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Vertical Aerospace Announces First Half-Year 2022 Results

After the eVTOL company’s impres­sive dis­play of its full-size VX4 Air­craft at the recent Farn­bor­ough Air­show, which prompt­ed a share price rise of over 20 per­cent, the UK-based firm announced first half-year 2022 results this week, reports a press release.

High­lights include:-

: Com­plet­ed the build of the full-scale VX4 Pro­to­type. The VX4 Pro­to­type, as part of its inten­sive flight test pro­gramme, has con­duct­ed a series of ground tests and is expect­ed to begin fly­ing dur­ing the late sum­mer with an actu­al pilot on-board.

: Formed a strate­gic part­ner­ship with Moli­cel, a lead­ing man­u­fac­tur­er of lithi­um-Ion cells, for the sup­ply of high-pow­er, low-imped­ance, cylin­dri­cal bat­tery cells for the VX4 bat­tery pack.

: Wel­comed Mike Fle­witt, for­mer Chief Exec­u­tive Offi­cer of McLaren Auto­mo­tive Ltd and VP Man­u­fac­tur­ing of Ford Europe, to the Board of Direc­tors as an inde­pen­dent non-exec­u­tive direc­tor.

: Secured 50 new pre-orders for the VX4 from busi­ness avi­a­tion oper­a­tor FLYINGGROUP; announced a new part­ner­ship with Bab­cock for emer­gency med­ical ser­vices and logis­tics appli­ca­tion of the VX4, and received a com­mit­ment from Amer­i­can Air­lines to make a pre-deliv­ery pay­ment to secure deliv­ery slots for the first 50 VX4s of their con­di­tion­al pre-order of up to 250 air­craft, with an option to pur­chase an addi­tion­al 100 air­craft.

: Secured con­cur­rent val­i­da­tion of the VX4 between Euro­pean Union Avi­a­tion Safe­ty Agency (EASA) and the UK’s Civ­il Avi­a­tion Author­i­ty (CAA) on the same SC-VTOL cer­ti­fi­ca­tion basis, which we believe will enable rapid deploy­ment of the VX4 across mul­ti­ple mar­kets.

VX4 on Dis­play at Farn­bor­ough

Finan­cial High­lights

: Due to Ver­ti­cal invest­ing fur­ther in the build of the VX4 Pro­to­type, the devel­op­ment of its test and cer­ti­fi­ca­tion activ­i­ties and in the peo­ple, sys­tems and process­es to sup­port the com­pa­ny.

: Report­ed a net oper­at­ing loss of UKP39 mil­lion for the six months end­ed June 30, 2022, com­pared to a net loss of UKP22 mil­lion for the six months end­ed June 30, 2021.

: As of June 30, 2022, Ver­ti­cal had cash and cash equiv­a­lents of UKP158 mil­lion. Ver­ti­cal expects that its exist­ing cash and cash equiv­a­lents will enable Ver­ti­cal to fund its oper­at­ing expens­es and cap­i­tal expen­di­ture require­ments for at least the next 12 months.

: In August 2022, to sup­port ongo­ing cap­i­tal require­ments, Ver­ti­cal estab­lished an equi­ty sub­scrip­tion line with Nomu­ra, which will allow Ver­ti­cal to issue up to USD100 mil­lion in new ordi­nary shares. This facil­i­ty is intend­ed to pro­vide flex­i­bil­i­ty around the tim­ing of issu­ing new stock to min­imise dilu­tion.

Finan­cial Out­look

: The 2022 cap­i­tal plan con­tin­ues to remain on track with net cash out­flows to be used in oper­at­ing activ­i­ties in the sec­ond-half of the year expect­ed to be between UKP40 mil­lion and UKP50 mil­lion.

Stephen Fitz­patrick, Ver­ti­cal Founder and CEO, com­ment­ed, “I am delight­ed to share that we have reached a crit­i­cal engi­neer­ing mile­stone by com­plet­ing the build of our full-scale VX4 pro­to­type, and we have now begun putting it through its paces for an inten­sive, mul­ti-month flight test pro­gramme.”

He con­tin­ued, “In the last quar­ter, we have expand­ed our pre-order book to more than 1,400 and announced new VX4 appli­ca­tions in emer­gency med­ical ser­vices, car­go and busi­ness avi­a­tion, with Bab­cock and FLYINGGROUP. We have also secured an indus­try first with Amer­i­can Air­lines’ com­mit­ment to place a pre-deliv­ery pay­ment for the deliv­ery slots of their first 50 VX4s, out of a pos­si­ble 350.” Adding, “The out­look for eVTOLs and Ver­ti­cal has nev­er looked bet­ter, and we look for­ward to pro­vid­ing our share­hold­ers with more news on our pilot­ed flight.”

For more infor­ma­tion

https://vertical-aerospace.com

eVTOL Insights is part of the Industry Insights Group. Registered in the UK. Company No: 14395769