Vertical Aerospace Releases Q1, 2024 Financial Results

UK-based Ver­ti­cal Aero­space, recent­ly announced its Q1, 2024 finan­cial results, reports a press release.

Finan­cial High­lights

: Ver­ti­cal reports a net oper­at­ing loss of UKP20 mil­lion for the three months end­ing March 31st, com­pared to a loss of UKP23 mil­lion for the com­par­a­tive peri­od in 2023.

: The com­pa­ny has cash and cash equiv­a­lents totalling UKP49 mil­lion. 

: The ini­tial invest­ment of UKP19.5 mil­lion received from com­pa­ny Founder and CEO, Stephen Fitz­patrick will be invest­ed in the devel­op­ment of an iden­ti­cal twin VX4 pro­to­type, as well as test­ing and cer­ti­fi­ca­tion activ­i­ties, the com­pa­ny team and systems/processes.

: Ver­ti­cal is host­ing a Cap­i­tal Mar­kets Event in the sec­ond half of 2024. 

: Net cash out­flows incurred in Q2 will be in rela­tion to the test­ing of pro­to­type air­craft and the sup­port of the cer­ti­fi­ca­tion process.

: Vertical’s cap­i­tal plan remains on track for 2024. Fol­low­ing receipt of the cash con­tri­bu­tion from Rolls-Royce under its set­tle­ment agree­ment, Vertical’s cash run­way will be extend­ed into Q2, 2025.

: Ver­ti­cal intends to under­take fur­ther fundrais­ing this year.

: As pre­vi­ous­ly announced last Novem­ber, the com­pa­ny received notice from the NYSE, indi­cat­ing it was not in com­pli­ance with the Exchange’s min­i­mum aver­age clos­ing price of USD1 per share. The com­pa­ny intends to con­vene its AGM this Sep­tem­ber (fur­ther details to be announced lat­er), and if the com­pa­ny remains non-com­pli­ant, share­hold­ers will be asked to approve a reverse share split to over­come this dif­fi­cul­ty.

Ver­ti­cal Aero­space Founder Calms Stock Mar­ket Investors with Addi­tion­al “USD50 Mil­lion Invest­ment Com­mit­ment”

Ver­ti­cal Aero­space “Turn­ing For­tunes Around”: UK Gov­ern­ment Backs eVTOL Com­pa­ny

Oper­a­tional Busi­ness High­lights

: A new UKP8 mil­lion grant in Feb­ru­ary from the Aero­space Tech­nol­o­gy Insti­tute to devel­op Vertical’s next-gen­er­a­tion pro­pellers for use on its VX4 air­craft brought total grant fund­ing to UKP37 mil­lion, sig­nalling a fur­ther vote of con­fi­dence in Ver­ti­cal from the UK Gov­ern­ment.

: The UK’s Avi­a­tion and Tech­nol­o­gy Min­is­ter, Antho­ny Browne MP, vis­it­ed Vertical’s HQ in Bris­tol in March to mark the launch of the Government’s Future of Flight Action Plan. The joint ini­tia­tive between the UK Gov­ern­ment and indus­try out­lines plans for fly­ing taxis to become a real­i­ty in the coun­try with­in the next few years.

: Part­ner, Sky­ports, announced plans to devel­op the UK’s first ver­ti­port test­bed at Bices­ter Motion, Oxford­shire, at which Ver­ti­cal intends to fly lat­er this year.

: At the lat­est Ver­ti­cal Pioneer’s Event in April, the team updat­ed cus­tomers on the VX4 pro­gram with top­ics includ­ing cer­ti­fi­ca­tion and oper­at­ing eco­nom­ics, and hear­ings from part­ners CAE and Sky­ports Infra­struc­ture. Cus­tomers also vis­it­ed the Ver­ti­cal Flight Test Cen­tre to see the air­craft and hear direct­ly from its chief pilot on the upcom­ing crewed test pro­gram.

: Ver­ti­cal and Rolls-Royce have mutu­al­ly agreed to exit their con­tract to design an Elec­tric Propul­sion Unit (EPU). Under this agree­ment, Ver­ti­cal will receive a cash amount from Rolls-Royce which is expect­ed to cov­er the antic­i­pat­ed costs of an alter­na­tive EPU design con­tract as well as pro­vide an exten­sion to the com­pa­ny’s cash run­way. Ver­ti­cal is already work­ing with oth­er EPU sup­pli­ers and there is no expect­ed impact on the com­ple­tion of Vertical’s pro­to­types or cer­ti­fi­ca­tion time­lines.

Stu­art Simp­son

: On May 1st, Ver­ti­cal made a series of lead­er­ship appoint­ments, includ­ing the  appoint­ment of Stu­art Simp­son to CEO.

: Ben Sto­ry was appoint­ed to Vertical’s Board as an inde­pen­dent non- Exec­u­tive Direc­tor.

: Char­lotte Cow­ley is join­ing he com­pa­ny next month as Direc­tor of Strate­gic Finance.

: Final assem­bly of the next gen­er­a­tion full-scale VX4 pro­to­type nears com­ple­tion and the air­craft remains on track to begin its test pro­gram.

: This pro­to­type fea­tures more advanced pro­pellers and will for the first time use Vertical’s next gen­er­a­tion pro­pri­etary bat­tery tech­nol­o­gy built at the Ver­ti­cal Ener­gy Cen­tre. 

: The com­pa­ny is on track to receive its Per­mit to Fly from the UK Civ­il Avi­a­tion Author­i­ty (CAA) and begin its pilot­ed flight test cam­paign in the com­ing weeks.

Stu­art Simp­son, CEO at Ver­ti­cal, com­ment­ed, “I am immense­ly proud of the progress the team has made so far this year. We are with­in touch­ing dis­tance of kick­ing off the robust pilot­ed flight test pro­gram for our sig­nif­i­cant­ly more sophis­ti­cat­ed sec­ond full-scale VX4 air­craft, as we pre­pare to demon­strate its full poten­tial to the world. This air­craft rep­re­sents a huge leap for­ward along our path to cer­ti­fi­ca­tion.”

For more infor­ma­tion

https://vertical-aerospace.com/

(Top image: Ver­ti­cal Aero­space VX 4 Air­craft)

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