Vertical Aerospace Ltd.

Pre-revenue eVTOL developer with explicit going-concern doubt and tight liquidity.

Strengths

• ~$93M cash and recent strategic supplier/material partnerships supporting certification path
• Progressed flight-test program (wingborne and transition phases)

Risks

• Going-concern warning, cash runway ~3.3 quarters and current ratio 0.45 (14.3th pct)
• No commercial product, non-binding pre-orders, and certification/timeline risk
• Convertible-note dilution and concentrated control by Mudrick Capital (~55%)

Notable findings

• Going concern● 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 s
• Cash burnNegative free cash flow (-111.8M)
• Weak liquidityCurrent ratio 0.45 (<1)
• Material weakness● We have previously identified material weaknesses in our internal control over financial reporting