UK-based Vertical Aerospace (VA), after a difficult last six months, is back on track with new funding and a reinvigorated and positive enthusiasm. Announcing the release this week of a shareholder letter alongside a 2023 annual financial report, the highlights include:-
• Vertical expects to complete final assembly of second, more advanced full-scale VX4 prototype in coming weeks; on track to begin flight test program ahead of intended public demonstrations at Farnborough and Heathrow.
• Latest VX4 includes more than 60 percent components from aerospace technology partners and Vertical’s second-generation propellers and proprietary battery packs.
• FY23 net cash used in operating activities was UKP74.7 million (USD92.9 million), maintaining Vertical’s disciplined approach to spend management.
• USD25 million received from Founder and CEO, Stephen Fitzpatrick on March 13th, 2024; a further USD25 million committed on July 31st, 2024.
Fitzpatrick commented, “I have never been more confident in our eVTOL aircraft, our team and technology. We will soon be unveiling the next generation VX4 prototype, which comprises 70 percent new components compared to the previous one, including more advanced propellers and proprietary battery technology.”
He continued, “This eVTOL will be faster and quieter than our first prototype, and is a big step forwards towards certification. 2024 is a defining year for the eVTOL industry, and I look forward to sharing our continued progress, and showing you the piloted VX4 in action.”
Stephen Fitzpatrick
The Shareholder letter outlines VA’s progress in 2023. It includes:-
• Vertical is one of only a few eVTOL developers to have built and flown a full-scale vectored-thrust electric aircraft.
• The only eVTOL developer to have active certification efforts with five regulators.
• Secured the first ever Design Organisation Approval (DOA) issued by the CAA to a listed eVTOL manufacturer.
• Opened a multi-million-pound state-of-the-art battery facility in Bristol, UK.
• Grew order book to over USD6 billion.
VA will provide a hard copy of the Annual Report containing its audited consolidated financial statements, free of charge, to its shareholders upon request. This should be directed in writing by email to investors@vertical-aerospace.com, or by post to Vertical Aerospace Ltd., Unit 1 Camwal Court, Chapel Street, Bristol BS2 0UW, UK.
Vertical’s Annual Report is accessible on the Company’s investor relations website: https://investor.vertical-aerospace.com/financials/sec-filings/ and on the SEC’s website at www.sec.gov, while the Shareholder Letter can be accessed below.
https://investor.vertical-aerospace.com/financials/sec-filings/
Background
Vertical Aerospace partnerships include Honeywell Aerospace, Leonardo, Hanwha, Dassault Systèmes, Molicel, Rolls-Royce and GKN Aerospace. The company has a leading pre-order book from a diverse global customer base, creating multiple potential near term and actionable routes to market.
Customers include airlines, aircraft lessors, helicopter operators, mobility firms and tourism groups, including American Airlines, Virgin Atlantic, Avolon, Bristow, Marubeni, Kakao Mobility, Iberojet and FLYINGGROUP, as well as Japan Airlines (JAL), Gol, Air Greenland, Gozen Holding and AirAsia, through Avolon’s VX4 placements.
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