UK-based Vertical Aerospace (VA) has rebounded with renewed vigor after a challenging period, securing new funding and reinvigorating its positive outlook. In a recent announcement alongside the release of their 2023 annual financial report, VA outlined several key developments:
- The completion of the second, more advanced full-scale VX4 prototype is imminent, with final assembly expected to conclude soon. This milestone paves the way for the commencement of flight testing ahead of public demonstrations at prestigious events like Farnborough and Heathrow.
- The latest VX4 prototype incorporates over 60 percent components from aerospace technology partners, alongside Vertical’s second-generation propellers and proprietary battery packs, showcasing technological advancements.
- Despite significant investment, VA maintains a disciplined approach to spend management, with FY23 net cash used in operating activities totaling UKP74.7 million (USD92.9 million).
Founder and CEO, Stephen Fitzpatrick, expressed confidence in VA's eVTOL aircraft, team, and technology, highlighting the upcoming unveiling of the next-generation VX4 prototype. Fitzpatrick emphasized that this iteration boasts 70 percent new components, including advanced propellers and proprietary battery technology, promising increased speed and reduced noise levels.
VA's shareholder letter also reflects on the company's achievements in 2023:
- VA stands out as one of the few eVTOL developers to have successfully built and flown a full-scale vectored-thrust electric aircraft.
- The company actively engages with five regulators for certification efforts, showcasing its commitment to regulatory compliance.
- VA obtained the first-ever Design Organisation Approval (DOA) from the Civil Aviation Authority for a listed eVTOL manufacturer, highlighting its regulatory milestones.
- The establishment of a cutting-edge battery facility in Bristol underscores VA's commitment to technological innovation.
- VA's order book has surged to over USD6 billion, reflecting confidence in the company's future prospects.
Shareholders can request a hard copy of the Annual Report containing audited financial statements by contacting investors@vertical-aerospace.com or mailing Vertical Aerospace Ltd., Unit 1 Camwal Court, Chapel Street, Bristol BS2 0UW, UK.
Stay updated on VA's progress and achievements by reading the full article on our blog.
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Financial communications, Edelman Smithfield
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