HYBRID AIR VEHICLES LIMITED

• ◆

  Material uncertainty over going concern

  We draw attention to note 1.4 in the financial statements, which sets out that the Group's forecast cashflow is dependent on certain assumptions with regards to the group's financing activities. As stated in note 1.4, these events or conditions along with the other matters as set forth in the note, indicate that a material uncertainty exists about the ability to

• ·

  Going-concern uncertainty disclosed

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. HYBRID AIR VEHICLES LIMITED 2007-09-12 → present
2. HAP ACQUISITIONS LIMITED 2007-07-20 → 2007-09-12
3. DWSCO 2704 LIMITED 2007-06-06 → 2007-07-20

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1.4 in the financial statements, which sets out that the Group's forecast cashflow is dependent on certain assumptions with regards to the group's financing activities. As stated in note 1.4, these events or conditions along with the other matters as set forth in the note, indicate that a material uncertainty exists about the ability to”

Group structure

1. HYBRID AIR VEHICLES LIMITED · parent
   1. Cardington Airship Project Limited 100% · United Kingdom · Dormant
   2. Airlander Limited 100% · United Kingdom · Dormant
   3. HAV (EU) SAS 100% · France · Active
   4. Hybrid Air Vehicles United States of America LLC 100% · United States · Active

Significant events

• “Our reserved orderbook grew by $200m to $2.2bn; we announced the first military reservations for Airlander, with three aircraft reserved by an innovative defence contractor looking to deliver the unique capabilities of Airlander to its customers.”
• “In 2025 we established HAV USA to drive sales opportunities and deliver programmes in North America and appointed John Schumacher as its President.”
• “HAV has developed a number of important partnerships this year: we have partnered with ZeroAvia to explore their electric powertrain; joined the SASHA Coalition as they push forward regulation for zero-emission aviation; signed up to the UK Defence ESG charter; joined the Armed Forces Covenant; and added to our defence partnerships with a MoU with an additional major prime.”
• “In February 2024, we formally launched the Type Certification programme for Airlander 10 with the UK Civil Aviation Authority and this has continued to progress throughout 2025.”
• “We welcomed Kate Tojeiro to the HAV Board bringing independent oversight and strategic guidance, building on her valuable contribution as a member of our advisory board for the previous two and a half years.”
• “July 2025 saw the retirement of Pommy Sarwal MBE, who therefore stepped down from the Board of Hybrid Air Vehicles and from his position as Chair of the Audit Committee.”
• “The board has appointed Graham Hughes as a non-executive director and chair of the Audit committee following a period acting as an advisory board member.”
• “In 2025 a total of £6.7m was raised from equity pledges.”
• “Since the balance sheet date, 5,081,066 shares have been subscribed for as the result of ongoing funding activities.”
• “Furthermore, 508,671 non-tax-advantaged share options have been awarded to Directors, Senior Executives and members of staff.”
• “On 1 March 2026, Graham Hughes was appointed as a non-executive director and during the same month HAV (EU) SAS was dissolved.”
• “In April 2026 the Group allocated 4,792,414 options under its non-tax advantaged Long Term Incentive Plan, the Board having approved the use of up to 5 million shares during 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

6

last 24 months

Officers appointed

2

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.