Vertical Aerospace Announces Release of Shareholder Letter and Filing of 2023 Annual Report

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. 

For more infor­ma­tion

https://vertical-aerospace.com/

(Top image: Ver­ti­cal Aero­space)

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