carry out certification activities, we expect to streamline the overall certification process. UK and European aerospace companies cannot hold a type certificate, necessary for entry into service, without being granted a DOA. The DOA authorizes us to conduct design activities and issue design approvals within the DOA's scope of approval.

In May 2025, we announced a complementary hybrid-electric aircraft. This aircraft is intended to extend the payload and range capability of the pure-eVTOL platform to carry up to 1,100 kilograms and travel 1,000+ miles, enabling new potential applications in defense, logistics and commercial sectors including air ambulance services, which require longer range and higher payload than current eVTOL platforms can deliver. This hybrid aircraft maintains the same airframe as the eVTOL.

In November 2024, we launched Flightpath 2030, our strategy for market leadership before the end of the decade through embedding a pioneering culture, redefining aerospace best practice, intelligent partnering and being safety obsessed. In September 2025, reflecting our subsequent progress and learnings, we announced a number of revised or new operational targets and financial projections. We believe we are currently on track to meet our communicated targets toward Flightpath 2030, as recently updated.

We are developing a sophisticated eVTOL ecosystem that allows us to focus on providing a high-quality experience. Our in-house expertise, together with our industry-leading partners, cover design, certification, assembly and manufacture, pilot experience, end-user experience and base platform performance. We aim to be one of the leading eVTOL aircraft OEMs, selling globally certified eVTOL aircraft to a variety of customers, including commercial airlines, aircraft leasing companies, business aviation, tourism groups, mobility platforms and existing helicopter operators as well as new operators in the AAM market, providing both OEM sales and aftermarket services to our customers. We also believe there is a potential market to provide OEM sales to a variety of industries beyond traditional airline and helicopter customers, such as tourism, where there is an opportunity to replace existing transportation options like minibuses, and the cargo and logistics industry, where there is potential to partner with global logistics firms and large retail customers. There is a further opportunity to generate revenue from other sectors such as emergency services, as eVTOL aircraft can be used for emergency patient and supplies transport, particularly in densely populated areas or military logistics transport, among other potential uses. We plan to explore the potential development of versions of the VX4 for such scenarios. Our strategy is to forge partnerships in key markets with partners that have existing demand and are local trusted brands with market specific knowledge. We believe that by partnering with such market players, we can extend their business models and build a market ecosystem that will allow us to expand our proposition over time. Our focus on system integration and the establishment of an industrial supply chain is expected to enable rapid scaling of production of our aircraft.

***Recent Developments***

***Progress on Flightpath 2030***

In September 2025, we updated and expanded upon our previously announced strategy for market leadership, Flightpath 2030. This updated Flightpath 2030 outlines defined operational and financial goals for Vertical, including, without limitation, the following operational goals: to have delivered at least 175 aircraft to our customers by the end of 2030, with plans, collectively across the VX4 and the hybrid-electric variant, to scale up to approximately 900 units in 2035, achieving an annual production rate exceeding 225 units in Q4 2030, and delivering approximately 45,000 battery units in 2035. As of November 4, 2025, we have received pre-orders for approximately 1,500 VX4 aircraft; all of the pre-orders we have received are not legally binding, are conditional, and may be terminated without penalty at any time by either party. Flightpath 2030 sets forth the Company's objectives for transitioning from development-stage operations to scaled commercial manufacturing, to enable us to become sustainably cash generative with recurring revenue and related margins, and achieve positive net operating cash flow. We are targeting regulatory certification of the VX4 with the CAA in 2028, followed by certification of the hybrid-electric variant in 2029.

***Fundraising and Capital Resources***

 ****

In September 2025, we announced certain information in respect of our capital needs towards certification of the all-electric VX4 aircraft pursuant to our base case plan targeting VX4 certification in 2028, including, without limitation, that it is currently estimated that we will require additional capital to fund (i) people and operating expenses, which is the core business expenditure, primarily driven by engineering resources and supporting infrastructure as well as manufacturing costs necessary for the pre-production, certification-ready aircraft; (ii) non-recurring engineering costs (NRCs) in connection with the Company's signing its long-term supply contracts with its certification partners; (iii) capital expenditures, relating to aircraft assembly and battery facilities; (iv) hybrid powertrain development up to an assumed customer-funded contract; and (v) program contingency. The gross funding costs are expected to be partially offset by current cash in bank, excluding assumptions around future capital raises, and income, including anticipated customer pre-delivery payments, inflows from tax credits, and government support.

Also in September 2025, we entered into an Open Market Sale Agreement<sup>SM</sup> (the "Sales Agreement") with Jefferies LLC ("Jefferies"), pursuant to which we may issue and sell our ordinary shares, having an aggregate offering price of up to $100 million, from time to time to or through Jefferies, acting as sales agent, in an "at the market" equity offering program (the "ATM").

***Manufacturing and Production***

In September 2025, we announced our intention to utilize a modular manufacturing model, under which the VX4 will effectively be kit assembled, allowing for smaller-scale, single production lines to meet orders and maintain full capacity to be scaled efficiently as demand grows. To achieve this plan, we confirmed our production facilities for initial low-rate production. These facilities are an expanded site at Cotswold Airport, located adjacent to the existing Flight Test Centre, which will support the initial entry-into-service aircraft, with expected capacity to fulfill the production of greater than 25 VX4 aircraft annually. We signed a five-year lease for the initial phase of this expanded facility, as well as a letter of intent for the subsequent phase to build an additional permanent hangar, which will together take our total footprint at Cotswold Airport to approximately 130,000 square feet. Furthermore, we signed Heads of Terms with the landlord of the existing battery development and testing facility for a purpose-built facility, adjacent to the existing Vertical Energy Centre, to provide capacity for battery production into 2030. This expansion will include an additional approximate 30,000 square feet, pursuant to a 15 year lease, with target occupation in 2026, bringing our total footprint at the Vertical Energy Centre to approximately 45,000 square feet.

***Changes to Board Composition***

On September 1, 2025, the Board of Directors of the Company (the "Board") approved an increase in the size of the Board from seven to eight directors and appointed Patrick Ky to serve as a director of the Company, effective immediately.

**Key Factors Affecting Operating Results**

***Prototype Flights Tests***

On August 9, 2023, following the completion of our remote thrustborne flight test campaign, we conducted further uncrewed flight tests of the VX4 prototype aircraft under stress scenarios before its planned retirement, to understand how the aircraft would perform outside of its expected operating conditions. During one of these further flight tests, an unexpected fault occurred, causing the aircraft to enter into a stable descent before being damaged on impact with the ground. We completed a swift and thorough investigation and submitted a report to the Air Accidents Investigation Branch ("AAIB"). Both the AAIB's and our reports concluded that the primary cause of the accident was due to an adhesive bond failure of a propeller blade. We had already redesigned the early generation propeller prior to the accident and are no longer using the same supplier.

In July 2024, we completed the build of our second more advanced full-scale VX4 prototype. This prototype incorporates additional technology from our partners that we expect to implement into our certification aircraft. The aircraft has been designed and built in collaboration with our global aerospace partners, including GKN Aerospace, Honeywell, Hanwha, Molicel, Leonardo and Syensqo, and features our next generation propellers and new proprietary battery technology, designed and manufactured at our Vertical Energy Centre.

The CAA issued a Permit to Fly in July 2024 following a rigorous evaluation of the engineering, design, test data and aircraft, and we began our piloted flight test campaign, completing our first tethered piloted flight in July 2024. In September 2024, the second full-scale VX4 prototype completed Phase 1 of its piloted flight test program at the Vertical Flight Test Centre and in November 2024, it achieved piloted, untethered vertical take-off and landing for the first time as Phase 2 of its flight test program began. Through January 2025, piloted untethered flight tests continued with Vertical becoming what we believe is only the second company in the world to achieve piloted thrustborne flight maneuvers with a full-scale vectored thrust eVTOL aircraft. These tests demonstrated the prototype aircraft's ability to hover and progress to piloted, low-speed maneuvers using lift generated by the propellers. We announced the conclusion of Phase 2 in February 2025, with the prototype completing over thirty piloted test flights, cumulatively, including successful hover and low speed flight maneuvers, as well as executing handling and performance procedures including roll, yaw, and spot-turns.

In May 2025, we commenced Phase 3 of our flight test program, completing what we understand to be the first-ever wingborne flight of a winged electric vertical take-off and landing aircraft in open airspace, where the aircraft took-off, flew and landed like a conventional aircraft, with lift generated by the wing. On July 16, 2025, following Flight Conditions and Permit to Fly approvals from the CAA, the VX4 prototype flew from our Flight Test Centre at Cotswold Airport to the Royal International Air Tattoo (RIAT) at RAF Fairford, a Royal Air Force station which is used by the United States Airforce. In September 2025, we announced the conclusion of Phase 3 wingborne testing, with the aircraft performing as modeled in the simulator, validating both the design and ease of handling.

The final Phase 4 flight phase – piloted transition flight –will test the VX4's ability to shift seamlessly between vertical lift ("helicopter mode") and wingborne flight ("airplane mode"), which will be the operating mode used in passenger service. This Phase 4 transition flight testing is targeted for completion by the end of 2025.

Vertical is also currently assembling a third, identical full-scale prototype which will accelerate the VX4's flight test program and demonstration capability. We are targeting testing this aircraft by the end of 2025 and intend to take flight test learnings from both prototypes into the design and development of the certified VX4 model.

In connection with our May 2025 announcement of a complementary hybrid-electric aircraft, we have begun testing the first generation of this hybrid powertrain connected to our proprietary batteries and are targeting flight tests of this hybrid-electric variant in 2026.

Prototype flight tests are a critical factor affecting the future operating results of the Company. These tests provide essential data and insights that inform the design, safety, and performance of our aircraft. Successful flight tests validate our technological advancements and regulatory compliance, which are crucial for progressing towards certification and commercialization. Conversely, any material setbacks or delays in the flight test program can impact our timelines, costs, and investor confidence.

***Commercialization***

We have deployed a sales strategy engaging in direct sales to operator customers and third-party distribution networks. Our sales force has identified and targeted key prospects from a pool of over 5,000 airlines with ICAO codes worldwide that are seeking to capitalize on the growth of the AAM market.

As part of this approach and as previously announced, we have entered into arrangements with several commercial partners for multiple pre-orders and pre-order options for our aircraft, including with American Airlines, Avolon, Bristow, Marubeni, Kakao Mobility, Iberojet, FLYINGGROUP as well as (through Avolon's VX4 placements) Japan Airlines (JAL), Gol, Gözen Holdings and AirAsia – with certain customer obligations expected to be fulfilled via third party agreements. Marubeni has made a pre-delivery payment to reserve delivery slots for the first 25 VX4 aircraft of its conditional pre-order of up to 200 aircraft. In addition, American Airlines has committed to pay a pre-delivery payment in exchange for our commitment to reserve delivery slots for the first 50 VX4 aircraft of American Airline's conditional pre-order of 250 aircraft (and pre-order option for a further 100 aircraft). This pre-delivery payment is subject to the satisfaction of certain conditions, including the entering into a master purchase agreement that will contain the final terms for the purchase of the aircraft.

All such pre-orders, options and commitments are not legally binding, are conditional and may be terminated without penalty at any time by either party and any pre-delivery payments may be fully refundable upon certain circumstances.

Additionally, our expanded strategic partnership with Bristow represents a further step closer to bringing advanced air mobility into commercial operation, providing turnkey access to aircraft, pilots, maintenance, and insurance – lowering the barriers to entry into service for current and prospective customers.

***Development of the Advanced Air Mobility Market***

We believe that deploying a new type of aerial mobility network in and between cities represents an extensive market opportunity that we expect to expand over time. We intend to seize on the untapped demand for getting into and out of city centers globally, as certain existing travel methods can be impractical, inconvenient or unaffordable. Our long-term financial performance ultimately depends on the demand for such short-distance aerial transportation and the growth of the AAM market. We, and the eVTOL sector more generally, seek to displace the current incumbents by taking market share and/or benefitting from the incremental growth in demand. We also believe that in developing a hybrid-electric aircraft, it will enable new potential applications in the defense, logistics and commercial sectors including air ambulance services, which require longer range and higher payload than current eVTOL platforms can deliver. With respect to the defense market, in particular, it is expected that the dual-use hybrid-electric aircraft will be optimal for both military and civilian applications.

There are two critical factors that will enable us to secure a prominent position in the AAM market: firstly, our ability to develop, certify and manufacture our aircraft, and secondly, the adoption of eVTOL as an alternative mode of transport. Our success in development and manufacturing will be dependent on overcoming several challenges around key manufacturing considerations, such as wingborne capability and battery efficacy. We plan to continue to invest in our infrastructure, workforce and research and development efforts to ensure that we will be able to deliver our aircraft to our customers in a timely manner.

While we believe that there will be a significant market for AAM in the future, there is a possibility that consumer resistance may be significant, as there may be misconceptions about eVTOL safety, performance and reliability. Additional factors impacting the pace of adoption of AAM and aerial transportation include but are not limited to: perceptions about eVTOL quality and cost; perceptions about the limited range over which eVTOL may be flown on a single battery charge; the evolution and availability of competing forms of transportation, such as ground or air taxi or ride hailing services; the development of adequate infrastructure; consumers' perception about the convenience and cost of transportation using eVTOL relative to ground based alternatives; and, in particular, improvements in fuel efficiency, autonomy, or electrification of cars. In addition, macroeconomic factors could impact demand for AAM services, particularly if end user pricing is at a premium to ground based transportation alternatives. If the market for AAM does not develop as expected, this would impact our ability to generate revenue or grow our business.

***Competition***

We face immediate competition from other eVTOL manufacturers, suppliers and operators as well as ground-based mobility solutions and local and regional incumbent helicopter and aircraft charter services. While we expect to be one of the pioneering companies to market eVTOL aircraft, we expect this industry to be increasingly competitive, and it is possible that our competitors could launch in one or more markets ahead of us. Even if we are among the first to market, any anticipated advantages may not crystallize if new companies or existing aerospace companies launch competing solutions in the markets in which we intend to operate and/or if any of our competitors obtain large-scale capital investment to speedily scale up their distribution capability. Existing AAM operators may also take actions to protect their customer base, which could prevent us from gaining market share in markets in which we intend to operate. For a more comprehensive discussion, please see Item 3.D. "*Risk Factors — Risks Related to Our Business and Industry*" in our Annual Report.

***Regulatory Landscape***

We are, and will be, subject to significant regulation relating to aircraft safety and testing, accessibility, battery safety and testing and environmental regulation in the United Kingdom, European Union, the United States and other markets in which we intend to operate. These requirements create additional costs and possibly production delay in connection with design, testing and manufacturing of our aircraft. For more information, see Item 4.B. "*Business Overview— Focus on Certification*" and Item 3.D. "*Risk Factors — Risks Related to Our Regulatory Environment*" in our Annual Report.

***Trends and Other Factors Affecting our Business***

We are closely monitoring the possible impact that ongoing geopolitical conflicts (including the ongoing war between Russia and Ukraine) and tensions may have on the Company and any adverse effects they could have on our business and strategic plans. Although we do not believe that any ongoing geopolitical conflicts have had a direct impact upon us, we are continuing to monitor and evaluate if our design and development activities, regulatory certification processes and ability to maintain our current business relationships and contract with prospective customers, suppliers and other counterparties, as well as to progress to the production, manufacturing and commercialization of the VX4 (including our hybrid-electric variant of the VX4), could be adversely affected by such conflicts.

We also continue to closely monitor the possible effects of general economic factors on our business and planning, including, among other things, the impact of inflation, financial and credit market fluctuations and implementation of tariffs under the current U.S. administration and retaliatory tariffs by the targeted countries. These factors have, and may continue to, put pressure on our costs for employees and materials and services we procure from our suppliers.

For additional information on risks posed by geopolitical conflicts and general economic factors, see Item 3.D "*Risk Factors*" in our Annual Report.

**A. Operating Results**

**Components of Results of Operations**

***Revenue***

We are currently in the research and development phase of our journey to commercialization of eVTOL technology. We have not generated any revenue from design, development, manufacturing, engineering, sale or distribution of our aircraft. No revenue was generated during the three and nine months ended September 30, 2025.

***Operating Expenses***

*Research and Development Expenses*

Research and development expenses consist of relevant staff costs, including salary and benefits, third-party engineering consultants, materials, equipment, components and tooling, and program consumables and testing. Costs associated with development projects such as aircraft programs, component programs and software products are expensed rather than capitalized as intangible assets under construction. We expect research and development expenses to increase as we continue to develop our aircraft technology. The accounting policies applied remain consistent with those of the previous financial year and corresponding interim reporting period. For more information about our accounting policy for intangible assets, refer to note 2 in our consolidated financial statements for the year ended December 31, 2024 included in our Annual Report.

*Administrative Expenses*

Administrative expenses consist of the costs associated with employment of our non-engineering staff, including salary and benefits, the costs associated with our premises, and the depreciation of our fixed assets, including depreciation of "right of use" assets in relation to our leased property. We expect administrative expenses to increase as our overall activity levels increase due to an expanding property footprint, as well as the need for additional resources in enabling functions to support our engineering activities. We also expect administrative expenses to increase as we hire additional personnel and consultants to support our compliance with the applicable provisions of the Sarbanes-Oxley Act and other SEC rules and regulations. See note 4 to our unaudited condensed consolidated interim financial information for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing.

Administrative expenses also include share-based payment expenses in connection with the award and vesting of certain 2021 Incentive Plan and EMI options during the nine months ended September 30, 2025. See note 5 to our unaudited condensed consolidated interim financial information for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing.

*Related Party Administrative Expenses*

Related party administrative expenses reflect costs from Imagination Industries Incubator Ltd. ("i3"), which is an entity controlled by Stephen Fitzpatrick, our founder and affiliate. The nature of these costs is the provision of a limited number of flexible desk spaces at the United House in London, UK. See note 17 to our unaudited condensed consolidated interim financial information for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing.

***Other Operating Income***

Other operating income consists of government grants to support our development activities as well as the UK R&D expenditure credit ("RDEC") related to the United Kingdom research and development tax relief schemes.

***Net Finance Income (net of finance costs)***

In accordance with IFRS 9, the Convertible Senior Secured Notes are treated as a hybrid instrument, and upon initial recognition the Company did not separate the convertible note into a host liability component and a derivative liability component (in relation to the embedded conversion option).

A single financial liability, recognized on the statement of financial position, is revalued at each reporting date using an option pricing model, with fair value gains or losses recognized through profit or loss. Option pricing estimates the probability that the conversion options will be in the money at expiration and assigns a dollar value to it. The underlying share price of the Company, exercise price, volatility, interest rate, and time to expiration have been used as inputs into the model to derive the option's theoretical fair value.

Finance income and costs also includes fair value movements on warrants, interest calculated on lease liabilities, and both realized and unrealized foreign exchange movements caused by the fluctuation of exchange rates between the US Dollar, Euro, and any other currencies that are utilized in our operations.

***Income tax credit***

The Company receives UK small and medium-sized enterprise ("SME") R&D tax relief, which is reported within Income tax credit. This was replaced by an enhanced R&D intensive support ("ERIS") scheme replaced the old RDEC and SME schemes for accounting periods beginning on or after April 1, 2024.

The Company also receives R&D tax relief relating to the RDEC, which is reported within Other operating income.

Qualifying expenditures largely comprise R&D staff employment costs, R&D components, consumables, parts, tooling and outsourced contracting support for R&D activities and utilities costs.

**Results of Operations**

The following table sets forth the unaudited condensed consolidated interim statements of operations in British pounds sterling for the periods presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | |
|  | **(in £<br> thousands)** | **(in £<br> thousands)** |<br>**% Change** |
| Research and development expenses | (41105) | (45060) | (9) |
| Administrative expenses | (35725) | (32170) | 11 |
| Related party administrative expenses | (207) | (57) | 263 |
| Other operating (expense)/income | (3371) | 34358 | (110) |
| **Operating loss** | (80408) | (42929) | 87 |
| Net finance income/(costs) | 333125 | (12792) | (2704) |
| **Profit/(loss) before tax** | 252717 | (55721) | (554) |
| Income tax credit | 22210 | 10061 | 121 |
| **Net profit/(loss)** | 274927 | (45660) | (702) |

---

***For the nine months ended September 30, 2024 and 2025***

*Research and development expenses*

Research and development expenses decreased by £3,955 thousand, or 9% from £45,060 thousand during the nine months ended September 30, 2024 to £41,105 thousand during the nine months ended September 30, 2025.

Spend on research and development components, parts and tooling decreased from £15,412 thousand during the nine months ended September 30, 2024 to £6,123 thousand during nine months ended September 30, 2025. This decrease was primarily due to a reduction in additional aircraft parts required to be delivered given the ongoing assembly of our third aircraft prototype during 2025.

We have continued to invest in high quality engineering expertise. This has resulted in an increase in research and development staff costs from £20,029 thousand during the nine months ended September 30, 2024 to £24,664 thousand during the nine months ended September 30, 2025.

*Administrative expenses*

Administrative expenses increased by £3,555 thousand, or 11%, from £32,170 thousand during the nine months ended September 30, 2024 to £35,725 thousand during the nine months ended September 30, 2025.

Administrative staff costs (excluding share based payments) increased from £7,013 thousand for the nine months ended September 30, 2024 to £8,976 thousand for the nine months ended September 30, 2025 reflecting increased investment in enabling and other functions that support the progress towards the certification and commercialization of our aircraft. Please see note 4 to our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing for further information.

Share based payment expenses decreased from £6,408 thousand for the nine months ended September 30, 2024 to £5,364 thousand for the nine months ended September 30, 2025 reflecting a lower share price at the date of share awards during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 in addition to the vesting profile of awards made in each respective year. Please see note 5 to our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing for further information.

*Related party administrative expenses*

Related party administrative expenses increased by £150 thousand, or 263% from £57 thousand during the nine months ended September 30, 2024 to £207 thousand during the nine months ended September 30, 2025, which reflects the cost of alterations and renovations made to the office space provided by i3.

*Other operating expense/(income)*

Other operating income decreased by £37,729 thousand, or 110% from income of £34,358 thousand during the nine months ended September 30, 2024 to expense of £3,371 thousand during the nine months ended September 30, 2025.

Effective May 22, 2024, we reached an agreement with Rolls-Royce to terminate the contract we had previously entered into with Rolls-Royce to develop an Electric Propulsion Unit (EPU). Under the termination agreement, we received a cash amount from Rolls-Royce in an amount equal to $34 million during the nine months ended September 30, 2024.

At the time of preparing its financial statements for the year ended December 31, 2024, the Company was unable to determine, with certainty, if any relationships existed that would cause Vertical Aerospace Group Limited ("VAGL") to be defined as a large company and ineligible for SME relief. Absent such certainty, within those financial statements, the Company recognized tax relief solely based on the RDEC scheme.

Management has since determined that the transactions contemplated under the Investment Agreement on December 23, 2024, do not result in the presence of any linked or partner companies that would otherwise cause VAGL to be defined as a large company, and therefore, the unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 reflect the reversal of tax relief previously recognized under the RDEC scheme of £7,553 thousand, which has since been claimed and received, under the SME scheme (and reported within Income tax credit in the unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025). See also "—*Income Tax Credit*" below.

A merged RDEC scheme and an ERIS scheme replaced the old RDEC and SME schemes for accounting periods beginning on or after April 1, 2024. The ERIS scheme is not notified state aid, allowing grant funding to be combined with R&D tax relief. Unlike the old SME scheme, grant funded R&D does not provide a barrier to an ERIS claim, and as a result no RDEC relief has been recognised for the current period.

Income from government grants decreased from £5,462 thousand for the nine months ended September 30, 2024 to £4,176 thousand for the nine months ended September 30, 2025. We continue to be eligible and in receipt of government grant funding from the United Kingdom's Aerospace Technology Institute and Innovate UK in relation to our proprietary propeller and battery technologies. The receivable installments are recognized in other operating income as the matching sanctioned expenditure is incurred, with a retrospective claim process.

*Finance income/(costs)*

Net finance income increased by £345,917 thousand, or 2,704% from finance costs of £12,792 thousand during the nine months ended September 30, 2024 to finance income of £333,125 thousand during the nine months ended September 30, 2025.

This reflects fair value gains on financial liabilities, relating to Convertible Senior Secured notes, which increased by £332,755 thousand, from a fair value loss of £14,537 thousand during the nine months ending September 30, 2024 to a fair value gain of £318,218 thousand during the nine months ended September 30, 2025. This results from a greater reduction in share price from December 31, 2024 to September 30, 2025 compared to from December 31, 2023 to September 30, 2024. The underlying share price of the Company, exercise price, volatility, interest rate, and time to expiration have been used as inputs into an option pricing model to derive the instrument's theoretical fair value. Please see note 14 to our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing for further information.

Foreign exchange gains increased by £9,395 thousand, from £12,187 thousand during the nine months ending September 30, 2024 to £21,582 thousand during the nine months ended September 30, 2025. This resulted from the strengthening of British pounds sterling against the U.S. dollar. Please see note 8 to our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing for further information.

*Income tax credit*

Income tax credit increased by £12,149 thousand, or 121% from £10,061 thousand during the nine months ended September 30, 2024 to £22,210 thousand during the nine months ended September 30, 2025.

The income tax credit recognized for the nine months ended September 30, 2024 was based upon the Company's eligibility for SME relief. However, at the time of preparing its financial statements for the year ended December 31, 2024 the Company was unable to determine, with certainty, if any relationships existed that would cause the Company to be defined as a large company and ineligible for SME relief. Absent such certainty, within those financial statements, the Company recognized tax relief solely based on the RDEC scheme. As a result, the income tax credit for the nine months ended September 30, 2024 was reversed within the financial statements for the year ended December 31, 2024.

Management has since determined that the transactions contemplated under the Investment Agreement on December 23, 2024, do not result in the presence of any linked or partner companies that would otherwise cause the Company to be defined as a large company and therefore the unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 include £13,700 thousand tax credit claimed and received, relating to eligible research and development expenditure incurred in the year ended December 31, 2024, in addition to £8,510 thousand tax credit recognized relating to eligible research and development expenditure incurred in the nine months ended September 30, 2025.

**Off -Balance Sheet Arrangements**

We did not have during the period presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, which were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**JOBS Act**

We are an emerging growth company, as defined in the JOBS Act. We intend to rely on certain reduced reporting and other requirements that are otherwise generally applicable to public companies. As an emerging growth company, we are not required to, among other things, (i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act, which would otherwise have been required beginning with our second annual report on Form 20-F in 2023, and (ii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor discussion and analysis).

**Recent Accounting Pronouncements**

Certain new accounting standards and interpretations have been issued by the IASB, but are not yet effective for the September 30, 2025 reporting period and have not been early adopted by us and our subsidiaries. These standards are not expected to have a material impact on us in the current or future reporting periods or in connection with foreseeable future transactions. Please see note 2 to our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing.

**B. Liquidity and Capital Resources**

*The functional currency of the Company is USD and the functional currency of Vertical Aerospace Group Limited ("VAGL") is GBP. The financial statements are presented in GBP, which is the Company and VAGL's presentation currency. Note that in this section certain narrative financial information is shown in GBP and other information is shown in USD; typically, this is because we have incurred the majority of our costs in the UK and in GBP, while we expect customer payments and any external funding to be raised in USD.*

We have incurred net losses since inception and to date have not generated any revenue from the design, development, manufacturing, engineering and sale or distribution of electric aircraft. Commensurate with being in the development phase of our journey to commercialization of the VX4, we have invested heavily in research to support the development of our aircraft. As of September 30, 2025, we had £92 million of cash and cash equivalents on hand. As of the date of this report, we had approximately £89 million of cash and cash equivalents on hand. We maintain cash balances with financial institutions in excess of insured limits. We have prepared a cash flow forecast and have considered our ability to continue as a going concern for the foreseeable future, being at least 12 months following the date of this filing. In accordance with our cash flow forecast, we currently project our cash outflows from operations for the 12 months following the date of this filing to be approximately £175 million (after taking into account expected R&D tax receipts and grants of approximately £25 million), which are expected to be used primarily to fund testing of the prototype aircraft, and to further develop our certification aircraft. While we currently project that our existing resources will fund operations toward the middle of 2026, we require additional capital to continue to fund our ongoing operations beyond that point and to be in a position to continue carry out our business plans prior to the commercialization of our aircraft.

In January 2025, we launched a funding round consisting of the Company's public offering of Units, with each Unit consisting of (i) one ordinary share, (ii) one-half of one Tranche A Warrant, and (iii) one-half of one Tranche B Warrant, for aggregate gross proceeds of $90 million, before deducting underwriting discounts and commissions and other offering expenses, which closed on January 24, 2025 (the "January 2025 Offering"), and which amount included $25 million non-contingent funding previously committed from Mudrick Capital.

In July 2025, we launched a funding round consisting of the Company's public offering of 12,000,000 ordinary shares, culminating in aggregate gross proceeds of $60 million, before deducting underwriting discounts and commissions and other offering expenses, which closed on July 10, 2025 (the "July 2025 Offering"). In connection with the July 2025 Offering, we granted the underwriters, Deutsche Bank Securities Inc. and William Blair & Company L.L.C. (the "Underwriters"), a 30-day option to purchase up to an additional 1,800,000 ordinary shares at the public offering price of $5.00 per ordinary share, which was exercised in full on July 17, 2025, resulting in additional aggregate proceeds of $9 million, before deducting underwriting discounts and commissions and other offering expenses.

In September 2025, we entered into the Sales Agreement with Jefferies, pursuant to which we may issue and sell our ordinary shares, having an aggregate offering price of up to $100 million, from time to time to or through Jefferies, acting as sales agent, in an "at the market" equity offering program. As of the date of this report, we had sold ordinary shares under the ATM, totaling $16.4 million, net of commissions.

Our ability to continue as a going concern is highly dependent on our ability to secure funds from additional funding rounds to finance ongoing operations before our existing resources are fully consumed. We plan to raise additional funds prior to such consumption and may seek to issue further equity in doing so, however there can be no assurance that we will be able to obtain such investment on acceptable terms, or on necessary timelines, or at all, to provide sufficient funds to meet our ongoing funding requirements.

Especially pertinent to our funding requirements, the Convertible Senior Secured Notes Indenture contains a covenant requiring us to maintain a minimum cash balance of at least $10 million at all times. We project that we will breach this covenant in the second quarter of 2026 unless additional capital is raised. Such a breach, if uncured, would result in an event of default occurring under the Indenture, which would permit the Convertible Senior Secured Notes Investor to accelerate the maturity of the Convertible Senior Secured Notes and ultimately claim against its collateral. An event of default would result in the Convertible Senior Secured Notes being due immediately to which we do not have sufficient funds to repay.

The inability to obtain future funding could impact our financial condition and ability to pursue our business strategies, including being required to delay, reduce or eliminate some of our research and development programs, or being unable to continue operations or to continue as a going concern. Our dependency on raising additional capital indicates that a material uncertainty exists that may raise significant doubt (or substantial doubt as contemplated by PCAOB standards) about our ability to continue as a going concern and therefore we may be unable to realize our assets and discharge our liabilities in the normal course of business. Our forecasts are based on assumptions that may prove to be wrong, and we may exhaust our available capital resources sooner than we currently expect. Please refer to note 2 to our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing.

Our future capital requirements will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· research and development expenses as we continue to develop our aircraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· capital expenditures in the expansion of our testing and certification capacities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· additional operating costs and capital expenditure for production ramp up
and raw material procurement costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· general and administrative expenses as we scale our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest expense from any debt financing activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· selling and distribution expenses as we build, brand and market our electric
aircraft.

To date, we have received capital to fund our operations from a number of sources. We received approximately $253 million in connection with the Business Combination, which after direct transaction costs included $94 million in proceeds from the PIPE Investment and $192 million from the Convertible Senior Secured Notes, which consummated substantially simultaneously with the Business Combination, net of transaction costs.

In addition, we received $8.5 million before commissions in connection with the Equity Subscription Line, between its commencement on August 5, 2022, and expiration on September 1, 2025. On March 13, 2024, we received $25 million in connection with the SF Investment Agreement. Effective May 22, 2024, we reached an agreement with Rolls-Royce to terminate the contract we had previously entered into with Rolls-Royce to develop an Electric Propulsion Unit (EPU). Under the termination agreement, we received a cash amount from Rolls-Royce in an amount equal to $34 million. In January 2025, we received approximately $83.9 million in connection with the January 2025 Offering, net of underwriting discounts and commissions and other offering expenses. In July 2025, we received approximately $66.4 million in connection with the July 2025 Offering, net of underwriting discounts and commissions and other offering expenses, including the full exercise of the Underwriter's option to purchase 1,800,000 additional shares. As at September 30, 2025, we received approximately $7.2 million (equivalent to £5.3 million) in connection with our "at-the-market" equity offering program (the "ATM Program"), net of commissions – *See also "At-the-Market" Equity Offering Program.*

We are also continuing to explore other opportunities to raise additional capital to further support our funding situation into the foreseeable future.

We have also received conditional pre-orders and pre-order options, from (including through third party arrangements) American Airlines, Avolon, Bristow, Iberojet, and Marubeni, among others. Certain of these pre-orders require that the purchaser pay a pre-delivery payment, which is credited against any future amount due and payable. While the customer's obligation to pay such pre-delivery payments is subject to various conditions, and they are expected to be refundable in certain circumstances, we expect to receive them prior to delivering aircraft to each customer.

Until we generate sufficient operating cash flow to cover our operating expenses, working capital needs and planned capital expenditures, or if circumstances evolve differently than anticipated, we expect to utilize a combination of government funding, plus equity and debt financing, as well as any pre-delivery payments to the extent realized, to fund any future capital needs. Funds raised through equity securities may result in dilution to our shareholders. Any equity securities issued may also provide for rights, preferences or privileges senior to those of holders of ordinary shares. Additionally, if we raise funds by issuing debt securities, these debt securities may have rights, preferences, and privileges senior to those of preferred and common shareholders. The terms of debt securities or borrowings may impose significant restrictions on our operations. Adequate additional financing may not be available to us on acceptable terms, or at all.

Moreover, the capital markets have in the past, and may in the future, experience periods of upheaval and the availability and cost of equity and debt financing may be impacted by global macroeconomic conditions such as international political conflict, supply chain issues as well as rising inflation and interest rates. Further, the global economy, including credit and financial markets, has recently experienced extreme volatility and disruption, including severely diminished liquidity and credit availability, rising inflation rates, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability, including as a result of the implementation of tariffs under the current U.S. administration and retaliatory tariffs by the targeted countries. Each of these factors has the potential to impact our liquidity and future funding requirements, including but not limited to, our ability to raise additional capital when needed and on acceptable terms, if at all. The duration of an economic slowdown is uncertain and the impact on our business is difficult to predict.

In recent periods, our principal use of cash has been funding our research and development activities and other personnel costs. Our future capital requirements will depend on many factors, including our revenue growth rate, the timing and amount of cash received from our customers, the expansion of sales and marketing activities and the timing and extent of spending to support our development efforts. In the future, we may enter into arrangements to acquire or invest in complementary businesses, products and technologies. We will need to seek additional equity or debt financing, which we may not be able to raise such financing on acceptable terms, or at all. If we are unable to raise additional capital or generate cash flows necessary to continue our research and development and invest in continued innovation, we may not be able to compete successfully or may need to scale back investments, which could materially impact our certification timeline, which would harm our business, results of operations, and financial condition. If adequate funds are not available, we may need to reconsider our expansion plans or limit our research and development activities, which could have a material adverse impact on our business prospects and results of operations.

***"At-the-Market" Equity Offering Program***

On September 5, 2025, we entered into the Sales Agreement with Jefferies, pursuant to which the Company may issue and sell its ordinary shares, par value $0.001 per share, having an aggregate offering price of up to $100 million, from time to time to or through Jefferies, acting as sales agent, in an "at-the-market" equity offering program. The ordinary shares to be sold pursuant to the Sales Agreement are issued pursuant to a registration statement on Form F-3 (File No. 333-287207) and related prospectus supplement filed on September 5, 2025 with the Securities and Exchange Commission.

Under the Sales Agreement, we may set the parameters for each sale of ordinary shares, including the total sales price of ordinary shares to be issued, the dates on which such sales are anticipated to be made and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, Jefferies will use commercially reasonable efforts to sell the ordinary shares by methods deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act. We have no obligation to sell any of the ordinary shares, and Jefferies is not required to sell any specific number or dollar amount of the ordinary shares. We may instruct Jefferies not to sell the ordinary shares if the sales cannot be effected at or above the price we designate from time to time and we may at any time suspend sales pursuant to the Sales Agreement.

We pay Jefferies a commission of up to 3.0% of the gross sales proceeds of any ordinary shares sold through Jefferies under the Sales Agreement. We made certain customary representations, warranties and covenants in the Sales Agreement and also provided Jefferies with customary indemnification and contribution rights. The offering of ordinary shares pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all ordinary shares subject to the Sales Agreement and (ii) the termination of the Sales Agreement as permitted therein.

As of September 30, 2025, we had sold approximately 1.3 million ordinary shares under the ATM Program at a weighted average share price of $5.90.

***Convertible Senior Secured Notes***

On October 26, 2021, we entered into the Convertible Senior Secured Notes Subscription Agreement by and among the Company, Broadstone and Mudrick Capital. Concurrently with the consummation of the Business Combination, pursuant to the terms of the Convertible Senior Secured Notes Subscription Agreement, (i) Mudrick Capital purchased Convertible Senior Secured Notes of and from the Company in an aggregate principal amount of $200 million for an aggregate purchase price of $192 million (the "Purchase Price"), and the Company issued and sold to Mudrick Capital the Convertible Senior Secured Notes in consideration for the payment of the Purchase Price, and (ii) the Company issued to Mudrick Capital 4,000,000 Convertible Notes Warrants (with 10 such warrants exercisable for one ordinary share of the Company). On December 16, 2021, the Company, Broadstone and the Trustee entered into the Indenture governing the Convertible Senior Secured Notes.

As adjusted for the reverse share split and consolidation of the Company's ordinary shares at a ratio of 1 for 10, effective as of September 20, 2024 ("Reverse Share Split"), the Convertible Senior Secured Notes were initially convertible into up to 1,818,182 ordinary shares (excluding any interest, and subject to adjustments as provided in the Indenture) at an initial conversion rate of 9.09091 ordinary shares per $1,000 principal amount of Convertible Senior Secured Note, at any time prior to the close of business on the second scheduled trading day immediately before the maturity date of the Convertible Senior Secured Notes.

On December 23, 2024, the Company entered into the First Supplemental Indenture with the Trustee. The First Supplemental Indenture sets forth certain amendments to the Indenture, including: (i) increasing the interest rate applicable to the Convertible Senior Secured Notes to 10.00% per annum if we elect to pay interest in cash and 12.00% per annum if we elect to pay all incurred interest in-kind, and interest is paid semi-annually in arrears; (ii) extending the maturity date of the Convertible Senior Secured Notes to December 15, 2028, redeemable at any time by us, in whole but not in part, for cash, at par plus, if redeemed before the fourth anniversary of issuance, certain make-whole premiums as specified in the indenture governing the Convertible Senior Secured Notes; and (iii) providing for a fixed conversion price of $2.75 per ordinary share for half of the principal amount of the Convertible Senior Secured Notes and $3.50 per ordinary share for the other half. The Convertible Senior Secured Notes Subscription Agreement also contains other customary representations, warranties, covenants and agreements of the parties thereto.

Following the execution of the First Supplemental Indenture, the holders of the Convertible Senior Secured Notes delivered conversion notices to the Company for the conversion of half, or approximately $130 million in principal amount, of the Convertible Senior Secured Notes at a fixed conversion price of $2.75 per ordinary share (the "Partial Conversion"), which resulted in the issuance of 47,343,585 ordinary shares by the Company to the holders of the Convertible Senior Secured Notes.

As of September 30, 2025, a total of 39,430,443 ordinary shares are issuable upon exercise of the remaining outstanding principal amount of the Convertible Senior Secured Notes.

Following the Partial Conversion, as contemplated by the Investment Agreement, the Company and VAGL entered into the Second Supplemental Indenture to the Indenture with the Trustee, pursuant to which VAGL became a guarantor of the Convertible Senior Secured Notes under the Indenture.

Upon the occurrence of a Fundamental Change (as defined in the Indenture), Mudrick Capital has the right, at its option, to require us to repurchase for cash all or any portion of its Convertible Senior Secured Notes in principal amounts of $1,000 or an integral multiple thereof, at a fundamental change repurchase price equal to the principal amount of the Convertible Senior Secured Notes to be repurchased multiplied by any applicable fundamental change redemption multiplier as specified in the Indenture, plus accrued and unpaid interest on the Convertible Senior Secured Notes to be repurchased.

***Aerospace Technology Institute ("ATI") & U.K. Research and Innovation ("UKRI") Grant Funding Programs***

VAGL is the recipient of an ATI grant from the U.K. Government totaling up to £14.3 million from the U.K.'s announced aggregate investment of £113 million in hydrogen and all-electric flight technologies across all grant recipients. This grant is being drawn down in installments over the duration of the project, which is expected to continue through 2025. As of September 30, 2025, we received approximately £7.5 million of the ATI grant.

The grant is being used by the Company to develop a prototype propulsion battery system for aerospace applications, including as part of the Company's eVTOL aircraft. Receipt of the grant follows the issuance by the applicable government agency of the formal grant offer letter and entry into by the Company of a collaboration agreement with university partners, both of which events occurred in March 2023, and is also subject to the terms and conditions of the award set out in the grant offer letter (which include, among others, that the ATI funding will contribute only 50% of the Company's eligible costs in connection with the prototype battery development).

VAGL is also the recipient of a further ATI grant from the U.K. Government totaling approximately £8.1 million to research, design and develop the Company's third-generation propellers and eVTOL aircraft propulsion system. VAGL is a member of a consortium comprised of the University of Glasgow, the University of Bristol, Cranfield University and Helitune. This grant is being drawn down in installments over the duration of the project, which is expected to continue for approximately three years. Receipt of the grant is subject to the terms and conditions of the award set out in the formal grant offer letter dated February 9, 2024, and signed by all parties as of February 16, 2024, which include, among other things, that the ATI funding will contribute only 50% of the Company's eligible costs in connection with the propeller development. As of September 30, 2025, we have received approximately £1.6 million of the ATI grant.

In addition, VAGL is the recipient of a UKRI grant from the U.K. Government totaling approximately £2.3 million to develop and demonstrate end-to-end operations that will drive the development of a commercially viable AAM network in the U.K. This grant is being drawn down in installments over the duration of the project, which concluded on March 31, 2025. Receipt of the grant is subject to the terms and conditions of the award set out in the formal grant offer letter dated August 2022, which includes, among other things, that the UKRI funding will contribute only 60% of the Company's eligible costs in connection with the project. As of September 30, 2025, we have received approximately £2.2 million of the UKRI grant.

***July 2025 Offering***

On July 10, 2025, we closed the July 2025 Offering, consisting of 12,000,000 ordinary shares, culminating in aggregate gross proceeds of $60 million, before deducting underwriting discounts and commissions and other offering expenses. In connection with the July 2025 Offering, the Underwriters exercised in full the 30-day option we granted to the Underwriters to purchase up to an additional 1,800,000 ordinary shares at the public offering price of $5.00 per ordinary share, culminating in an additional $9 million of gross proceeds, less underwriting discounts and commissions, which closed on July 21, 2025.

***January 2025 Offering***

On January 24, 2025, we closed the January 2025 Offering, consisting of 15,000,000 Units, with each Unit consisting of (i) one ordinary share, (ii) one-half of one Tranche A Warrant, and (iii) one-half of one Tranche B Warrant. The January 2025 Offering culminated in aggregate gross proceeds of $90 million, before deducting underwriting discounts and commissions and other offering expenses.

Each whole Tranche A Warrant entitles the holder thereof to purchase one Company ordinary share at an exercise price of $6.00 per share, is immediately exercisable as of its issuance and will expire at 5:00 p.m. New York City time on the five-year anniversary of the initial date of issuance. Each whole Tranche B Warrant entitles the holder thereof to purchase one Company ordinary shares at an exercise price of $7.50 per share, is immediately exercisable as of its issuance and will expire at 5:00 p.m. New York City time on the five-year anniversary of the initial date of issuance.

As of September 30, 2025, 7,450,000 Tranche A Warrants and 7,500,000 Tranche B Warrants were issued and outstanding. During the nine months ending September 30, 2025, holders of 50,000 Tranche A Warrants exercised their Tranche A Warrants for 50,000 ordinary shares at an exercise price of $6.00 per share, and as a result we received aggregate gross proceeds of $300,000.

***SF Investment***

On February 22, 2024, we entered into the SF Investment Agreement with Imagination Aero, a company wholly owned by Stephen Fitzpatrick (the "SF Investment Agreement"), pursuant to which Imagination Aero agreed to purchase, and we agreed to issue and sell to Imagination Aero, up to $50 million of (i) newly issued ordinary shares and (ii) 50,000,000 SF Warrants (with 10 such warrants exercisable for one ordinary share of the Company), in each case at purchase prices specified in the SF Investment Agreement and subject to the terms and conditions set out in the SF Investment Agreement. In accordance with the SF Investment Agreement, on March 13, 2024, we received $25 million in gross proceeds in GBP converted based on the agreed exchange rate specified in the SF Investment Agreement in consideration for newly issued ordinary shares and SF Warrants.

On December 20, 2024, the Company entered into the Investment Agreement, pursuant to which all obligations under the SF Investment Agreement are deemed expired, including in respect of the funding commitment thereunder regarding a second tranche of $25 million, with such obligations being replaced by the right for Stephen Fitzpatrick to a 12-month option to invest up to $25 million in ordinary shares of the Company at a strike price equal to the per share purchase price paid by investors in the January 2025 Offering.

***Shareholders Rights***

As contemplated by the Investment Agreement, the Company, Mudrick Capital, Stephen Fitzpatrick and Imagination Aero entered into the Shareholder Letter Agreement, dated December 23, 2024, setting forth, among other things, certain rights conferred by the Company, including pre-emptive rights for Mudrick Capital and Stephen Fitzpatrick to maintain their respective ownership percentages of the Company for so long as Mudrick Capital and its affiliates or Mr. Fitzpatrick and his affiliates maintain at least a 20% or 3% beneficial ownership position, respectively, with customary exclusions for acquisitions and issuances to employees and directors.

***Outstanding Warrants***

As of the date of this filing, the following public and private warrants of the Company were issued and outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 15,264,935 public warrants issued on December 16, 2021 in exchange for
public warrants of Broadstone Acquisition Corp. in connection with the Company's business combination therewith, with 10 such warrants
exercisable for one ordinary share of the Company at an exercise price of $115.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2,625,000 private Initial Virgin Atlantic Warrants issued on December 16,
2021 to Virgin Atlantic pursuant to the Virgin Atlantic Warrant Instrument, with 10 such warrants exercisable for one ordinary share of
the Company at an exercise price of $100.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 4,000,000 private Convertible Notes Warrants issued on December 16,
2021 to Mudrick Capital pursuant to the warrant agreement, dated December 16, 2021, between the Company and Continental Stock Transfer &
Trust Company, as warrant agent, with 10 such warrants exercisable for one ordinary share of the Company at an exercise price of $115.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 50,000,000 private SF Warrants issued on March 13, 2024 to Stephen Fitzpatrick
pursuant to the SF Warrant Instrument, with 10 such warrants exercisable for one ordinary share of the Company at an exercise price of
$50.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 7,450,000 public Tranche A Warrants issued on January 24, 2025
in connection with the January 2025 Offering, with each such warrant exercisable for one ordinary share of the Company at an exercise
price of $6.00; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 7,500,000 public Tranche B Warrants issued on January 24, 2025
in connection with the January 2025 Offering, with each such warrant exercisable for one ordinary share of the Company at an exercise
price of $7.50.

Additionally, on December 16, 2021, Marcus Waley-Cohen was awarded 2,000,000 private options, with 10 such options exercisable for one ordinary share of the Company at an exercise price of $115.00 per share.

There is a considerable range in the exercise price of the aforementioned public and private warrants, in particular when taking into consideration the Reverse Share Split. The exercise price of all of the Company's issued and outstanding warrants other than the Tranche A Warrants and Tranche B Warrants currently remains above the recent trends in the price of our ordinary shares. Assuming the exercise in full for cash of all of the Company's issued and outstanding warrants, the Company would receive an aggregate of approximately $599 million from the exercise of warrants. The holders of the respective warrants are not obligated to exercise any or all of their warrants, and there is no assurance that they will elect to do so. So long as the price of our ordinary shares remains below the applicable exercise price of the respective warrants, holders of our warrants will be unlikely to exercise their warrants.

**Cash Flows**

The following table presents the summary consolidated cash flow information for the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
|  | **(in £ thousands)** | **(in £ thousands)** |
| Net cash used in operating activities | (51720) | (25517) |
| Net cash from investing activities | 1912 | 1407 |
| Net cash from financing activities | 120959 | 18955 |

---

***Net cash used in operating activities***

Net cash used in operating activities increased by £26,203 thousand, or 103%, from £25,517 thousand for the nine months ended September 30, 2024 to £51,720 thousand for the nine months ended September 30, 2025. This increase was primarily due to the cash receipt from Rolls-Royce of an amount equal to $34 million received during the nine months ended September 30, 2024.

***Net cash from investing activities***

Net cash from investing activities increased by £505 thousand, or 36%, from £1,407 thousand for the nine months ended September 30, 2024 to £1,912 thousand for the nine months ended September 30, 2025. This increase was primarily due to the fewer acquisitions of property, plant and equipment during the period and increased receipts of interest income arising from cash placed on deposit.

***Net cash from financing activities***

Net cash from financing activities increased by £102,004 thousand, or 538%, from £18,955 thousand for the nine months ended September 30, 2024 to £120,959 thousand for the nine months ended September 30, 2025. This increase was primarily due to proceeds from the January 2025 Offering, the July 2025 Offering and the ATM Program. Please see note 10 to our unaudited condensed consolidated interim financial statements for the nine months ended September 30, 2025 and 2024 included elsewhere in this filing for further information.

**Material Cash Requirements for Known Contractual and Other Obligations**

We are a party to many contractual obligations involving commitments to make payments to third parties. These obligations impact our short-term and long-term liquidity and capital resource needs. Certain contractual obligations are reflected on the consolidated balance sheet as of September 30, 2025, while others are considered future commitments. Our contractual obligations primarily consist of research and development expenditure incurred in the advancement of our aircraft program. For information regarding our contractual maturities of financial liabilities, refer to note 25 (Financial risk management and impairment of financial assets) to our consolidated financial statements for the year ended December 31, 2024 included within our Annual Report. For information regarding our lease obligations, refer to note 17 to our consolidated financial statements for the year ended December 31, 2024 included within our Annual Report.

**C. Research and Development, Patents and Licenses, etc.**

For a discussion of our research and development and intellectual property activities, see "*Research and Development*" and "*Intellectual Property*" in Item 4.B. of our Annual Report and note 2 to our consolidated financial statements for the year ended December 31, 2024 included within our Annual Report.

**D. Trend Information**

Other than as disclosed above and elsewhere in this filing, we are not aware of any trends, uncertainties, demands, commitments or events during the nine months ended September 30, 2025 that are reasonably likely to have a material adverse effect on our revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.

**E. Critical Accounting Estimates**

Our consolidated financial statements are prepared in conformity with IFRS, as issued by the IASB. In preparing our consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on amounts reported in our consolidated financial statements. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. We regularly reevaluate our assumptions, judgments and estimates. Our critical accounting estimates and judgments are described in note 3, critical accounting judgments and key sources of estimation uncertainty, to our unaudited condensed consolidated interim financial statements included elsewhere in this filing.

**Forward-Looking Statements**

The above discussion contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, whether express or implied, other than statements of historical facts contained in this filing, including without limitation, statements regarding: the design and manufacture of our eVTOL aircraft; our future results of operations and financial position and expected financial performance and operational performance; the features and capabilities of the VX4; our business strategy and plans and objectives of management for future operations, including, among others, the building and testing of our prototype aircrafts on timelines projected, selection of suppliers, certification and the commercialization of the VX4 and the hybrid-electric VX4 variant and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all; statements regarding the liquidity, growth and profitability strategies; capital expenditure requirements, which may be higher than anticipated and our plans for capital expenditures; our ability and plans to raise additional capital to fund our operations; the differential strategy compared to our peer group; expectations surrounding pre-orders and commitments; our plans to mitigate the risk that we are unable to continue as a going concern, factors and trends affecting our business and guidance as described in this section entitled "Operating and Financial Review and Prospects" are forward-looking statements.

In some cases, you can identify forward-looking statements by terminology such as "goals," "targets," "objectives," "plans," "may," "will," "should," "expects," "anticipates," "could," "intends," "projects," "contemplates," "believes," "estimates," "predicts," "forecasts," "aims," "potential" or "continue," "is/are likely to" or the negative of these terms or other similar expressions, though not all forward-looking statements use these words or expressions.

Forward-looking statements involve a number of risks, uncertainties and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our limited operating history and that we have not yet manufactured any non-prototype
aircraft or sold any aircraft to eVTOL aircraft customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our business plans require a significant amount of capital and we may not
be able to raise additional funds when we need or want them, or at all, to fund our operations, which could force us to curtail or even
cease our planned operations and the pursuit of our growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 (or substantial doubt
as contemplated by PCAOB standards) regarding our ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If we are unable to test, produce, certify or launch aircraft in the volumes
or timelines projected, including achieving the targets set out in Flightpath 2030;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our aircraft may not perform at the level we expect and may potentially have
defects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our dependence on our partners and suppliers for the components in our aircraft
and for our operational needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Being an early-stage company with a history of losses, we expect to incur
significant expenses and continuing losses in the foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our markets are still in relatively early stages of growth, and such markets
may not continue to grow, grow more slowly than we expect or fail to grow as large as we expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any accidents or incidents involving aircraft developed by us or our competitors
could harm our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our aircraft may not be certified by transportation authorities for production
and operation within any projected timeline, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Development, testing and commercialization of a hybrid-electric vertical
take-off and landing variant of the VX4 is subject to significant risks, including technological, regulatory and operational challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All of the pre-orders we have received for our aircraft are conditional and
may be terminated at any time by either party and any pre-delivery payments may be fully refundable upon certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our business has grown rapidly and expects to continue to grow significantly,
and any failure to manage that growth effectively could harm our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our dependence on recruiting and retaining our senior management team and
other highly skilled personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We previously identified material weaknesses in our internal controls over
financial reporting, which if we fail to properly remediate, could adversely affect our results of operations, investor confidence in
us and the market price of our ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The other risks and uncertainties described in the section entitled "*Risk Factors*" in our Annual Report on Form 20-F for the year ended December 31, 2024 or in our Reports on Form 6-K
furnished by the Company from time to time with the Securities and Exchange Commission.

The goals, targets, expectations and estimates included in the above discussion were prepared by the Company's management team based on information available at the time such information was developed and reflects numerous assumptions, including those related to general business, economic, market, and financial conditions, as well as other factors that are difficult to predict and many of which are beyond the Company's control. The Company believes the assumptions underlying such goals, targets, expectations and estimates were reasonable at the time such information was prepared. However, important factors that may affect actual results and cause the results reflected in such goals, targets, expectations and estimates not to be achieved including, among other things, risks and uncertainties relating to the Company's business, industry performance, the regulatory environment, and general business and economic conditions, as discussed in the immediately preceding paragraph.

We caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date of this filing. We will not and do not undertake any obligation to revise forward-looking statements to reflect future events, changes in circumstances or changes in beliefs, except as may be required under applicable securities laws. In the event that any forward-looking statement is updated, no inference should be made that we will make additional updates with respect to that statement, related matters or any other forward-looking statements. Any corrections or revisions and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including discussions of significant risk factors, may appear in our public filings with the SEC, which are accessible at www.sec.gov, and which you are advised to consult.

You should read the above discussion with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

## Exhibit 99.3

**Exhibit 99.3**

**Vertical Aerospace Ltd**

**Unaudited Condensed Consolidated Interim Financial Information for the three and nine months ended September 30, 2025 and September 30, 2024**

**Contents**

---

| | |
|:---|:---|
| Unaudited Condensed Consolidated Interim Statements of Income and Comprehensive Income for the three and nine months periods ended September 30, 2025 and September 30, 2024 | **2** |
| Unaudited Condensed Consolidated Interim Statements of Financial Position as of September 30, 2025 and December 31, 2024 | **3** |
| Unaudited Condensed Consolidated Interim Statements of Cash Flows for the nine months periods ended September 30, 2025 and September 30, 2024 | **4** |
| Unaudited Condensed Consolidated Interim Statements of Changes in Equity for the nine months periods ended September 30, 2025 and September 30, 2024 | **5** |
| Notes to the Unaudited Condensed Consolidated Interim Financial Information | **6** |

---

**Vertical Aerospace Ltd**

**Unaudited Condensed Consolidated Interim Statements of Income and Comprehensive Income**

---

| | |
|:---|:---|
|  | **Note** |
| Research and development expenses | 4 |
| Administrative expenses | 4 |
| Related party administrative expenses | 4 |
| Other operating income/(expense) | 6 |
| **Operating loss** |  |
| Finance income | 8 |
| Finance costs | 8 |
| Related party finance income | 8 |
| **Net finance income/(costs)** | 8 |
| **Proft/(loss) before tax** |  |
| Income tax credit | 7 |
| **Net profit/(loss) for the period** |  |
| Other comprehensive income: |  |
| Items that may be reclassified to profit or loss |  |
| Change in fair value from own credit risk |  |
| Foreign exchange translation differences |  |
| **Total other comprehensive income for the period** |  |
| **Total comprehensive income/(loss) for the period** |  |
| Basic earnings/(loss) per share | 9 |
| Diluted loss per share | 9 |

---

For the three months and nine months ended September 30, 2025, potential ordinary shares have been treated as dilutive, as their inclusion in the diluted loss per share calculation decreases earnings per share. For the three months and nine months ended September 30, 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share and hence have been excluded.

The accompanying accounting policies and notes form an integral part of these Unaudited Condensed Consolidated Interim Statements.

**Vertical Aerospace Ltd**

**Unaudited Condensed Consolidated Interim Statements of Financial Position**

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **September 30,<br> 2025**<br> **£000** | **December 31,<br> 2024**<br> **£000** |
| **Non-current assets** |  |  |  |
| Property, plant and equipment |  | 2609 | 3078 |
| Right of use assets |  | 3280 | 1969 |
| Intangible assets |  | 3 | 132 |
|  |  | 5892 | 5179 |
| **Current assets** |  |  |  |
| Trade and other receivables | 11 | 19012 | 18297 |
| Restricted cash |  | 1700 | 1700 |
| Cash and cash equivalents |  | 91716 | 22556 |
|  |  | 112428 | 42553 |
| Total assets |  | **118320** | **47732** |
| **Equity** |  |  |  |
| Share capital | 10 | 78 | 55 |
| Other reserves | 10 | 132205 | 99299 |
| Treasury share reserve |  | (803) | (803) |
| Share premium |  | 652596 | 554391 |
| Accumulated deficit |  | (876173) | (1152283) |
| Total shareholders' deficit |  | **(92097)** | **(499341)** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities |  | 2505 | 1620 |
| Provisions |  | 937 | 620 |
| Trade and other payables | 12 | 3714 | 3991 |
|  |  | 7156 | 6231 |
| **Current liabilities** |  |  |  |
| Financial liabilities at fair value through profit and loss | 14 | 185819 | 524242 |
| Lease liabilities |  | 924 | 581 |
| Warrant liabilities | 13 | 258 | 434 |
| Trade and other payables | 12 | 16260 | 15585 |
|  |  | 203261 | 540842 |
| Total liabilities |  | **210417** | **547073** |
| Total equity and liabilities |  | **118320** | **47732** |

---

The accompanying accounting policies and notes form an integral part of these Unaudited Condensed Consolidated Interim Statements.

**Vertical Aerospace Ltd**

**Unaudited Condensed Consolidated Interim Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | | **9 months ended September 30,** | **9 months ended September 30,** |
|  |<br>Note | **2025**<br> **£000** | **2024**<br> **£000** |
| **Cash flows from operating activities** |  |  |  |
| Net profit/(loss) for the period |  | 274927 | (45660) |
| Adjustments to cash flows from non-cash items |  |  |  |
| Depreciation and amortization | 4 | 845 | 1591 |
| Depreciation on right of use assets | 4 | 586 | 475 |
| Net finance (income)/costs | 8 | (23774) | 12792 |
| Related party finance income | 8 | (309351) |  |
| Share based payment transactions | 5 | 5364 | 6408 |
| Income tax credit |  | (22210) | (10061) |
| Non-cash gain (settled in treasury shares) |  | - | (803) |
|  |  | (73613) | (35258) |
| Working capital adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;Decrease/(increase) in trade and other receivables | 11 | 7795 | (523) |
| &nbsp;&nbsp;&nbsp;Increase/(decrease) in trade and other payables | 12 | 398 | (5574) |
| Income taxes received |  | 13700 | 15838 |
| Net cash flows used in operating activities |  | (51720) | (25517) |
| **Cash flows from investing activities** |  |  |  |
| Acquisitions of property, plant and equipment |  | (256) | (413) |
| Interest received |  | 2168 | 1820 |
| Net cash flows from investing activities |  | 1912 | 1407 |
| **Cash flows from financing activities** |  |  |  |
| Proceeds from share issuance | 10 | 81434 |  |
| Proceeds from issues of warrants | 10 | 18032 |  |
| Proceeds from issues of shares to related party | 10 | 22208 | 15629 |
| Proceeds from issues of warrants to related party |  | 6840 | 3907 |
| Proceeds from exercise of warrants | 10 | 220 |  |
| Transaction costs on issuance of equity instruments | 10 | (7028) |  |
| Payments to lease creditors |  | (747) | (581) |
| Net cash flows generated from financing activities |  | 120959 | 18955 |
| Net increase/(decrease) in cash at bank |  | 71151 | (5155) |
| Cash at bank, beginning of the period |  | 22556 | 48680 |
| Effect of foreign exchange rate changes |  | (1991) | (719) |
| Cash at bank, end of the period |  | 91716 | 42806 |

---

The accompanying accounting policies and notes form an integral part of these Unaudited Condensed Consolidated Interim Statements.

**Vertical Aerospace Ltd**

**Unaudited Condensed Consolidated Interim Statements of Changes in Equity**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Share<br> capital<br> £000** | **Share <br> premium**<br> **£000** | **Treasury<br> share reserve**<br> **£000** | **Other<br> reserves<br> £000** | **Accumulated<br> deficit<br> £000** | **Total<br> £000** |
| At January 1, 2024 |  | 17 | 257704 |  | 86757 | (394257) | (49779) |
| Loss for the period |  |  |  |  |  | (45660) | (45660) |
| Change in fair value from own credit risk |  |  |  |  | 22293 |  | 22293 |
| Translation differences |  | - | - | - | (7411) | - | (7411) |
| Total comprehensive loss |  |  |  |  | 14882 | (45660) | (30778) |
| Share based payment transactions | 5.0 |  |  |  | 6005 |  | 6005 |
| Share issuance to related party | 1017.0 |  | 15629 |  |  |  | 15629 |
| Issuance of warrants to related party | 1017.0 |  |  |  | 3907 |  | 3907 |
| Share issuance to open market |  |  | 491 |  |  |  | 491 |
| Repurchase of ordinary shares |  |  |  | (803) |  |  | (803) |
| Transfer of reserves |  | - | - | - | 277 | (277) | - |
| At September 30, 2024 |  | 17 | 273824 | (803) | 111828 | (440194) | (55328) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share <br> capital<br> £000** | **Share<br> premium**<br> **£000** | **Treasury<br> share reserve<br> £000** | **Other<br> reserves<br> £000** | **Accumulated<br> deficit<br> £000** | **Total<br> £000** |
| At January 1, 2025 |  | 55 | 554391 | (803) | 99299 | (1152283) | (499341) |
| Profit for the period |  |  |  |  |  | 274927 | 274927 |
| Translation differences |  | - | - | - | 6075 | - | 6075 |
| Total comprehensive income |  |  |  |  | 6075 | 274927 | 281002 |
| Share based payment transactions | 5 |  |  |  | 4851 |  | 4851 |
| Share issuance | 10 | 18 | 81395 |  |  |  | 81413 |
| Issuance of warrants | 10 |  |  |  | 18032 |  | 18032 |
| Share issuance to related party | 10, 17 | 5 | 22202 |  |  |  | 22207 |
| Issuance of warrants to related party | 10, 17 |  |  |  | 6840 |  | 6840 |
| Transaction costs on issuance of equity instruments |  |  | (5688) |  | (1654) |  | (7342) |
| Exercise of warrants | 10 |  | 275 |  | (55) |  | 220 |
| Exercise of options |  |  | 21 |  |  |  | 21 |
| Transfer of reserves |  | - | - | - | (1183) | 1183 | - |
| At September 30, 2025 |  | 78 | 652596 | (803) | 132205 | (876173) | (92097) |

---

The accompanying accounting policies and notes form an integral part of these Unaudited Condensed Consolidated Interim Statements.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **1** | **General information** |

---

Vertical Aerospace Ltd (the "Company", or the "Group" if together with its subsidiaries) is incorporated under the Companies Law (as amended) of the Cayman Islands. The address of its principal executive office is: Unit 1 Camwal Court, Bristol, United Kingdom. The Group's main operations are in the United Kingdom and this financial information are presented in pounds sterling and all values are rounded to the nearest thousand (£'000) except when otherwise indicated.

This financial information were authorized for issue by the Company's Audit Committee, pursuant to delegated authority by the Board of Directors, on November 3, 2025.

**Principal activities**

The principal activity of the Company and its wholly owned subsidiary, Vertical Aerospace Group Ltd ("VAGL"), is the development and commercialization of vertical take-off and landing electrically powered ("eVTOL"), and hybrid-electrically powered, aircraft.

---

| | |
|:---|:---|
| **2** | **Material accounting policies** |

---

**Basis of preparation**

This unaudited condensed consolidated interim financial report for the nine month reporting period ended September 30, 2025 has been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), applicable to the preparation of interim financial information, IAS 34 Interim Financial Reporting.

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this filing is to be read in conjunction with the annual report for the year ended December 31, 2024.

The accounting policies adopted are consistent with those of the previous financial year.

The unaudited condensed consolidated interim financial report has been prepared on a historical cost basis, as modified by the revaluation of certain financial assets and liabilities (including financial liabilities at fair value through profit and loss) which are recognized at fair value through profit and loss.

The functional currency of the Company is US Dollars ('$' or 'USD') and the functional currency of VAGL is pounds sterling ('£' or 'GBP'). The unaudited condensed consolidated interim financial report is presented in pounds sterling ('£' or 'GBP'), which is the Group's presentation currency. Items included in the unaudited condensed consolidated interim financial report are measured using the currency of the primary economic environment in which the entity and its subsidiaries operate ("the functional currency"). Cumulative translation adjustments resulting from translating foreign functional currency financial information into GBP are reported within other reserves.

**Basis of consolidation**

Vertical Aerospace Ltd is the parent of the Group and has 100% ownership interest and voting rights of Vertical Aerospace Group Limited, which is its only material subsidiary.

The consolidated financial information incorporates the financial positions and the results of operations of the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial information of the subsidiaries are prepared for the same reporting period as the Company using consistent accounting policies. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **2** | **Material accounting policies (continued)** |

---

**Going Concern**

Management has prepared a cash flow forecast for the Group and has considered the ability for the Group to continue as a going concern for the foreseeable future, being at least 12 months after the issuance of this financial information.

The Group is currently in the research and development phase of its journey to commercialize eVTOL and hybrid-electric technologies. Commensurate with being in the development phase, the Group has invested heavily in research to support the development of its aircraft. The Group is not currently generating revenue and has incurred net losses and net cash outflows from operating activities since inception.

As of September 30, 2025, the Group had £92 million of cash and cash equivalents on hand and a net shareholders' deficit of £92 million.

The Company launched the January 2025 Offering and the July 2025 Offering, which culminated in the closing of a $90 million underwritten public offering on January 24, 2025, and the closing of a $69 million underwritten public offering on July 10, 2025, respectively, before deducting underwriting discounts and commissions and other offering expenses. In September 2025, the Company established an "at the market" equity offering program, pursuant to which it may issue and sell its ordinary shares, having an aggregate offering price of up to $100 million, from time to time. The Company will pay commissions of up to 3% of the gross proceeds of any ordinary shares sold through the program under the sales agreement. As of the date of this filing, the Company had sold ordinary shares under this program, totaling $16.4 million, net of commissions.

As of the issuance of this financial information, the Group had approximately £89 million of cash and cash equivalents on hand. To position itself to deliver upon its stated operational objectives, management currently projects its net cash outflows from operations within the next 12 months after issuance of this financial information to be approximately £175 million, which will be used primarily to fund the testing of its prototype aircraft, as well as to further the development of its certification aircraft.

Accordingly, the Group projects that its current existing resources will only be sufficient to fund its ongoing operations towards the middle of 2026. The Group requires additional capital to continue to fund its ongoing operations beyond that point.

The Convertible Senior Secured Notes Indenture contains a covenant requiring the Group to maintain a minimum cash balance of at least $10 million at all times. The Group currently projects that it will breach this covenant in the second quarter of 2026 unless additional capital is raised. Such a breach, if uncured, would result in an event of default occurring under the Indenture, which would permit the Convertible Senior Secured Notes Investor to accelerate the maturity of the Convertible Senior Secured Notes and ultimately claim against its collateral. An event of default would result in the Convertible Senior Secured Notes being due immediately to which the Group does not have sufficient funds to repay.

The Group's ability to continue as a going concern is highly dependent on its ability to secure funds from additional funding rounds before it utilizes all existing resources to finance the Group's ongoing operations. Management is committed to continue to raise additional funds and may seek to issue further equity in doing so. Although the Group plans to raise additional funds before it utilizes its existing resources there can be no assurance that the Group will be able to raise additional funds on acceptable terms (or on necessary timelines) to provide sufficient funds to meet the Group's ongoing funding requirements. The timely completion of financing is critical to the Group's ability to continue as a going concern. The inability to obtain future funding could impact on the Group's financial condition and ability to pursue its business strategies, including being required to delay, reduce or eliminate some of its research and development programs, or being unable to continue operations or continue as a going concern.

The dependency on raising additional capital indicates that a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Group's ability to continue as a going concern and therefore the Group may be unable to realize the assets and discharge the liabilities in the normal course of business. The consolidated financial information has been prepared assuming that the Group will continue as a going concern, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business and do not include any adjustments that would result if the Group were unable to continue as a going concern.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **3** | **Critical accounting judgements and key sources of estimation uncertainty** |

---

The preparation of the unaudited condensed consolidated interim financial information in conformity with IFRS Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial information and the reported amounts of expenses during the reporting period.

The Company's most significant estimates relate to the January 2025 Offering in addition to the valuations of financial liabilities at fair value through profit and loss, including the Convertible Senior Secured Notes. The Company's most critical judgments relate to the research and development tax relief.

These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Such estimates often require the selection of appropriate valuation methodologies and models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results may differ from those estimates under different assumptions, financial inputs, or circumstances.

<u>Critical accounting judgments relating to research and development tax relief</u>

Research and development tax relief supports companies that work on innovative projects in science and technology.

For accounting periods beginning before April 1, 2024, HM Revenue & Customs administered two such tax relief schemes: one aimed at small and medium-sized enterprises ("SME"); and the R&D expenditure credit scheme ("RDEC"), aimed at large companies and other companies that aren't eligible for SME relief.

A merged RDEC and an enhanced R&D intensive support ("ERIS") scheme replaced the old RDEC and SME schemes for accounting periods beginning on or after April 1, 2024.

Enhanced intensive support is available to loss-making R&D intensive SMEs, with the definition of a large company is based on staff, turnover and balance sheet measures, and includes that of any linked or partner companies.

Management has concluded that the Company itself does not meet the definition of a large company and has determined that the transactions contemplated under the Investment Agreement on December 23, 2024, do not result in the presence of any linked or partner companies that would otherwise cause the Company to be defined as a large company. The Company has recognized relief under the ERIS scheme. Please see note 7 for further details.

A company is considered R&D intensive where its qualifying R&D expenditure is 30% or more of its total expenditure (the "intensity threshold"). Companies meeting this intensity threshold are able to claim enhanced support using a higher rate of credit. The Company has determined its eligibility for enhanced support based upon Total administrative & research and development expenses taken from the Unaudited Condensed Consolidated Interim Statements of Income and Comprehensive Income.

To qualify for tax relief, the work must be part of a specific project to make an advance in science or technology. This definition is based on an international standard. Certain indirect activities related to the project are also qualifying where such activities form part of a project but do not directly contribute to the resolution of the scientific or technological uncertainty. An appropriate proportion of the staffing cost can be qualifying expenditure if the employee is only partly directly and actively involved in relevant research and development activity. Management have applied judgment in determining the proportion of research and development staff costs incurred on non-qualifying activities and the extent of administrative staff costs relating to qualifying indirect activities.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **3** | **Critical accounting judgements and key sources of estimation uncertainty (continued)** |

---

<u>Key sources of estimation uncertainty relating to the January 2025 Offering</u>

On January 24, 2025, upon closing of the January 2025 Offering, 15 million Ordinary Shares plus 7.5 million Tranche A warrants and 7.5 million Tranche B warrants, were contemporaneously issued to the same counterparties. Gross proceeds of the January 2025 Offering totaled $90 million, before deducting underwriting discounts and commissions and other offering expenses.

In instances where multiple financial instruments are issued together, the proceeds received are required to be allocated to each instrument to establish its initial carrying amount. Management has undertaken independent issuance-date estimates of fair value for each freestanding instruments issued as part of the "bundled transaction".

Warrants issued as part of the January 2025 Offering are separately exercisable (i.e., the exercise of the warrants would not result in the termination of the ordinary shares the warrants may have been issued with) and are therefore considered to be freestanding.

Management has determined that the warrants issued meet the requirements to be classified as equity and therefore are not subsequently measured at fair value. Because ongoing fair value measurement is not required for either instrument issued, the proceeds have been allocated to each financial instrument based on the respective instrument's proportionate fair value.

The Company utilizes a Black-Scholes-Merton model as its "fixed-for-fixed" fair value option model, with inputs shown below:

---

| | | |
|:---|:---|:---|
|  | **Tranche A warrants** | **Tranche B warrants** |
| Share price ($) | 5.60 | 5.60 |
| Strike price ($) | 6.00 | 7.50 |
| Risk free rate (%) | 4.40 | 4.40 |
| Time to maturity (years) | 1.6 | 5.0 |
| Dividend yield (%) |  |  |
| Volatility (%) | 85.00 | 85.00 |

---

The Tranche A warrants expire on the earlier of: (i) upon the satisfaction of both of the following conditions: (a) the Company successfully demonstrating a wing-borne flight of its VX4 prototype aircraft and (b) the 10-day volume weighted average price of the Company's ordinary shares, following the public disclosure of such successful wing-borne flight, being equal to or greater than, 103% of the exercise price of the warrants, the 30th day following the date of such disclosure; and (ii) the five-year anniversary of the date of issuance. The Tranche A warrants are exercisable at an exercise price of $6.00 per whole ordinary share.

Upon initial recognition the Company has utilized a probability weighted approach when determining the appropriate time to maturity for the Tranche A warrants, reflecting the likelihood that the above-mentioned conditions occur or are accomplished prior to the five-year anniversary of the date of issuance.

On May 27, 2025, the Company issued a press release constituting the initial public disclosure of the satisfaction of a wing-borne flight of our VX4 aircraft for purposes of the Company's outstanding Tranche A warrants. However, the 10-day volume weighted average price of the Company's ordinary shares, following the date of this disclosure did not equal or exceed 103% of the exercise price of the Tranche A warrant within the 30-day period following such date. As such, the Tranche A warrants remain exercisable and will only expire on the five-year anniversary of their date of issuance.

The Tranche B warrants will expire five years from the date of issuance and are exercisable at an exercise price of $7.50 per whole ordinary share.

A resultant fair value of $2.29 per whole Tranche A warrant and $3.61 per whole Tranche B warrant has been derived. The fair value of ordinary shares has been derived using the reference share price upon closing of the January 2025 Offering, being $5.60 per share. Please see note 10 for further details.

With the exception of the above, in preparing this unaudited condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation were the same as those that applied to the consolidated financial information as at and for the year ended December 31, 2024.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **4** | **Expenses by nature** |

---

Included within administrative expenses, research and development expenses, and related party administrative expenses are the following expenses.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **3 months ended September 30,** | **3 months ended September 30,** | **9 months ended September 30,** | **9 months ended September 30,** |
|  | **2025**<br> **£000** | **2024**<br> **£000** | **2025**<br> **£000** | **2024**<br> **£000** |
| Research and development staff costs (excluding share-based payment expenses) | 9340 | 7349 | 24664 | 20029 |
| Research and development consultancy | 7184 | 2224 | 10318 | 9619 |
| Research and development components, parts and tooling | 1790 | 3536 | 6123 | 15412 |
| **Total research and development expenses** | **18314** | **13109** | **41105** | **45060** |
| Administrative staff costs (excluding share-based payment expenses) | 2926 | 2326 | 8976 | 7013 |
| Share based payment expenses (note 5) | 2157 | 1623 | 5364 | 6408 |
| Consultancy costs | 662 | 706 | 2303 | 1879 |
| Legal and financial advisory costs | 545 | 1689 | 2326 | 3460 |
| HR advisory and recruitment costs | 832 | 200 | 1654 | 549 |
| IT hardware and software costs | 2509 | 1890 | 6276 | 5297 |
| Insurance expenses | 526 | 130 | 1704 | 282 |
| Marketing costs | 1708 | 912 | 2293 | 1686 |
| Premises expenses | 603 | 535 | 1505 | 1679 |
| Depreciation expense | 249 | 280 | 715 | 838 |
| Amortization expense | 23 | 217 | 130 | 753 |
| Depreciation on right of use property assets | 226 | 149 | 586 | 475 |
| Other administrative expenses | 658 | 803 | 1893 | 1851 |
| **Total administrative costs** | **13624** | **11460** | **35725** | **32170** |
| Related party administrative expenses | 56 | 15 | 207 | 57 |
| **Total administrative and research and development expenses** | **31994** | **24584** | **77037** | **77287** |

---

Staff costs relate primarily to salary and related expenses, including social security and pension contributions, but excluding share-based payments. Please see note 5 for further details.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **5** | **Share-based payments** |

---

The Group has established two employee option plans. The EMI Scheme (closed to employees during 2021) and the 2021 Incentive Plan (implemented in 2022).

For more information about the option plans, please refer to the Group's annual financial statements for the year ended December 31, 2024.

The total expense recognized by the company during the period in respect of these plans is shown below:

---

| | | |
|:---|:---|:---|
|  | **9 months ended September 30,** | **9 months ended September 30,** |
|  | **2025<br> £'000** | **2024<br> £'000** |
| 2021 Incentive plan | 3173 | 5860 |
| Enterprise Management Initiative | 77 | 279 |
| Non-Executive Director awards | 2114 | 269 |
|  | **5364** | **6408** |

---

A summary of options granted under the plans is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| <br>**2021 Incentive Plan** | **Number** | **Average<br> exercise price<br> (£)** | **Number** | **Average<br> exercise price<br> (£)** |
| Outstanding, start of period | 1171210 | 0.91 | 998598 | 1.20 |
| Granted during the period | 6791743 | 1.39 | 397803 | 0.40 |
| Exercised during the period | (87541) |  | (128369) |  |
| Forfeited during the period | (90043) | 1.60 | (96822) | 2.97 |
| Outstanding, end of period | **7785369** | **1.33** | **1171210** | **0.91** |

---

The number of options which were exercisable at September 30, 2025 was 1,462,700 (December 31, 2024: 380,763) with exercise prices ranging from £nil to £8.91 (December 31, 2024: £nil to £8.95). Options exercised during the period related solely to nil-cost options.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| <br>**EMI Scheme** | <br>**Number** | **Average<br> exercise price<br> (£)** | **Number** | **Average<br> exercise price<br> (£)** |
| Outstanding, start of period | 945429 | 2.20 | 1170231 | 2.50 |
| Granted during the period |  |  |  |  |
| Exercised during the period | (11859) | 1.80 |  |  |
| Forfeited during the period | (49074) | 9.80 | (224802) | 3.80 |
| Outstanding, end of period | **884496** | **1.80** | **945429** | **2.20** |

---

The number of options which were exercisable at September 30, 2025 was 685,178 (December 31, 2024: 635,240) with an exercise price of £1.71 (December 31, 2024: ranging from £1.84 to £11.49).

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **6** | **Other operating income/(expense)** |

---

The analysis of the Group's other operating income/(expense) for the period is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **3 months ended September 30,** | **3 months ended September 30,** | **9 months ended September 30,** | **9 months ended September 30,** |
|  | **2025**<br>**£000** | **2024**<br>**£000** | **2025**<br>**£000** | **2024**<br>**£000** |
| Government grants | 1524 | 1349 | 4176 | 5462 |
| R&D Expenditure Credit ("RDEC") |  | 246 | (7553) | 986 |
| Other |  |  | 6 |  |
| Rolls-Royce settlement | - | **-** | - | 27910 |
|  | **1524** | **1595** | **(3371)** | **34358** |

---

Government grants relate to amounts receivable from grant awarding bodies relating to the research and development of eVTOL technologies. These grants are made to fund research and development expenditure and are recognized in profit or loss in the period to which the expense they are intended to fund relates.

---

| | |
|:---|:---|
| **7** | **Income tax credit** |

---

The Company recognizes R&D tax relief relating to the RDEC scheme within Other operating income, and R&D tax relief under both the small and medium-sized enterprise ("SME") scheme and its successor enhanced R&D intensive support ("ERIS") scheme within Income tax credit, as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **3 months ended <br> September 30,** | **3 months ended <br> September 30,** | **9 months ended<br> September 30,** | **9 months ended<br> September 30,** |
|  | **2025**<br> **£000** | **2024**<br> **£000** | **2025**<br> **£000** | **2024**<br> **£000** |
| Enhanced R&D intensive support | 2618 |  | 8510 |  |
| Small and medium-sized Enterprise scheme |  | 3613 |  | 10061 |
| Adjustments for R&D tax relief of prior periods | - | - | 13700 | - |
|  | **2618** | **3613** | **22210** | **10061** |

---

For accounting periods beginning before April 1, 2024, HM Revenue & Customs administered two such tax relief schemes: one aimed at SMEs, and the RDEC scheme, aimed at large companies and other companies that aren't eligible for SME relief.

A merged RDEC and an ERIS scheme replaced the old RDEC and SME schemes for accounting periods beginning on or after April 1, 2024.

At the time of preparing its financial statements for the year ended December 31, 2024, the Company was unable to determine, with certainty, if any relationships existed that would cause the Company to be defined as a large company and ineligible for SME relief. Absent of such certainty, within those financial statements, the Company recognized tax relief solely based on the RDEC scheme.

Management has since determined that the transactions contemplated under the Investment Agreement on December 23, 2024, do not result in the presence of any linked or partner companies that would otherwise cause the Company to be defined as a large company and therefore the nine months ended September 30, 2025 reflects the reversal of tax relief previously recognized under the RDEC scheme of £7,553 thousand (see note 6), with £13,700 thousand subsequently claimed, and received, under the SME scheme (and reported within Income tax credit).

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **8** | **Finance income/(costs)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **3 months ended September 30,** | **3 months ended September 30,** | **9 months ended September 30,** | **9 months ended September 30,** |
|  | **2025**<br> **£000** | **2024**<br> **£000** | **2025**<br> **£000** | **2024**<br> **£000** |
| Interest income on deposits | 926 | 654 | 2169 | 1822 |
| Fair value movements on warrant liabilities (note 13) | 473 | 297 | 149 | 602 |
| Foreign exchange gain |  | 14648 | 21582 | 12187 |
| Other | - | - | - | 6 |
| **Total finance income** | **1399** | 15599 | **23900** | 14617 |
| Fair value movements on financial liabilities at fair value through profit and loss (note 14) |  | (20451) |  | (14537) |
| In-kind interest on financial liabilities at fair value through profit and loss (note 14) |  | (4269) |  | (12752) |
| Foreign exchange loss | (5948) |  |  |  |
| Interest expense on leases | (48) | (38) | (126) | (120) |
| Other | - | (4) | - | - |
| **Total finance costs** | **(5996)** | (24762) | **(126)** | (27409) |
| Fair value movements on financial liabilities at fair value through profit and loss (note 14) | 59499 | - | 318218 | **-** |
| **Total related party finance income** | **59499** | **-** | **318218** | **-** |
| In-kind interest on financial liabilities at fair value through profit and loss (note 14) | (3085) | **-** | (8867) | - |
| **Total related party finance costs** | **(3085)** | **-** | **(8867)** | **-** |
| **Net related party finance income** | **56414** | **-** | **309351** | **-** |
| **Net finance income/(costs)** | **51817** | **(9163)** | **333125** | **(12792)** |

---

---

| | |
|:---|:---|
| **9** | **Earnings/(loss) per share** |

---

Basic earnings per share is calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares in issue during the period.

Diluted loss per share is calculated by adjusting the profit or loss for the period and the weighted average number of ordinary shares in issue during the period to assume the conversion of all dilutive potential ordinary shares.

The Company has one category of dilutive potential ordinary shares, being those issuable upon conversion of the Convertible Senior Secured Notes, which for the purposes of diluted loss per share, have been assumed to be issued at the beginning of the period.

On September 20, 2024, the implementation of a reverse stock split at a ratio of one-for-ten shares became effective. The reverse stock split resulted in a proportional decrease in the number of authorized ordinary shares, and a proportional increase in the par value of such ordinary shares, in each case in accordance with the reverse stock split ratio. All share and per share amounts in this condensed consolidated financial information and related notes hereto have been retrospectively adjusted to account for the effect of the reverse stock split.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **9** | **Earnings/(loss) per share (continued)** |

---

The calculation of earnings/(loss) per share is based on the following data:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **3 months ended September 30,** | **3 months ended September 30,** | **9 months ended September 30,** | **9 months ended September 30,** |
|  | **2025<br> £000** | **2024<br> £000** | **2025<br> £000** | **2024<br> £000** |
| Net profit/(loss) for the period for basic earnings per share | 23965 | (28539) | 274927 | (45660) |
| &nbsp;&nbsp;&nbsp;Adjustment for calculation of diluted loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fair value movements on financial liabilities at fair value through profit and loss | (59499) |  | (318218) |  |
| &nbsp;&nbsp;&nbsp;In-kind interest on financial liabilities at fair value through profit and loss | 3085 | - | 8867 | - |
| **Net loss for the period for diluted loss per share** | **(32449)** | **(28539)** | **(34424)** | **(45660)** |

---

---

| | |
|:---|:---|
|  | **No. of shares** |
| Weighted average issued shares for basic earnings per share |  |
| &nbsp;&nbsp;&nbsp;Adjustment for calculation of diluted loss per share upon conversion of: |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities at fair value through profit and loss |  |
| Weighted average issued shares for diluted loss per share |  |
| Basic earnings/(loss) per share |  |
| Diluted loss per share |  |

---

For the three months and nine months ended September 30, 2025, potential ordinary shares have been treated as dilutive, as their inclusion in the diluted loss per share calculation decreases earnings per share. For the three months and nine months ended September 30, 2024, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share and hence have been excluded.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **10** | **Share capital and reserves** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, <br> 2025** | **September 30, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2024** | **December 31, <br> 2024** |
| <br>**Allotted, called up and fully paid:** | **No.** | **£** | £**No.** | **No.** | **£** |
| Ordinary of $0.001 each | 99787293 |  |  | 69542515 | 54753 |
|  | **99787293** |  |  | **69542515** | **54753** |

---

Ordinary shares (other than shares held in treasury) have full voting rights, full dividend rights. Treasury shares totaling 140,000 are excluded as at September 30, 2025 (December 31, 2024: 140,000). The Company is authorized to issue 200,000,000 ordinary shares.

During the period 30,244,778 ordinary shares were issued as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares <br> issued <br> No.** | **Share capital<br> issued £** | **Proceeds** <br> **received<br> £000** | **Premium<br> arising <br> £000** |
| January 2025 Offering | 15000000 | 11972 | 44203 | 44066 |
| July 2025 Offering | 13800000 | 10181 | 48827 | 48502 |
| At the market program | 1256440 | 931 | 5342 | 5341 |
| Warrants exercised | 50000 | 37 | 220 | 275 |
| Employee Option Plans | 138338 | 98 | 21 | 21 |
|  | **30244778** | **23219** | **98613** | **98205** |

---

On September 5, 2025, we entered into the Sales Agreement with Jefferies, pursuant to which the Company may issue and sell its ordinary shares, par value $0.001 per share, having an aggregate offering price of up to $100 million, from time to time to or through Jefferies, acting as sales agent, in an "at the market" equity offering program. Under the Sales Agreement, the Company may set the parameters for each sale of ordinary shares, including the total sales price of ordinary shares to be issued, the dates on which such sales are anticipated to be made and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, Jefferies will use commercially reasonable efforts to sell the ordinary shares by methods deemed to be an "at the market" offering as defined in Rule 415(a)(4) promulgated under the Securities Act. The Company has no obligation to sell any of the ordinary shares, and Jefferies is not required to sell any specific number or dollar amount of the ordinary shares. The Company may instruct Jefferies not to sell the ordinary shares if the sales cannot be effected at or above the price we designate from time to time and the Company may at any time suspend sales pursuant to the Sales Agreement. The Company pays Jefferies a commission of up to 3.0% of the gross sales proceeds of any ordinary shares sold through Jefferies under the Sales Agreement. The Company made certain customary representations, warranties and covenants in the Sales Agreement and also provided Jefferies with customary indemnification and contribution rights. The offering of ordinary shares pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all ordinary shares subject to the Sales Agreement and (ii) the termination of the Sales Agreement as permitted therein. As of September 30, 2025, the Company had sold approximately 1.3 million ordinary shares under the "at the market" program at a weighted average share price of $5.90.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **10** | **Share capital and reserves (continued)** |

---

**Nature and purpose of other reserves**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025<br> £000** | **December 31,<br> 2024<br> £000** |
| Share based payment reserve | 30741 | 27073 |
| Warrant reserve | 36638 | 13475 |
| Merger reserve | 54841 | 54841 |
| Foreign currency translation reserve | 9985 | 3910 |
|  | 132205 | 99299 |

---

The share-based payments reserve is used to recognize the grant date fair value of options issued to employees but not exercised.

The warrant reserve is used to recognize the fair value of warrants issued in exchange for a fixed amount of cash or another financial asset for a fixed number of the Company's ordinary shares ('fixed-for-fixed condition'). As part of the January 2025 Offering, 7.5 million Tranche A warrants and 7.5 million Tranche B warrants were issued on January 24, 2025, resulting in £23,553 thousand ($28,984 thousand) being recognized within the warrant reserve.

The merger reserve is used to reflect any difference between the consideration and the book value of net assets acquired as part of a business combination.

The translation reserve arises upon the retranslation of overseas subsidiaries and the Company's USD denominated balances in consolidated financial information.

---

| | |
|:---|:---|
| **11** | **Trade and other receivables** |

---

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025<br> £000** | **December 31,<br> 2024<br> £000** |
| R&D tax relief receivable | 8513 | 8686 |
| Government grants and VAT receivable | 4100 | 4349 |
| Prepayments | 5931 | 4576 |
| Other receivables | 468 | 634 |
| Amounts due from related party | - | 52 |
|  | **19012** | **18297** |

---

R&D tax relief receivable includes £8,513 thousand recognized under the ERIS scheme (December 31, 2024: £nil); and £nil recognized for R&D tax relief claimed under the RDEC scheme (December 31, 2024: £8,686 thousand).

Expected credit losses were not significant in the three and nine-months ended September 30, 2025 and 2024. For more information on the Group's exposure to credit and market risks, including impairments and allowances for credit losses, relating to trade and other receivables please refer to the Group's annual financial statements for the year ended December 31, 2024.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **12** | **Trade and other payables** |

---

Amounts falling due within one year:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025<br> £000** | **December 31,<br> 2024<br> £000** |
| Trade payables | 5707 | 5444 |
| Accrued expenses | 9002 | 7354 |
| Amounts due to related parties | 56 | 1900 |
| Social security and other taxes | 1100 | 879 |
| Outstanding defined contribution pension costs | 395 | 8 |
|  | **16260** | **15585** |

---

Amounts falling due after more than one year:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025<br> £000** | **December 31,<br> 2024<br> £000** |
| Deferred fees and charges | 3714 | 3991 |

---

For more information on the Group's exposure to market and liquidity risks, including maturity analysis, related to trade and other payables please refer to the Group's annual financial statements for the year ended December 31, 2024.

---

| | |
|:---|:---|
| **13** | **Warrants** |

---

**Warrant liability at fair value through profit and loss**

The following warrants are in issue but not exercised:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025**<br> **No.** | **September 30, 2025**<br> **No.** | **December 31, 2024**<br> **No.** | **December 31, 2024**<br> **No.** |
| Public Warrants |  | 15264935 |  | 15264935 |
| Convertible Notes Warrants | | 4,000,000 | | 4,000,000 |
| **Outstanding, end of period** | | **19,264,935** | | **19,264,935** |

---

Recorded as a liability, the following shows the change in fair value during the period ended September 30, 2025:

---

| | |
|:---|:---|
| **Change in fair value during the period** | £**000** |
| December 31, 2024 | 434 |
| Change in fair value | (149) |
| Exchange differences on translation | (27) |
| **September 30, 2025** | **258** |

---

The Public Warrants and Convertible Notes warrants expire on December 16, 2026, or earlier upon redemption or liquidation. Each such warrant entitles the registered holder to purchase 1/10 of one share of common stock, meaning that ten warrants must be exercised for a holder of warrants to receive one ordinary share of the Company at a price of $115.00 per share. Such warrants may only be exercised for a whole number of shares.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **13** | **Warrants (continued)** |

---

Once such warrants become exercisable, the Company may redeem such warrants at a price of $0.10 per warrant if the closing price of the common stock equals or exceeds $180.00 per share for any 20 trading days within a 30-trading day period. The exercise price and number of common stock issuable upon exercise of warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. On December 4, 2024, the New York Stock Exchange (the "NYSE") filed a Form 25 with the SEC, removing the Public Warrants from their listing on the NYSE.

**Warrants recognized within equity**

The following warrants (and options) are in issue but not exercised:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Warrants and options in <br> issue** | **Warrants and options in <br> issue** | **Warrant reserve** | **Warrant reserve** |
|  | **September<br> 30, 2025<br> No.** | **December<br> 31, 2024<br> No.** | **September<br> 30, 2025<br> £000** | **December<br> 31, 2024<br> £000** |
| Tranche A Warrants | 7450000 |  | 8951 |  |
| Tranche B Warrants | 7500000 |  | 14212 |  |
| SF Warrants | 50000000 | 50000000 | 3907 | 3907 |
| Virgin Atlantic Warrants | 2625000 | 2625000 | 8558 | 8558 |
| MWC Options | 2000000 | 2000000 | 1010 | 1010 |
| **Outstanding, end of period** | **69575000** | **54625000** | **36638** | **13475** |

---

The public Tranche A Warrants and Tranche B Warrants were issued on January 24, 2025 in connection with the January 2025 Offering, with each such warrant exercisable for one ordinary share of the Company at an exercise price of $6.00 and $7.50 respectively.

During the nine months ending September 30, 2025, holders of 50,000 Tranche A Warrants exercised their warrants for 50,000 ordinary shares at an exercise price of $6.00 per share, resulting in gross proceeds of $300 thousand.

The private SF Warrants were issued on March 13, 2024 to Stephen Fitzpatrick pursuant to the SF Warrant Instrument, with 10 such warrants exercisable for one ordinary share of the Company at an exercise price of $50.00.

The initial Virgin Atlantic Warrants were issued on December 16, 2021 to Virgin Atlantic pursuant to the Virgin Atlantic Warrant Instrument, with 10 such warrants exercisable for one ordinary share of the Company at an exercise price of $100.00.

Additionally, on December 16, 2021, Marcus Waley-Cohen was awarded 2,000,000 private options, with 10 such options exercisable for one ordinary share of the Company at an exercise price of $115.00.

These warrants and options meet the fixed-for-fixed criterion and are therefore recognized within other reserves until the point of exercise. The amount classified to other reserves on initial recognition reclassified to share capital and share premium upon exercise.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **14** | **Financial liabilities at fair value through profit and loss** |

---

Financial liabilities at fair value through profit and loss consists of the following Convertible Senior Secured Notes:

---

| | |
|:---|:---|
|  | **Mudrick**<br> **£000** |
| As at December 31, 2024 | 524242 |
| Fair value movements | (318218) |
| In-kind interest paid and accrued | 8867 |
| Exchange differences on translation | (29072) |
| **As at September 30, 2025** | **185819** |

---

**Initial recognition**

On December 15, 2021, Mudrick Capital purchased Convertible Senior Secured Notes of and from the Company in an aggregate principal amount of $200,000 thousand for an aggregate purchase price of $192,000 thousand (the "Purchase Price"). The Convertible Senior Secured Notes were initially convertible into up to 1,818,182 ordinary shares at an initial conversion rate of 9.09091 ordinary shares per $1,000 principal amount. The Convertible Senior Secured Notes bore interest at the rate of 9% per annum, as the Company elected to pay interest in-kind, by way of PIK Notes. Interest was paid semi-annually in arrears. The Convertible Senior Secured Notes had an initial maturity date of the fifth anniversary of issuance and were redeemable at any time by the Company for cash.

**Substantial modification and partial conversion**

On December 23, 2024, the Company entered into the First Supplemental Indenture setting forth certain amendments, including: (i) increasing the interest rate applicable to the Convertible Senior Secured Notes to 10.00% for cash interest and 12.00% for PIK interest; (ii) extending the maturity date of the Convertible Senior Secured Notes to December 15, 2028; and (iii) providing for a fixed conversion price of $2.75 per ordinary share (or 363.636 ordinary shares per $1,000 principal amount) for half of the principal amount of the Convertible Senior Secured Notes and $3.50 per ordinary share (or 285.714 ordinary shares per $1,000 principal amount) for the other half.

The Company has determined that, in accordance with IFRS 9, these amendments represented a substantial modification of the existing financial liabilities and was therefore accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability, with the difference between the carrying amount of the original instrument and the fair value of the new financial liability recognized in profit or loss during the year ended December 31, 2024.

**Subsequent measurement**

Following the execution of the First Supplemental Indenture and during the year ended December 31, 2024, the noteholders delivered conversion notices to the Company for the conversion of half, or approximately $130 million in principal amount, of the Convertible Senior Secured Notes at a fixed conversion price of $2.75 per Ordinary Share, which resulted in the issuance of 47,343,585 ordinary shares, with a reference share price of $7.42 per ordinary share, by the Company to the holders of the Convertible Senior Secured Notes.

As of September 30, 2025, a total of 39,430,443 ordinary shares are potentially issuable upon exercise of the remaining outstanding principal amount of Convertible Senior Secured Notes. Following the Partial Conversion, in accordance with the Investment Agreement, the Company's wholly owned subsidiary, VAGL, entered into the second supplemental indenture to the Indenture with the Trustee (the "Second Supplemental Indenture"), pursuant to which VAGL became a guarantor of the Convertible Senior Secured Notes under the Indenture on a senior secured basis by granting fixed and floating charges over all of its assets.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **14** | **Financial liabilities at fair value through profit and loss (continued)** |

---

A number of other covenants exist in relation to the Company's obligations in respect of the Convertible Senior Secured Notes, including (but not limited to): payments under the Convertible Senior Secured Notes and interest thereunder; furnishing the trustee with Exchange Act reports; compliance with Section 13 or 15(d) of the Exchange Act; provision of an annual compliance certificate; relinquishing of the benefit or advantage of, any stay, extension or usury law; acquisition of the Convertible Senior Secured Notes by the Company; permitting any Company subsidiaries to provide a charge over the Convertible Senior Secured Notes; limitation on liens securing indebtedness; limitation on asset sales; limitation on transactions with affiliates; limitation on restricted payments; and retention of $10 million cash. As at September 30, 2025, cash at bank includes £7,428 thousand in accordance with the above covenant.

---

| | |
|:---|:---|
| **15** | **Financial instruments** |

---

To provide an indication about the reliability of the inputs used in determining fair value, the Company classifies its financial instruments into the three levels prescribed under the accounting standards.

Financial liabilities at fair value through profit and loss:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Carrying Value** | **Carrying Value** | **Fair Value** | **Fair Value** |
|  | **September 30,<br> 2025**<br> **£000** | **December 31,<br> 2024**<br> **£000** | **September 30,<br> 2025**<br> **£000** | **December 31,<br> 2024**<br> **£000** |
| Financial liabilities at fair value through profit and loss | 185819 | 524242 | 185819 | 524242 |
| Warrant liabilities | 258 | 434 | 258 | 434 |
|  | **186077** | **524676** | **186077** | **524676** |

---

Warrants are quoted on the OTC Bulletin Board (an interdealer automated quotation system for equity securities that is not a national securities exchange) and are therefore categorized in level 2 of the fair value hierarchy. Financial liabilities at fair value through profit and loss are categorized in level 3 of the fair value hierarchy.

The fair value of financial liabilities at fair value through profit and loss, which consist of the Convertible Senior Secured Notes, has been estimated using an option pricing model, in accordance with the definition of fair value under IFRS 13, which represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Convertible Senior Secured Notes, initially had a five-year term from the date of issuance on December 16, 2021, and a payment-in-kind interest rate of 9.0% (compounding semi-annually), or a cash interest rate of 7.0% (paid semi-annually). The holder of the Convertible Senior Secured Notes had an initial right to convert them into ordinary shares in the Company at any time at a conversion ratio of 90.9091 per $1,000 principal amount (with any payment-in-kind accrual converting at the same ratio).

On December 23, 2024 the maturity date was extended to December 15, 2028 and the Conversion Rate was amended to 363.636 Ordinary Shares per $1,000 principal amount of notes in relation to the first $130,194,859 principal amount of the Convertible Senior Secured Notes, which was immediately converted by the noteholder into ordinary shares, and 285.714 Ordinary Shares per $1,000 principal amount of Convertible Senior Secured Notes for the remaining portion outstanding. Additionally, effective December 15, 2024, each Convertible Senior Secured Notes accrues interest at 10.0% per annum with respect to interest paid in cash and 12.0% per annum with respect to payment-in-kind interest. The outstanding principal immediately following partial conversion was $130,194,859 and as at September 30, 2025, was $138,006,551.

Option pricing has been utilized to calculate the probability that these options will be in the money at expiration and assign a dollar value to it. The underlying share price of the Company, exercise price, volatility, interest rate, and time to expiration have been used as inputs into the model to derive the option's theoretical fair value.

**Vertical Aerospace Ltd**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **15** | **Financial instruments (continued)** |

---

As of September 30, 2025, an estimated fair value of £185,819 thousand (December 31, 2024: £524,242 thousand) was calculated for the Convertible Senior Secured Notes, based on the following valuation inputs:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Share price ($) | 5.19 | 12.58 |
| Conversion price ($) | 3.50 | 3.50 |
| Interest rate (%) | 12.00 | 12.00 |
| Credit spread (%) | 42.65 | 40.64 |
| Risk free rate (%) | 3.60 | 4.40 |
| Expected life (years) | 3.20 | 4.00 |
| Dividend yield (%) |  |  |
| Volatility (%) | 85.00 | 85.00 |

---

Company specific inputs include the expected probability and timing of future equity financing, in addition to the probability and timing of a future fundamental change. Credit spread is initially selected such that the fair value of the Convertible Senior Secured Notes reconciles to the total purchase price of $192 million based upon the arms' length transaction closing as of December 15, 2021, subsequently adjusted for company-specific credit risk.

For more information about the Convertible Senior Secured Notes, please refer to the Group's annual financial statements for the year ended December 31, 2024.

---

| | |
|:---|:---|
| **16** | **Financial risk management and impairment of financial assets** |

---

The Group's activities expose it to a variety of financial risks including market risk, credit risk, foreign exchange risk and liquidity risk.

**Credit risk** 

Credit risk is the risk of financial loss to the Group if a counterparty to a financial instrument fails to meet its contractual obligations, arising principally from prepayments to suppliers and deposits with the Group's bank.

Also included in Restricted cash is £1,700 thousand deemed to be restricted as at September 30, 2025, in relation to rent guarantees.

The carrying amount of financial assets represents the maximum credit exposure. Therefore, the maximum exposure to credit risk at the balance sheet date was £468 thousand (December 31, 2024: £634 thousand) being the total of the carrying amount of financial assets, including contractual receivables but excluding R&D tax credits receivables and cash.

The allowance account of trade receivables is used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the trade receivables directly. The Group provides for impairment losses based on estimated irrecoverable amounts determined by reference to specific circumstances and the experience of management of debtor default in the industry.

On that basis, the loss allowance as at September 30, 2025 and December 31, 2024 was determined as £nil for trade receivables.

**Market risk**

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group's financial position. The Group's principal exposure to market risk is exposure to foreign exchange rate fluctuations. There are currently no currency forwards, options, or swaps to hedge this exposure.

**Vertical Aerospace Ltd.**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **16** | **Financial risk management and impairment of financial assets (continued)** |
| **Foreign exchange risk** | **Foreign exchange risk** |

---

The Group is exposed to foreign exchange risk arising from exposure to various currencies in the ordinary course of business. The Group holds cash in USD, EUR and GBP. The majority of the Group's trading costs are in GBP; however, the Group also has supply contracts denominated in USD and EUR. The Group holds sufficient cash in USD, EUR and GBP to satisfy its trading costs in each of these currencies. A 2-percentage point increase in GBP to USD exchange rate would increase profit for the nine months ended September 30, 2025, by £7,192 thousand and decrease other comprehensive income for the nine months ended September 30, 2025, by £3,594 thousand. A 2-percentage point decrease in GBP to USD exchange rate has an equivalent impact reducing profit and increasing other comprehensive income for the nine months ended September 30, 2025. The Group may be exposed to material foreign exchange risk in subsequent periods or years because of the significance of the USD denominated Convertible Senior Secured Notes relative to USD deposits and cash held ($32,174 thousand at September 30, 2025), which are expected to fluctuate as expenses are incurred and whilst future funding is secured.

**Liquidity risk**

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Group's management uses short and long-term cash flow forecasts to manage liquidity risk. Forecasts are supplemented by sensitivity analysis which is used to assess funding adequacy for at least a 12-month period. The Company manages its cash resources to ensure it has sufficient funds to meet all expected demands as they fall due. Please see note 2 for further details.

**Maturity analysis**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **Within 1 year<br> £000** | **Between 2 and 5<br> years<br> £000** | **After more than<br> 5 years<br> £000** | **Total<br> £000** |
| Trade and other payables | 16260 | 3714 |  | 19974 |
| Lease liabilities | 1165 | 2567 | 368 | 4100 |
| Convertible senior secured notes | - | 105887 | **-** | 105887 |
|  | 17425 | 112168 | 368 | 129961 |
| **December 31, 2024** |  |  |  |  |
| Trade and other payables | 15585 | 3991 |  | 19576 |
| Lease liabilities | 705 | 1409 | 496 | 2610 |
| Convertible senior secured notes | - | 103915 | - | 103915 |
|  | **16290** | **109315** | **496** | **126101** |

---

**Capital management**

The Group's objective when managing capital is to ensure the Group continues as a going concern and grows in a sustainable manner. Given the ongoing development of its aircraft and technologies with minimal revenues, the Group has, to date, relied upon capital to fund its operations from a number of sources. During the period the Group received approximately $83.9 million in connection with the January 2025 Offering and approximately $66.4 million in connection with the July 2025 Offering, both net of underwriting discounts and commissions and other offering expenses. As at September 30, 2025, the Group received approximately $7.2 million (equivalent to £5.3 million) in connection with its "at-the-market" equity offering program, net of commissions. The Group is also continuing to explore other opportunities to raise additional capital to further support its funding position into the foreseeable future. Cash flow forecasting is performed on a regular basis, which includes rolling forecasts of the Group's liquidity requirements to ensure that the Group has sufficient cash to meet operational needs.

**Vertical Aerospace Ltd.**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **17** | **Related party transactions** |

---

**Key management personnel compensation**

Key management personnel are the members of the Board and executive officers.

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025<br> £000** | **September 30,<br> 2024<br> £000** |
| Salaries and other short term employee benefits | 1067 | 832 |
| Payments to defined contribution pension schemes | 15 | 2 |
| Share-based payments | 3085 | 2425 |
|  | 4167 | 3259 |

---

Aggregate gains made on the exercise of share options for the Directors during the period totaled £nil (September 30, 2024: £nil).

S**ummary of transactions with other related parties**

During the period the following were appointed as members of the Board of Directors:

---

| | |
|:---|:---|
| **Name** | **Effective date** |
| Dómhnal Slattery (chairman) | January 14, 2025 |
| Kris Haber | April 30, 2025 |
| James Keith Brown | May 14, 2025 |
| Poul Carsten Stendevad | May 14, 2025 |
| Lord Andrew Parker | June 2, 2025 |
| Patrick Ky | September 1, 2025 |

---

During the period the following resigned as members of the Board of Directors:

---

| | |
|:---|:---|
| **Name** | **Effective date** |
| Vincent Casey | January 14, 2025 |
| Stephen Fitzpatrick | January 30, 2025 |
| Gur Kimchi | April 30, 2025 |
| Kathy Cassidy | May 14, 2025 |
| Stephen Welch | June 2, 2025 |

---

As at September 30, 2025, both Stuart Simpson's and Dómhnal Slattery's engagements with the Company included anti-dilution provisions, pursuant to which, subject to their continued service with the Company, should their respective award represent less than 2.4% and 1% of the Company's issued and outstanding ordinary shares (excluding Earn Out Shares) respectively, the Company would grant further nil-cost options such that Stuart Simpson's and Dómhnal Slattery's respective holding (excluding any sold, transferred or other disposed shares) remained 2.4% and 1% of the Company's then issued and outstanding ordinary shares respectively.

During the three months ended September 30, 2025, Stuart Simpson was awarded 31,430 share options, bringing total share options awarded for the nine months ended September 30, 2025, to 725,875 share options, vesting on a quarterly basis until March 31, 2028. During the three months ended September 30, 2025, Dómhnal Slattery was awarded 13,096 share options, bringing total share options awarded during the nine months ended September 30, 2025, to 967,046 share options, vesting on a quarterly basis until December 31, 2028.

Additionally, during the nine months ended September 30, 2025, a total of 102,820 share options and restricted stock units were awarded to other independent members of the Board of Directors.

**Vertical Aerospace Ltd.**

**Notes to the Unaudited Condensed Consolidated Interim Financial Information**

---

| | |
|:---|:---|
| **17** | **Related party transactions (continued)** |

---

**Summary of relationship with Mudrick Capital**

During the nine month period ended September 30, 2025, the Company recognized fair value gains totaling £318,218 thousand and interest charges of £8,867 thousand in relation to Convertible Senior Secured Notes.

The January 2025 Offering included an investment from Mudrick Capital of $25 million in exchange for 4,166,666 Units. Each unit consists of (i) one ordinary share; (ii) one-half of one Tranche A Warrant; and (iii) one-half of one Tranche B Warrant. The Tranche A warrants will expire on the five-year anniversary of the date of issuance and are exercisable at an exercise price of $6.00 per whole ordinary share. The Tranche B warrants will expire five years from the date of issuance and are exercisable at an exercise price of $7.50 per whole ordinary share. The July 2025 Offering included an investment from Mudrick Capital of $12.5 million in exchange for 2,500,000 shares.

**Summary of relationship with Stephen Fitzpatrick**

Stephen Fitzpatrick retains a 12-month option to purchase up to $25 million units (with each unit consisting of one Ordinary Share plus one-half of a Tranche A warrant and one-half of a Tranche B warrant) at a strike price equal to the per unit purchase price paid by investors in the January 2025 Offering (being $6 per unit), which remains unexercised and outstanding.

In the first nine months of 2025, Imagination Industries Investments Ltd, a company controlled by Stephen Fitzpatrick provided and charged the Group with services totaling £207 thousand (2024: £57 thousand), of which £56 thousand remained outstanding as at September 30, 2025 (September 30, 2024: £nil thousand).

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| | |
|:---|:---|
| **17** | **Non adjusting events after the reporting period** |

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In October 2025, the share options associated with Stuart Simpson's and Dómhnal Slattery's engagements with the Company were amended resulting in their respective holdings and anti-dilution thresholds adjusting to 2.0% and 1.4% of the Company's then issued and outstanding ordinary shares respectively. As a result, as at the date of this filing, 2,320,910 and 1,353,865 total options are held by Stuart Simpson and Dómhnal Slattery respectively, vesting on a quarterly basis until September 30, 2027, and December 31, 2028, respectively.

## Exhibit 99.4

**Exhibit 99.4**

**Capitalization & Indebtedness**

The following table sets out our unaudited consolidated capitalization in accordance with IFRS as issued by the IASB.

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| | |
|:---|:---|
|  | **September 30, 2025**<br> **£000** |
| **Cash and cash equivalents** | **91716** |
| **Equity:** |  |
| Share capital | 78 |
| Share premium | 652596 |
| Treasury share reserve | (803) |
| Other reserves | 132205 |
| Accumulated deficit | (876173) |
| **Total Shareholder's deficit):** | **(92097)** |
| **Debt:** |  |
| Financial liabilities at fair value through profit and loss<sup>(1)</sup> | 185819 |
| Non-current lease liabilities | 2505 |
| Warrant liabilities | 258 |
| Current lease liabilities | 924 |
| **Total capitalization** | **97409** |

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(1) Secured.