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#低空经济

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·低空经济 ·内部研究

Vertical Aerospace: The Aircraft Flies, the Equity Is Still Compromised

Vertical Aerospace is a pre-revenue UK developer of the piloted Valo eVTOL, pursuing concurrent CAA/EASA certification for 2028 while running on a capital structure built from optional, dilutive financing rather than cash on hand. April 2026 brought both a genuine technical breakthrough (full-scale piloted thrustborne and two-way transition flights) and an up-to-$850 million financing package whose Yorkville and Mudrick structures can hand much of the company's future value to creditors before ordinary shareholders see it. Rating Watch: the aircraft program has meaningfully de-risked, but the equity remains a high-risk claim on outcomes that financiers, not shareholders, are positioned to capture first.

EVTL.US Vertical Aerospace Ltd. #低空经济#eVTOL#英国CAA认证#融资稀释#可转换优先股#倾转旋翼飞行器
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·低空经济 ·内部研究

EHang Holdings: China's Certified eVTOL Leader, Not Yet a Scaled Business

EHang Holdings is China's first fully certified pilotless passenger eVTOL maker, still funded by aircraft sales into tourism and demonstration use rather than a scaled urban air-mobility network. A May 2026 ASC 606 restatement cut 2025 revenue to RMB418.0 million and widened the net loss to RMB276.4 million, Q1 2026 revenue fell to just RMB25.7 million on only four deliveries, and a June 2026 Beijing light-aircraft crash that did not involve EHang still triggered a nationwide regulatory chill across the low-altitude sector. Rating Watch: certification leadership is real and cash of RMB1.03 billion buys time, but revenue-recognition and regulatory-timing risk make the shares too uncertain for new money at $5.63.

EH.US EHang Holdings Limited #低空经济#eVTOL#中国监管#VIE架构#现金转化
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ACHR.US logo
·低空经济 ·内部研究

Archer Aviation(ACHR.US) 横纵研报

全球 eVTOL 空中出租车第二极，市值约 $48.5 亿、净现金约 $17 亿（$2.23/股）、EV 约 $31.5 亿。FAA 取证已关闭第三阶段、净现金托底约两年，但仍零商业化收入、年烧钱超 $6 亿、流通股两年增 166%，取证落后 Joby 约一个阶段。腰斩至 $6.38 后仍无安全边际，评级观察。

ACHR.US Archer Aviation Inc. #eVTOL#空中出租车#低空经济#城市空中交通#Archer#Midnight#烧钱与摊薄#取证里程碑
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