Vertical Aerospace Ltd has announced its financial results for the first quarter ended March 31, 2023
Stephen Fitzpatrick, Vertical Founder and CEO, said “We have achieved so much in this first quarter. I am so proud of the team as we were granted our Design Organisation Approval from the CAA affirming our home regulator’s confidence in our capabilities. While we have revised our target certification date, the diligence and precision of the scoping work gives us ever more confidence that our strategy is the right one, and that we will be one of the first movers in the eVTOL market.”
Vertical is now targeting certification by the end of 2026.
During the first quarter 2023 Vertical reported a net operating loss of UKP23 million for the three months ended March 31, 2023, compared to a net operating loss of UKP18 million for the three months ended March 31, 2022. “This reflects investments in the advancement of our electric battery technology at our recently opened Vertical Energy Centre; achievement of eVTOL Design Organisation Approval with the UK Civil Aviation Authority (CAA); in addition to design and test capabilities associated with our VX4 prototype aircraft,” said the company.
“As of March 31, 2023, Vertical had cash and cash equivalents totalling UKP104 million, which will be invested in the development of the company’s design, test and certification activities; as well as in the people, systems and processes that support the company. Net cash outflows incurred in the second quarter of the year will be in relation to the advancement of our airborne flight test programme and further investment in our second full scale prototype aircraft – our capital plan for 2023 remains on track.
“As previously announced, to support our ongoing capital requirements, fund our future operations and remain as a going concern, Vertical intends to undertake a fundraise in 2023 to raise additional capital.”
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