Vertical Aerospace (NYSE:EVTL) Q4 2025 Earnings call March 24, 2026 08:30 AM ET Speaker7Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vertical Aerospace Full Year 2025 Business and Strategy Update Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press s ...

Vertical Aerospace Advances Piloted Flight Testing, Manufacturing and Demand for Valo Mar 24, 2026 6:30 AM Eastern Daylight Time Vertical Aerospace Advances Piloted Flight Testing, Manufacturing and Demand for Valo Test pilot Paul Stone in flight during transition testing of Vertical's prototype at the Company's UK Flight Test Centre, 23 March 2026. LONDON & NEW YORK--(BUSINESS WIRE)--Vertical Aerospace ("Vertical†or "the Company†) (NYSE: EVTL), a global aerospace and technology company pioneering electri ...

EMERGING TECH RESEARCH Mobility Tech VC Trends Institutional Research Group Jonathan Geurkink Supply Chain Tech jonathan.geurkink@pitchbook.com VC activity across the mobility tech ecosystem H2 2025 REPORT PREVIEW The full report is available through the PitchBook Platform. Contents | Mobility tech landscape | 3 | | --- | --- | | Quarterly analysis | 4 | | Key takeaways | 4 | | VC activity | 4 | | AI themes | 5 | | Conclusions | 5 | | Mobility tech VC deal summary | 25 | pbinstitutionalresearch@pitchbook.co ...

The Air Taxi Trade May Be Missing The Real Risk"Without vertiports, there is no Advanced Air Mobility," Skyports Infrastructure CEO Duncan Walker told Benzinga in an exclusive email interview. eVTOLs are designed for short, urban trips, but without a dense network of landing and charging sites in convenient locations, the model quickly breaks down. If passengers need to spend 30 minutes reaching a vertiport, the time advantage disappears, Walker noted.Certification Isn't The Finish LineFor Joby Aviation and ...

Core Insights - The air taxi industry faces significant risks related to the lack of vertiports, which are essential for the success of Advanced Air Mobility [1] - Certification of eVTOL aircraft is just the beginning; the real challenge lies in developing the necessary infrastructure to support these aircraft [2][3] - Cities like Dubai are taking proactive steps to build vertiport networks, aided by strong government support, which is crucial for successful implementation [4][5] Infrastructure Challenges - The absence of a dense network of vertiports can negate the time advantages of eVTOLs, as long travel times to reach these facilities diminish their appeal [1] - Once aircraft are certified, the focus will shift to the infrastructure bottleneck, which is complex and slow to develop, particularly in urban areas [2] - The timing gap between aircraft readiness and infrastructure availability poses a significant risk for the industry [3] Market Dynamics - The vertiport opportunity is not limited to passenger transport; it also includes cargo drones and emergency services, positioning vertiports as multi-use urban aviation hubs [6] - The investment case for companies like Joby Aviation is evolving, emphasizing the importance of ground infrastructure readiness alongside aircraft development [7]

Financial Data and Key Metrics Changes - In 2025, the company achieved full-year profitability in airline operations, defined as positive Adjusted EBITDA, marking a significant operational improvement [20][25] - Full-year revenue for 2025 was $106.6 million, an 11% decrease compared to 2024, driven by a 15% decrease in scheduled service revenue, partially offset by a 3% increase in on-demand charter revenue [23][24] - The Adjusted EBITDA loss for 2025 was $41.7 million, a 5% improvement over the previous year's loss of $44.1 million [25] Business Line Data and Key Metrics Changes - The airline operations achieved profitability for the full year of 2025, with controllable completion factors improving to 98% in Q4 2025 from 89% in Q4 2024 [25][26] - The on-demand charter business saw revenue increase and improved flight margins year-over-year, driven by better sourcing discipline and a shift to longer-haul trips with larger aircraft [9][20] - In Q4 2025, on-demand charter revenue increased by 36% year-over-year, while scheduled service revenue decreased by 19% [23][24] Market Data and Key Metrics Changes - The company is focusing on the Hawaii market as a strategic anchor for demonstrating electric aircraft technologies, committing over $22 million to enhance infrastructure and operations [13][14] - The partnership with BETA Technologies aims to introduce electric aircraft into service, with plans for cargo operations starting in 2026 [14][16] Company Strategy and Development Direction - The company is transitioning from an airline-first model to a platform-centric business, emphasizing the integration of electric aircraft and AI-enabled software [30][31] - The strategic partnership with BETA Technologies is expected to enhance operational efficiencies and profitability through the introduction of electric aircraft [14][16] - The company plans to commercialize its SurfOS technology in 2026, targeting enterprise clients and expanding its software offerings [11][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to lead the next structural transformation in aviation, with a focus on partnerships and electric aircraft collaborations [18][30] - The outlook for 2026 includes anticipated revenue growth of 20%-30% year-over-year, driven by the on-demand charter business and the rollout of SurfOS [28][29] Other Important Information - The company raised over $100 million in equity in 2025 to reduce overall cost of capital and lower net debt, which decreased by 47% to $74 million [4][22] - The company has secured a strategic partnership with BETA Technologies to be the first operator to launch commercial electric aircraft passenger flights in Hawaii [14][16] Q&A Session Summary Question: Clarification on SurfOS spending and commercialization - Management clarified that SurfOS remains a significant investment priority, with a focus on developing BrokerOS and targeting enterprise clients for customized solutions [34][36] Question: Timeline for BETA aircraft integration - Management indicated that the CTOL variant of BETA aircraft will be prioritized for certification and commercial service, with plans for cargo operations in 2026 [37][38] Question: Improvement in economics from BETA aircraft - Management anticipates a 30% reduction in operating costs due to lower fuel and maintenance expenses with the new electric aircraft [39][41] Question: Balance sheet outlook at the end of 2026 - Management noted that significant investments will be made in 2026, but they expect to refine the balance sheet over time to support growth [42][43] Question: Airline operations and future profitability - Management highlighted the importance of technology and electric aircraft adoption for improving profitability in airline operations [46][48] Question: Growth of on-demand charter segment - Management confirmed that the on-demand charter business is the fastest-growing segment, contributing significantly to raised revenue guidance [70][71]

Financial Data and Key Metrics Changes - In 2025, the company achieved full-year profitability in airline operations, defined as positive Adjusted EBITDA, marking a significant operational improvement [20][25] - Full-year revenue for 2025 was $106.6 million, an 11% decrease compared to 2024, driven by a 15% decrease in scheduled service revenue, partially offset by a 3% increase in on-demand charter revenue [23][24] - The Adjusted EBITDA loss for 2025 was $41.7 million, a 5% improvement over the previous year's loss of $44.1 million [25] Business Line Data and Key Metrics Changes - The airline operations achieved profitability with positive Adjusted EBITDA for the full year of 2025, reflecting operational improvements and cost efficiency [20][25] - The on-demand charter business saw revenue increase and improved flight margins year-over-year, driven by better sourcing discipline and a shift to longer-haul trips with larger aircraft [9][20] - In the fourth quarter of 2025, on-demand charter revenue increased by 36% year-over-year, while scheduled service revenue decreased by 19% [23][24] Market Data and Key Metrics Changes - The company is focusing on the Hawaii market as a strategic anchor for demonstrating electric aircraft technologies, committing over $22 million to enhance infrastructure and operations [13][16] - The partnership with BETA Technologies is expected to facilitate the introduction of electric aircraft into the company's operations, with plans for cargo services to begin in 2026 [14][38] Company Strategy and Development Direction - The company is transitioning from an airline-first model to a platform-centric business, aiming to integrate various stakeholders in the aviation ecosystem [30][31] - The SurfOS software is positioned as a sustainable competitive advantage, with plans for commercialization in 2026 [11][31] - The company anticipates a 20%-30% increase in revenue for 2026, driven by partnerships, electric aircraft collaborations, and the rollout of SurfOS technology [18][28] Management's Comments on Operating Environment and Future Outlook - Management highlighted the aviation industry's structural inflection point due to the convergence of electrified aircraft and AI-enabled software, which will reshape operational requirements and economics [6][30] - The outlook for 2026 includes a focus on partnerships, electric aircraft collaborations, and the integration of SurfOS technology, with expectations for improved profitability and revenue growth [18][28] Other Important Information - The company raised over $100 million in equity in 2025 to reduce overall cost of capital and lower net debt, which decreased by 47% from $139 million to $74 million [4][22] - The company has secured a strategic partnership with BETA Technologies to be the first operator to launch commercial electric aircraft passenger flights in Hawaii [14][16] Q&A Session Summary Question: Clarification on SurfOS spending and commercialization - Management explained that SurfOS remains a significant investment priority, with a focus on developing BrokerOS and targeting enterprise clients for customized solutions [34][36] Question: Timeline for BETA aircraft integration - Management indicated that the CTOL variant of BETA aircraft will be prioritized for certification and commercial service, with plans for cargo operations in 2026 [37][38] Question: Improvement in economics from BETA aircraft - Management anticipates a 30% reduction in operating costs due to lower fuel and maintenance requirements of the BETA electric aircraft compared to legacy aircraft [39][41] Question: Balance sheet outlook at the end of 2026 - Management noted that while significant investments are planned, they expect to refine the balance sheet and generate significant ROI from these investments [42][43] Question: Future geographic expansion plans - Management refrained from disclosing specific geographic targets but emphasized the ability to adopt electric aircraft into existing networks efficiently [49][50] Question: Early signs of adoption for Powered by Surf On Demand - Management reported a positive uptick in interest and applications for the Powered by Surf On Demand program, contributing to the raised revenue guidance for 2026 [52][53] Question: Revenue generation from BrokerOS and SurfOS - Management confirmed that revenue from BrokerOS is already being generated and expects more significant contributions from SurfOS in the second half of 2026 [57][58] Question: On-demand charter segment growth - Management indicated that the on-demand charter business is the fastest-growing segment, with expectations for increased revenue and margins driven by technology deployment [71]

Financial Data and Key Metrics Changes - In 2025, the company achieved full-year profitability in airline operations, defined as positive Adjusted EBITDA, marking a significant operational improvement [17][23] - Full-year revenue for 2025 was $106.6 million, an 11% decrease compared to 2024, driven by a 15% decrease in scheduled service revenue, partially offset by a 3% increase in on-demand charter revenue [21][23] - The Adjusted EBITDA loss for 2025 was $41.7 million, a 5% improvement over the previous year's loss of $44.1 million [23] Business Line Data and Key Metrics Changes - The airline operations achieved profitability with positive Adjusted EBITDA for the full year of 2025, reflecting operational improvements and cost efficiency [17][23] - The on-demand charter business saw revenue increase and improved flight margins year-over-year, driven by better sourcing discipline and a shift to longer-haul trips with larger aircraft [8][21] - In the fourth quarter of 2025, on-demand charter revenue increased by 36% year-over-year, while scheduled service revenue decreased by 19% [21][22] Market Data and Key Metrics Changes - The company is focusing on the Hawaii market as a strategic anchor for demonstrating electric aircraft technologies, committing over $22 million to enhance infrastructure and operations [11][12] - The partnership with BETA Technologies aims to introduce electric aircraft into service, with plans for cargo operations in 2026 and passenger services to follow [12][36] Company Strategy and Development Direction - The company is transitioning from an airline-first model to a platform-centric business, emphasizing the integration of electric aircraft and AI-enabled software [28][29] - The strategic partnership with BETA Technologies is expected to enhance operational efficiencies and profitability through the introduction of electric aircraft [12][14] - The company plans to commercialize its SurfOS technology in 2026, aiming to improve efficiency and transparency in the aviation ecosystem [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, increasing 2026 revenue guidance by 20%-30% compared to the previous year [3][25] - The company anticipates that the introduction of electric aircraft will significantly improve operating costs and profitability [37][66] - Management highlighted the importance of partnerships and technology integration as key drivers for future growth [16][29] Other Important Information - The company raised over $100 million in equity in 2025 to reduce overall cost of capital and lower net debt, which decreased by 47% from $139 million to $74 million [4][20] - The company is actively pursuing partnerships and collaborations to enhance its platform and expand its market presence [16][68] Q&A Session Summary Question: Clarification on SurfOS spending and commercial rollout - Management detailed that SurfOS remains a significant investment priority, focusing on product development and building a sales pipeline through initiatives like BrokerOS [31][34] Question: Timeline for BETA aircraft integration - Management explained that the BETA aircraft order allows for deliveries across various product types, with plans to start with cargo operations in 2026 [35][36] Question: Improvement in economics from BETA aircraft - Management anticipates a 30% reduction in operating costs due to lower fuel and maintenance requirements of electric aircraft compared to legacy models [37][38] Question: Future geographic expansion plans - Management refrained from disclosing specific geographic targets but indicated that existing networks would facilitate quicker adoption of electric aircraft [46][48] Question: Early signs of adoption for Powered by Surf On Demand program - Management reported a positive uptick in interest and applications from independent brokers for the Powered by Surf On Demand program [50][51] Question: Revenue generation timeline for SurfOS - Management expects revenue from SurfOS to begin in the first half of 2026, with significant contributions anticipated in the second half [54][56] Question: Long-term economic ownership in electrification strategy - Management clarified that the partnership with BETA enhances operating efficiencies while SurfOS will continue to provide software services [63] Question: Expected timeline for first commercial flight of electrified aircraft - Management noted that certification speed is the largest hurdle, with participation in the FAA's eIPP program expected to expedite the process [65][66] Question: Expected timeline for sustainable profitability - Management indicated that regional airline operations are currently profitable and will continue to improve with the introduction of electric aircraft [66][67]

EHang Holdings Limited Q4 2025 and FY 2025 Operational & Financial Highlights March 12, 2026 www.ehang.com 1 1 Disclaimer This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. These statements can be recognized by the use of words such as "expect," "plan," "will," "estimate," "project," "intend," or words of similar meaning. These forward-looking statements are made only and are based on estimates and information available to the Com ...

Core Insights - EHang Holdings Limited reported record revenues for both the fourth quarter and fiscal year 2025, with a year-over-year increase of 48.4% in Q4 and 11.7% for the full year, driven by strong sales of eVTOL aircraft [4][40] - The company achieved its first GAAP profitable quarter in Q4 2025, with a net income of RMB10.5 million (US$1.5 million), marking a significant turnaround from previous losses [4][26] - EHang is set to launch commercial operations of its EH216-S eVTOL in March 2026, expanding its operational footprint in China and internationally [6][13] Operational and Financial Highlights for Q4 2025 - EHang delivered a record 100 eVTOL units in Q4 2025, including 95 units of the EH216 series and five units of the VT35, compared to 78 units in Q4 2024 [5] - Total revenues for Q4 2025 reached RMB243.8 million (US$34.9 million), up from RMB164.3 million in Q4 2024, with a gross margin of 62.1% [5][22] - The operating loss improved significantly to RMB6.6 million (US$0.9 million) from RMB56.0 million in Q4 2024 [25] Operational and Financial Highlights for Fiscal Year 2025 - EHang achieved total revenues of RMB509.5 million (US$72.9 million) for the fiscal year 2025, an increase from RMB456.2 million in 2024 [40] - The gross profit for the year was RMB315.9 million (US$45.2 million), with a gross margin of 62.0%, reflecting a slight increase from 61.4% in 2024 [42][43] - The operating loss for the year was RMB266.3 million (US$38.1 million), compared to RMB254.1 million in 2024 [45] Business Developments and Future Outlook - EHang is preparing to launch EH216-S commercial operations in China, with ticketed aerial sightseeing services expected to begin in March 2026 [6][7] - The company is advancing its VT35 model, which completed its first public demonstration flight in December 2025, and is currently undergoing type certification [9][10] - EHang's global expansion includes ongoing trials in Thailand and successful operations in Qatar and Japan, indicating a strategic push into international markets [13][18] Management Remarks - The CEO highlighted 2025 as a pivotal year for EHang, emphasizing the transition from an aircraft manufacturer to a provider of integrated advanced air mobility solutions [16] - The company plans to focus on disciplined execution in 2026, aiming to enhance commercial operations and expand its market presence [17]