Vertical Aerospace announced today that it has released its full year 2023 Annual Report, including its financial results, alongside its latest Shareholder Letter.
According to the press release the letter outlines achievements during 2023 as including the following:
- “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
- “Grown its order book to over USD6 billion
- “FY23 net cash used in operating activities was UKP74.7 million / USD92.9 million, maintaining Vertical’s disciplined approach to spend management.”
Looking ahead to 2024, the letter reports “In the coming weeks, we expect to complete final assembly of our second, more advanced full-scale VX4 prototype. This next aircraft will align closely with the aircraft we intend to take into certification. It will include our second-generation propellers and for the first time will use our proprietary battery packs designed and built at our Vertical Energy Centre in Bristol.
“In 2023, our net cash used in operating activities was UKP74.7 million / USD92.9 million, emphasising and maintaining our disciplined approach to spend management. As at the date of this letter, Vertical had approximately UKP52 million of cash and cash equivalents on hand. This includes the first tranche of UKP19.5 million / USD25 we have since received from Stephen on 13 March 2024. Vertical has a further USD25 million committed to it on 31 July from Stephen.
“Over the next 12 months following the date of our corresponding Annual Report, we expect Vertical’s net cash outflows from operating activities to be approximately UKP70 million / USD90 million which will be used primarily to fund the creation and testing of the prototype aircraft, and to support the certification process.
“We anticipate holding a capital markets event in Q2 2024. We will provide shareholders and the market further detail on this in due course. 2024 is a pivotal year for Vertical and I anticipate that, by leveraging our robust flight test campaign, we will raise additional capital that provides a funding path to certification.”
Commenting on the Annual Report, Stephen Fitzpatrick, Founder and CEO of Vertical Aerospace, said:
“I have never been more confident in Vertical, in our team and our technology. We will soon be unveiling our next generation VX4 prototype, which comprises 70% new components compared to the previous one, including our more advanced propellers and proprietary battery technology.
This aircraft 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.”
For more information
https://investor.vertical-aerospace.com/financials/sec-filings/
(Image: Vertical Aerospace)