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Warrants (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Warrants |
Schedule of warrants issued but not exercised | ​
​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | No. | ​ | No.
Public Warrants |  | 15,264,935 |  | 15,264,935
Convertible Notes Warrants |  | 4,000,000 |  | 4,000,000
Outstanding, end of period |  | 19,264,935 |  | 19,264,935
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Warrants and options in issue |  | Warrant reserve
​ | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | December 31,
​ | ​ | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | No. | ​ | No. | ​ | £ 000 | ​ | £ 000
Tranche A Warrants | ​ | 7,500,000 | ​ | — | ​ | 9,006 | ​ | —
Tranche B Warrants | ​ | 7,500,000 | ​ | — | ​ | 14,212 | ​ | —
SF Warrants | ​ | 50,000,000 | ​ | 50,000,000 | ​ | 3,907 | ​ | 3,907
Virgin Atlantic Warrants |  | 2,625,000 |  | 2,625,000 |  | 8,558 |  | 8,558
MWC Option |  | 2,000,000 |  | 2,000,000 |  | 1,010 |  | 1,010
Outstanding, end of period |  | 69,625,000 |  | 54,625,000 |  | 36,693 |  | 13,475
Schedule of change in fair value of warrants | ​
​ | ​ | ​
Change in fair value during the period |  | £ 000
December 31, 2024 |  | 434
Change in fair value |  | 324
Exchange differences on translation | ​ | (54)
June 30, 2025 |  | 704

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