Vertical Aerospace Releases First Quarter 2024 Financial Results

Vertical Aerospace Ltd. (“Vertical” or the “Company”) (NYSE: EVTL; EVTLW), a global aerospace and technology company that is pioneering zero emission aviation, today announces its financial results for the first quarter ended March 31, 2024. The first quarter 2024 financial results filing can be found on the investor relations website.

Stuart Simpson, CEO at Vertical, said “I am delighted to lead this incredibly innovative company and I’m immensely proud of the progress the team has made so far this year. 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.”

First Quarter 2024 and Recent Operational Highlights

Business

• A new £8 million ($10 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 £37 million ($47 million), signalling a further vote of confidence in Vertical from the UK Government.
• The UK’s Aviation and Technology Minister, Anthony Browne MP, visited Vertical’s HQ in Bristol in March to mark the launch of the Government’s Future of Flight Action Plan. The joint initiative between the UK Government and industry outlines plans for flying taxis to become a reality in the UK within the next few years.
• Vertical’s partner, Skyports, announced its plans to develop the UK’s first vertiport testbed at Bicester Motion, Oxfordshire, at which Vertical intends to fly later this year.
• At the latest Vertical Pioneer’s Event in April, the team updated customers on the VX4 programme, with topics including certification and operating economics, and hearing from partners CAE and Skyports Infrastructure. Our customers also visited the Vertical Flight Test Centre to see the aircraft and hear directly from our chief pilot on our upcoming crewed flight test programme.
• Founder Stephen Fitzpatrick committed additional capital to the Company, with Vertical receiving £19.5 million ($25 million) on March 13, 2024.
• 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.

Vertical Team