Vertical Aerospace Third Quarter 2022 Financial Results
Last week, Vertical Aerospace announced its financial results for Q3.
Financial Highlights include:-
: Vertical reported a net operating loss of UKP19 million for the three months ended September 30th, 2022, compared to a net operating loss of UKP8 million for the three months ended September 30th, 2021.
: As of September 30th, 2022, Vertical had cash at bank and short-term deposits totalling UKP145 million, which will be invested in the development of the company’s test and certification activities and in the people, systems and processes that support the company.
: 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.
: As of September 30th, 2022, Vertical had issued 1,103,863 ordinary shares using the equity subscription line for an aggregate gross purchase price of USD8.9 million, and up to USD91.1 million in aggregate gross purchase price of ordinary shares remained available for sale under the equity subscription line.
Examples
Financial Outlook
: The 2022 capital plan continues to remain on track, with net cash outflows to be used in operating activities in the fourth quarter of the year expected to be between UKP20 million and UKP25 million.
: The above forward-looking statements reflect the company’s expectations for the three months ending December 31st, 2022 as of November 9th, 2022, and are subject to substantial uncertainty. The results are based on assumptions that are reasonable as of this date, but may be materially affected by many factors.
Operational highlights include:-
: On September 22nd, 2022, the UK’s Civil Aviation Authority (CAA) issued a Permit to Fly for the VX4, and on September 24th, 2022, the full-scale VX4 Prototype successfully lifted from the ground under tethered conditions with pilot Justin ‘Jif’ Paines on board.
: To date, under its CAA Permit to Fly, Vertical has undertaken 14 piloted flight tests and 5.5 hours of continuous propeller turning test operations.
: Vertical welcomed Amy Round as Chief People Officer, who joined on October 17th, 2022, from OVO Energy where she was Director of Talent, having previously spent nine years at Google running its EMEA people division.
: The company has developed its joint working group with American Airlines, collaborating to explore the future of Advanced Air Mobility including potential markets for eVTOL operations in the U.S.
: The partners have agreed to extend the timeline for up to one year from the date of this financial report for entering into a master purchase agreement that contains the final terms for the purchase of the VX4 aircraft.
Stephen Fitzpatrick
Stephen Fitzpatrick, Vertical Founder and CEO, commented, “We recently celebrated ‘wheels up’ with our VX4 aircraft a few weeks ago which was a proud moment for the whole team. As we ramp up our flight test program, with a close eye on capital spend, we are moving onwards and upwards.”
For Full Results
For more information
https://vertical-aerospace.com
(images: Vertical Aerospace)
