Multiple income sources and 1500 pre-orders build a moat for Vertical (eVTOL.US), Cantor Fitzgerald gives it a "hold" rating for the first time.

Electric Vertical Takeoff and Landing Aircraft (eVTOL) manufacturer Vertical Aerospace (EVTL.US) has received coverage for the first time from investment bank Cantor Fitzgerald, with a "Buy" rating. Their bullish thesis focuses on the company's three core strengths: a pre-order size of over 1500 aircraft, a diversified revenue structure, and a strong emphasis on safety. As one of the largest companies in the global eVTOL market in terms of order volume, Vertical's VX4 model pre-orders have exceeded 1500 aircraft, with a potential revenue size of around $6 billion. Orders come from global customers in multiple regions, including Avolon, American Airlines Group Inc. (AAL.US), Bristow (VTOL.US), Maruy (MARUY.US), and Gol, giving the company a competitive advantage across markets. Analysts Andres Sheppard and Anand Balaji from Cantor note that this customer base helps to mitigate commercialization risks. Vertical's revenue sources are supported by three pillars: direct sales to commercial operators, development of hybrid-powered models for the defense sector, and sales of proprietary battery technology and alternative products. The analysts believe that a diversified business portfolio can effectively reduce operational uncertainty stemming from reliance on a single market. Notably, the VX4 model has obtained certification to enter the European market based on its "highest safety standards," creating a competitive barrier against US manufacturers that do not meet EU standards. In terms of technological progress, Vertical completed the first open airspace eVTOL manned flight test in Europe in the first half of this year and validated inter-airport flights. The company plans to start manned transition flights by the end of 2025, achieve type certification by 2028, and officially begin commercial operations in the second half of 2028 or early 2029. The market currently holds differing views on Vertical: Wall Street analysts generally rate it as a "Buy," while Seeking Alpha analysts hold a "Sell" opinion, with their quant system maintaining a "Hold" rating in the long term, currently scoring 2.51 out of 5. This contradiction reflects cautious market expectations for the commercial prospects of the emerging eVTOL industry and the game between technological innovation breakthroughs.