Vertical Aerospace Ltd. - EVTL STOCK NEWS

Vertical Aerospace (NYSE: EVTL) has appointed John Martin as the new Chief Financial Officer (CFO), effective February 20, 2023. Martin brings over thirty years of experience from senior executive roles in notable companies, including Ferguson plc and Hays plc. His background in enhancing profitability and shareholder value positions him to support the company's ambitious goals in zero-emissions aviation. This change follows the resignation of Vinny Casey, who remains a non-executive director. Martin’s expertise is expected to bolster Vertical's executive leadership, focusing on transforming the company during its certification and industrialisation phases.

Vertical Aerospace (NYSE: EVTL) has announced a significant advancement in its partnership with Marubeni Corporation, marking a major step in the eVTOL market in Japan. Marubeni has made a pre-delivery payment for the reservation of aircraft delivery slots for 25 out of 200 conditional pre-orders of the VX4 aircraft. These actions align with Japan's goals for Advanced Air Mobility (AAM) in preparation for the 2025 Osaka World Expo. Marubeni has already conducted proof-of-concept trials for Urban Air Mobility services, demonstrating the viability of eVTOL operations in the region.

Vertical Aerospace (NYSE: EVTL) has appointed David King as Chief Engineer, effective February 2023. King brings over 30 years of experience in aerospace engineering, previously holding senior roles at Leonardo and Bell. He will oversee the technical development of the VX4 electric aircraft, managing all project phases. His background includes significant expertise in aviation certification from global bodies such as the FAA and CAA. This leadership change aims to enhance Vertical's mission towards zero-emissions aviation.

Vertical Aerospace Ltd. (NYSE: EVTL; EVTLW) announced its Q3 2022 financial results, reporting a net operating loss of £19 million, up from £8 million in Q3 2021. As of September 30, 2022, the company had £145 million in cash, earmarked for test and certification activities. Vertical has secured a £100 million equity subscription line with Nomura to support capital needs, minimizing dilution effects. Recent operational highlights include 14 piloted flight tests of the VX4 aircraft, which received its Permit to Fly from the UK's Civil Aviation Authority.

Vertical Aerospace (NYSE: EVTL) has successfully conducted its maiden airborne test of the VX4 electric vertical take-off and landing (eVTOL) aircraft, making it the first British aerospace company to achieve this milestone in over 20 years. The aircraft took off under tethered conditions, marking a significant step in its flight test program. The company aims for VX4 certification by 2025, with over 1,400 conditional pre-orders from leading airlines including American Airlines and Virgin Atlantic. The VX4 is projected to carry a pilot and four passengers for over 100 miles at speeds up to 200 mph.

Vertical Aerospace Ltd. (NYSE: EVTL; EVTLW) has announced its financial results for the first half of 2022, reporting a net operating loss of £39 million, compared to £22 million in the same period last year. The company completed its full-scale VX4 prototype and is initiating intensive flight tests. Vertical has expanded its pre-order book to over 1,400 units, with commitments from American Airlines and new partnerships for various applications. Cash reserves stand at £158 million, expected to fund operations for at least 12 months. The capital plan remains on track amidst ongoing investment.

Vertical Aerospace (NYSE: EVTL) has appointed Mike Flewitt, former CEO of McLaren Automotive, to its Board of Directors, enhancing its leadership in zero emissions aviation. This announcement coincides with American Airlines’ pre-delivery payment commitment and 50 conditional pre-orders from FLYINGGROUP, expanding Vertical's pre-order book to over 1,400 VX4s, valued at approximately $5.6 billion. The company continues to progress in its partnerships and the commercialization of its VX4 eVTOL aircraft.

Vertical Aerospace (NYSE: EVTL) has selected CAE (NYSE: CAE) as its training partner for the VX4 eVTOL aircraft. This partnership includes the development of a tailored pilot training program using next-gen flight simulators. Both companies share a customer base, facilitating the integration of Advanced Air Mobility training. The collaboration aims to enhance safety and scalability in pilot training, with efforts commencing three years before the VX4's expected 2025 entry into service.

Vertical Aerospace (NYSE: EVTL) has partnered with Babcock International to explore new applications for its VX4 eVTOL aircraft in aerial emergency medical services (EMS) and cargo transportation. This collaboration aims to leverage Babcock's extensive EMS experience to enhance the operational capabilities of the VX4, which can travel over 100 miles at speeds exceeding 200 mph with zero emissions. The companies will also develop modular maintenance, repair, and overhaul (MRO) capabilities for the VX4, promoting cost-effective maintenance in challenging environments.