Vertical Aerospace today released its 2024 Annual Report, including its FY24 full year financial results. Vertical’s Annual Report is accessible on the Company’s investor relations website and on the SEC’s website at www.sec.gov.
Highlights of the report include:
- Flightpath 2030 launched – a strategy for achieving certification, production, and financial milestones to secure market leadership by 2030.
- Balance sheet restructured– USD130 million of debt converted to equity through an investment agreement with Mudrick Capital, with a fixed conversion rate for the remainder.
- USD90 million upsized raise complete– including over USD60 million from new investors and USD25 million from Mudrick Capital.
- Leadership strengthened– Dómhnal Slattery re-appointed as Chair and Eamonn Brennan, former Director General of Eurocontrol, appointed Board Adviser to enhance regulatory expertise.
Full-scale prototype development:
- Second, full-scale prototype complete, with assembly of the third and final prototype now underway at GKN Aerospace’s Global Technology Centre.
- Two full-scale piloted assets enables more flight tests and learnings which will shape the certification aircraft, the next aircraft Vertical builds.
Piloted flight testing:
- Second full-scale VX4 prototype began flight tests in July 2024, completing piloted thrustborne testing in February 2025, “making it only the second company in the world to achieve this with a full-scale vectored thrust eVTOL.”
- Over 30 piloted test flights completed, capturing 5 million data points across 35,000 parameters to validate engineering models and system performance.
- Successful hover and low-speed manoeuvres executed, including roll, yaw, and spot-turns, with the aircraft exceeding expectations for reliability, stability, and performance.
- Vertical is preparing for piloted wingborne flight, which it believes will be a world first for this type of electric aircraft.
Certification
- In July 2024, the UK Civil Aviation Authority (CAA) expanded the scope of Vertical’s Design Organisation Approval (DOA), a pre-requisite for European Type Certification, and agreed certification co-operation with European Union Aviation Safety Agency (EASA).
- Next phase: wingborne flight, with CAA approval required to extend the Permit to Fly. This transition marks a key step toward certification and commercial viability as it will involve transitioning from a tightly controlled test environment to more dynamic, scalable operations. Once the aircraft has completed wingborne flight, the aircraft will have, in effect, completed a mini-certification process with this prototype.
Cash and outlook
- Maintained capital efficiency with FY 2024 net cash used in operating activities of UKP46 million (USD58 million) including a UKP28 million (USD34 million) cash settlement received from Rolls-Royce.
- As of 31 December 2024 cash and cash equivalents totalled UKP23 million (USD28 million). Following receipt of gross proceeds from the public offering of UKP74 million (USD90 million), the business is funded through FY 2025, with cash and cash equivalents totalling UKP77 million (USD99 million) as of the date of this report.
- Net cash outflows from operating activities for FY 2025 are currently expected to be between approximately UKP90 million and UKP100 million (USD110 million to USD125 million).
Vertical will host a webcast at 08:30 ET (12:30 GMT) today to discuss the 2024 Annual Report. The call will be hosted by Stuart Simpson, Vertical’s CEO and he will be joined by Simon Davies, Vertical’s Chief Test Pilot.
To access the webcast, visit Vertical’s Investor Relations website.
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(Image: Business Wire)