Vertical Aerospace today announces its financial results for the first quarter ended March 31, 2024. Stuart Simpson, CEO at Vertical, said “We are within touching distance of kicking off the robust piloted flight test programme 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.”
The highlights listed in the results document include the following:
- “A new UKP8 million (USD10 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 (USD47 million), signalling a further vote of confidence in Vertical from the UK Government.
- “Vertical and Rolls-Royce have mutually agreed to exit Rolls-Royce’s contract to design an Electric Propulsion Unit (EPU). Under the 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 Vertical’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 – further detail below.
- “Final assembly of the next generation full-scale VX4 prototype nears completion and the aircraft remains on track to begin its test programme ahead of intended public demonstrations later this year.
- “Vertical is on track to receive its Permit to Fly from the UK Civil Aviation Authority (CAA) to begin its robust piloted flight test campaign in the coming weeks.”
First quarter 2024 financial highlights included:
- “A net operating loss of UKP20 million for the three months ended March 31, 2024, compared to a net operating loss of UKP23 million for the three months ended March 31, 2023, emphasising the Company’s continued financial discipline.
- “Cash and cash equivalents totalling £49 million, including the investment of UKP19.5 million (USD25 million) received from Stephen Fitzpatrick, which will be invested in the creation and development of an identical twin VX4 prototype; testing and certification activities; as well as in the people, systems and processes that support the Company.
- “Planning for a Capital Markets Event which it expects to host in the second half of 2024.”
For more information
https://vertical-aerospace.com/news/
(Image: Vertical Aerospace)