Vertical Aerospace’s Landmark Year: “Advancing Flightpath 2030 with Strong Momentum” 

UK-based, Ver­ti­cal Aero­space, has released its 2024 Annu­al Report this week, includ­ing FY24 finan­cial results, as it con­tin­ues to make good progress on its Flight­path 2030 Strat­e­gy, reports a press release.

Flight­path 2030 Strat­e­gy

https://vertical-aerospace.com/wp-content/uploads/2024/11/Vertical-Aerospace-Launches-Flightpath-2030-a-strategy-to-pioneer-electric-aviation.pdf

Recent Updates

Busi­ness Strat­e­gy & Fund­ing 

: Flight­path 2030 Strat­e­gy Launched.

: Bal­ance Sheet Restruc­tured — USD130 mil­lion of debt con­vert­ed to equi­ty through invest­ment agree­ment with Mudrick Cap­i­tal — a fixed con­ver­sion rate for the remain­der.

:  USD90 mil­lion raise com­plet­ed includes over USD60 mil­lion from new investors and USD25 mil­lion from Mudrick Cap­i­tal. 

: Dómh­nal Slat­tery re-appoint­ed as Chair and Eamonn Bren­nan, for­mer Direc­tor Gen­er­al of Euro­con­trol, appoint­ed Board as reg­u­la­to­ry advis­er. 

Full-scale Pro­to­type Devel­op­ment 

: Sec­ond Full-Scale Pro­to­type com­plet­ed, with assem­bly of third and final pro­to­type now under­way at GKN Aerospace’s Glob­al Tech­nol­o­gy Cen­tre.  

: Two full-scale pilot­ed air­craft enables more flight tests and learn­ings which will shape the final cer­ti­fi­ca­tion VX4.

: Engi­neers work­ing on third full-scale pro­to­type at GKN Aerospace’s Glob­al Tech­nol­o­gy Cen­tre. 

Pilot­ed Flight Test­ing 

: Sec­ond full-scale pro­to­type began flight tests last July, com­plet­ing pilot­ed thrust-borne test­ing in Feb­ru­ary 2025, mak­ing it only the sec­ond com­pa­ny in the world to achieve this with afull-scale vec­tored thrust eVTOL.  

: Over 30 pilot­ed test flights com­plet­ed, cap­tur­ing 5 mil­lion data points across 35,000 para­me­ters to val­i­date engi­neer­ing mod­els and sys­tem per­for­mance.  

: Suc­cess­ful hov­er and low-speed manoeu­vres exe­cut­ed, includ­ing roll, yaw and spot-turns, with air­craft exceed­ing expec­ta­tions for reli­a­bil­i­ty, sta­bil­i­ty and per­for­mance. 

: Ver­ti­cal prepar­ing for pilot­ed wing­borne flight, which may be a world first for this type of elec­tric air­craft. 

Cer­ti­fi­ca­tion 

In July 2024, the UK Civ­il Avi­a­tion Author­i­ty (CAA) expand­ed scope of Vertical’s Design Organ­i­sa­tion Approval (DOA), a pre-req­ui­site for Euro­pean Type Cer­ti­fi­ca­tion, and agreed cer­ti­fi­ca­tion co-oper­a­tion withEuro­pean Union Avi­a­tion Safe­ty Agency (EASA).  

Co-oper­a­tion with Euro­pean Union Avi­a­tion Safe­ty Agency (EASA)  

: Next phase — Wing­borne flight, with CAA approval required to extend the Per­mit to Fly. This tran­si­tion marks a key step toward cer­ti­fi­ca­tion and com­mer­cial via­bil­i­ty as it will involve tran­si­tion­ing from a tight­ly con­trolled test envi­ron­ment to more dynam­ic, scal­able oper­a­tions. Once the air­craft has com­plet­ed wing­borne flight, the air­craft, in effect, com­pletes a mini-cer­ti­fi­ca­tion process with this pro­to­type.   

Cash and Out­look 

: Main­tained indus­try lead­ing cap­i­tal effi­cien­cy with FY 2024 net cash used in oper­at­ing activ­i­ties of USD58 mil­lion includ­ing USD34 mil­lion cash set­tle­ment received from Rolls-Royce.  

: As of 31 Decem­ber 2024 cash and equiv­a­lents totalled USD28 mil­lion. Fol­low­ing receipt of gross pro­ceeds from pub­lic offer­ing of USD90 mil­lion, the busi­ness is fund­ed through FY 2025, with cash and cash equiv­a­lents totalling USD99 mil­lion as of this report date. 

: Net cash out­flows from oper­at­ing activ­i­ties for FY 2025 are cur­rent­ly expect­ed to be between approx­i­mate­ly USD110 mil­lion to USD125 mil­lion.  

Stu­art Simp­son, CEO of Ver­ti­cal Aero­space, com­ment­ed, “2024 was a year of major progress for Ver­ti­cal, launch­ing our Flight­path 2030 strat­e­gy, advanc­ing pilot­ed flight test­ing and strength­en­ing our finan­cial posi­tion. With our lat­est pro­to­type sur­pass­ing per­for­mance expec­ta­tions and key reg­u­la­to­ry mile­stones bring­ing us clos­er to cer­ti­fi­ca­tion, we are rein­forc­ing our posi­tion as Europe’s lead­ing eVTOL com­pa­ny.” 

He con­tin­ued, “We will deliv­er the safest and most ver­sa­tile air­craft in this space. At the core to achiev­ing this is our col­lab­o­ra­tion with world-class aero­space part­ners and fly­ing a full-scale pro­to­type with a pilot on board. The momen­tum is build­ing, and we’re all huge­ly excit­ed for the year ahead.” 

Ver­ti­cal is to pro­vide a hard copy of the Annu­al Report con­tain­ing its audit­ed con­sol­i­dat­ed finan­cial state­ments, free of charge to its share­hold­ers upon request. 

Requests 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, Unit­ed King­dom. 

Please Read Full Year Results

https://investor.vertical-aerospace.com/events-and-presentations/events/event-details/2025/Full-Year-Results-2025-V1R1O_8EuT/default.aspx

For more infor­ma­tion

https://vertical-aerospace.com/

(Images: Ver­ti­cal Aero­space)

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