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Vertical Aerospace Announces First Half-Year 2024 Financial Results

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Vertical Aerospace (NYSE: EVTL) has released its financial results for the first half of 2024 and issued a shareholder letter. Key highlights include:

1. Completion of Phase 1 piloted flight tests for the new VX4 prototype

2. Expanded Design Organisation Approval from the UK Civil Aviation Authority

3. Acceptance into the UK Ministry of Defence's Uncrewed Air Systems Heavy Lift Challenge framework

4. H1 2024 operating loss of £20 million ($25 million)

5. Cash and cash equivalents of £67m / $84m as of June 30, 2024

6. Anticipated net cash outflows of £40m to £45m in H2 2024

7. Plans for a 1-for-10 reverse share split effective September 20, 2024

The company is in discussions for potential third-party investment to extend its cash runway.

Vertical Aerospace (NYSE: EVTL) ha pubblicato i suoi risultati finanziari per il primo semestre del 2024 e ha emesso una lettera agli azionisti. I punti salienti includono:

1. Completamento dei test di volo piloti della Fase 1 per il nuovo prototipo VX4

2. Approvazione dell'Organizzazione di Progettazione ampliata da parte dell'Autorità per l'Aviazione Civile del Regno Unito

3. Accettazione nel programma Uncrewed Air Systems Heavy Lift Challenge del Ministero della Difesa del Regno Unito

4. Perdite operative di £20 milioni ($25 milioni) nel primo semestre 2024

5. Liquidità e disponibilità liquide di £67 milioni / $84 milioni al 30 giugno 2024

6. Uscite di cassa nette previste di £40 milioni a £45 milioni nel secondo semestre 2024

7. Piani per un'operazione di reverse split delle azioni 1 per 10 a partire dal 20 settembre 2024

L'azienda è in discussione per un potenziale investimento di terzi per estendere la sua liquidità.

Vertical Aerospace (NYSE: EVTL) ha publicado sus resultados financieros para la primera mitad de 2024 y ha emitido una carta a los accionistas. Los puntos destacados incluyen:

1. Finalización de las pruebas de vuelo piloto de la Fase 1 para el nuevo prototipo VX4

2. Expansión de la Aprobación de Organización de Diseño por parte de la Autoridad de Aviación Civil del Reino Unido

3. Aceptación en el marco del Desafío de Carga Pesada de Sistemas Aéreos No Tripulados del Ministerio de Defensa del Reino Unido

4. Pérdida operativa de £20 millones ($25 millones) en la primera mitad de 2024

5. Efectivo y equivalentes de efectivo de £67 millones / $84 millones al 30 de junio de 2024

6. Flujos de efectivo netos previstos de £40 millones a £45 millones en la segunda mitad de 2024

7. Planes para una división de acciones inversa de 1 por 10 que entrará en vigor el 20 de septiembre de 2024

La empresa está en discusiones para una posible inversión de terceros para extender su liquidez.

Vertical Aerospace (NYSE: EVTL)는 2024년 상반기 재무 결과를 발표하고 주주 서한을 발송했습니다. 주요 하이라이트는 다음과 같습니다:

1. 새로운 VX4 프로토타입에 대한 1단계 조종 비행 테스트 완료

2. 영국 민간 항공국으로부터의 설계 조직 승인 확대

3. 영국 국방부의 무인 항공 시스템 중량 화물 도전 프레임워크에 수용됨

4. 2024년 상반기 운영 손실 £20백만 ($25백만)

5. 2024년 6월 30일 기준 현금 및 현금성 자산 £67백만 / $84백만

6. 2024년 하반기 예상 순 현금 유출 £40백만에서 £45백만

7. 2024년 9월 20일부터 1대10 역주식 분할 계획

회사는 현금 유동성을 연장하기 위한 잠재적 제3자 투자 논의를 진행 중입니다.

Vertical Aerospace (NYSE: EVTL) a publié ses résultats financiers pour le premier semestre 2024 et a émis une lettre aux actionnaires. Les points clés incluent :

1. Achèvement des tests de vol avec pilote de la phase 1 pour le nouveau prototype VX4

2. Approbation élargie de l'Organisation de Conception par l'Autorité de l'Aviation Civile du Royaume-Uni

3. Acceptation dans le cadre de la Défi de Levage Lourds des Systèmes Aériens Sans Pilote du Ministère de la Défense britannique

4. Perte opérationnelle de 20 millions de £ ($25 millions) au premier semestre 2024

5. Liquidités et équivalents de liquidités de 67 millions de £ / 84 millions de $ au 30 juin 2024

6. Flux de trésorerie nets anticipés de 40 millions à 45 millions de £ au deuxième semestre 2024

7. Prévisions pour un regroupement d'actions 1 pour 10 effectif le 20 septembre 2024

L'entreprise est en discussion pour un éventuel investissement de tiers afin d’étendre sa marge de liquidité.

Vertical Aerospace (NYSE: EVTL) hat seine Finanz Ergebnisse für das erste Halbjahr 2024 veröffentlicht und einen Aktionärsbrief herausgegeben. Die wichtigsten Punkte umfassen:

1. Abschluss der pilotierten Flugtests der Phase 1 für den neuen VX4-Prototyp

2. Erweiterte Genehmigung der Entwurfsorganisation durch die britische Zivilluftfahrtbehörde

3. Aufnahme in den Rahmen des Uncrewed Air Systems Heavy Lift Challenge des britischen Verteidigungsministeriums

4. Betrieblicher Verlust von £20 Millionen ($25 Millionen) im ersten Halbjahr 2024

5. Flüssige Mittel in Höhe von £67 Millionen / $84 Millionen zum 30. Juni 2024

6. Erwartete Nettocashflows von £40 Millionen bis £45 Millionen im zweiten Halbjahr 2024

7. Pläne für einen 1 für 10 Aktienteilungsplan, der am 20. September 2024 wirksam wird

Das Unternehmen führt Gespräche über mögliche Investitionen von Dritten, um seine finanzielle Liquidität zu verlängern.

Positive
  • Successful completion of Phase 1 piloted flight tests for the new VX4 prototype
  • Expanded Design Organisation Approval from the UK Civil Aviation Authority
  • Acceptance into the UK Ministry of Defence's £95m Uncrewed Air Systems Heavy Lift Challenge framework
  • Received $34 million from Rolls-Royce for exiting the Electric Propulsion Unit contract
  • Awarded £8 million ($10 million) UK Government grant for next-generation propeller development
  • Received $25 million investment from Imagination Aero Investments
Negative
  • H1 2024 operating loss of £20 million ($25 million)
  • Cash and cash equivalents reduced to £67m / $84m as of June 30, 2024
  • Anticipated net cash outflows of £40m to £45m in H2 2024
  • Need to raise capital to fund future operations and remain a going concern
  • Projected cash runway only extends to Q2 or Q3 2025, depending on additional investment
  • Implementing a 1-for-10 reverse share split, potentially indicating stock price concerns

Insights

Vertical Aerospace's H1 2024 results show promising progress in aircraft development but highlight ongoing financial challenges. The company reported an operating loss of £20 million ($25 million), primarily due to prototype development costs. While this demonstrates capital efficiency, it underscores the need for additional funding.

The $34 million received from Rolls-Royce provides a temporary cash buffer, but Vertical's cash position of £67 million ($84 million) as of June 30, 2024, is concerning given the projected H2 2024 cash burn of £40-45 million. The company's ability to secure the second $25 million tranche from Stephen Fitzpatrick's investment agreement is important for extending its runway.

The upcoming 1-for-10 reverse stock split suggests an attempt to maintain NYSE listing requirements, which could be indicative of share price pressures. Investors should closely monitor Vertical's fundraising efforts, as successful capital raising is critical for the company's survival and progress towards certification.

Vertical Aerospace has made significant strides in their VX4 eVTOL development. The completion of Phase 1 piloted flight tests with the new prototype, featuring 60% tier-one aerospace partner technology, marks a important milestone. The successful integration of proprietary batteries and optimized propellers demonstrates technological advancement.

The aircraft's stability, particularly in challenging ground effect conditions, is promising. However, the transition to untethered thrustborne testing is a critical next phase that will truly test the VX4's capabilities. The expanded Design Organisation Approval (DOA) from the CAA is a positive step towards certification, but the path remains long and complex.

The acceptance into the UK MOD's Uncrewed Air Systems Heavy Lift Challenge framework opens potential military applications, diversifying Vertical's market opportunities. However, investors should note that eVTOL certification for civilian use remains the primary hurdle and focus for the company's success.

Vertical Aerospace's market position shows both promise and challenges. The company's presence at the Farnborough International Airshow and the Pioneers event demonstrates active engagement with potential customers and stakeholders. The unique Apple Vision Pro experience for the new prototype indicates innovative marketing approaches.

The acceptance into the UK MOD's £95 million Uncrewed Air Systems Heavy Lift Challenge framework opens doors to military contracts, potentially diversifying revenue streams. However, this should be viewed cautiously as it's still in early stages and may not significantly impact near-term financials.

The appointment of experienced aerospace professionals and FTSE executives to key positions strengthens Vertical's leadership team. This could enhance investor confidence and industry relationships. However, the frequent changes in top management, including the CEO position, might raise concerns about long-term stability and strategy execution. Investors should monitor how these leadership changes impact the company's direction and operational efficiency.

Vertical Issues Shareholder Letter

LONDON & NEW YORK--(BUSINESS WIRE)-- Vertical Aerospace Ltd. (“Vertical” or the "Company") (NYSE: EVTL; EVTLW), a global aerospace and technology company that is pioneering zero emission aviation, announces its financial results for the first half of the year ended June 30, 2024. Vertical has also issued a shareholder letter in conjunction with the filing of its first half-year results, which is posted to its investor relations website at investor.vertical-aerospace.com.

The new VX4 prototype, which has completed Phase 1 of piloted flight tests. (Photo: Business Wire)

The new VX4 prototype, which has completed Phase 1 of piloted flight tests. (Photo: Business Wire)

Stuart Simpson, CEO at Vertical, said:

“During the past few months we have delivered our most advanced full-scale VX4 prototype, have gone from first powered ground test to 'wheels up’ in just one week and completed the first phase of our piloted test flight programme. Every day I continue to be deeply impressed by the phenomenal engineers we have and the progress we are making here in Bristol as we build a new generation of aviation. This could not be a more exciting time to follow Vertical as we accelerate through our piloted flight tests and work closely with the UK Civil Aviation Authority, our home regulator, on the path to certification.”

First Half-Year 2024 and Recent Operational Updates

  • Flight tests of new VX4 prototype: Vertical unveiled its next full-scale VX4 prototype in July and began piloted flight tests days later, following the UK Civil Aviation Authority (CAA) issuing a Permit to Fly. This more advanced aircraft has 60% of its technology from tier-one aerospace partners, up from 10% on the previous prototype, marking a significant step towards the final certification aircraft. This is also the first use of Vertical’s proprietary batteries, designed and developed at the Vertical Energy Centre, in a piloted aircraft. Vertical’s new proprietary propellers designed specifically for eVTOLs are optimised for low noise and made of carbon fibre composite using a single-shot cure process to maximise integrity.
  • The VX4 recently completed Phase 1 of the piloted test flight programme. During Phase 1, the VX4 prototype conducted multiple piloted tethered flights and ground runs, across 20 piloted test sorties, completing a total of 70 individual test points, measuring 35,000 flight and system parameters. Vertical is now preparing to progress to piloted untethered thrustborne testing, as soon as it receives permission from the CAA. The flight tests have already shown the aircraft’s incredible stability – particularly in ground effect, typically one of the most challenging flight conditions.
  • Certification Progress: The CAA expanded the scope of Vertical’s Design Organisation Approval (DOA), which is a requirement for the Type Certification of the VX4 and its entry into service. At the same time, there has been strong regulatory collaboration, with the European Union Aviation Safety Agency (EASA) and the CAA agreeing how they will work together on the certification of the VX4.
  • Go To Market: At the Farnborough International Airshow, the team met existing and prospective customers, investors, suppliers, regulators and government agencies, who were able to explore the new prototype using a unique Apple Vision Pro experience. Vertical also brought its customers together in London for their Pioneers event in Q2 to bring them up to speed on the latest developments and hear their feedback.
    In August, the UK Ministry of Defence (MOD) accepted Vertical’s application to join their Uncrewed Air Systems Heavy Lift Challenge framework. The aim of this £95m framework is to define capabilities and test solutions for the Royal Navy for non-weaponised cargo drone operations, with a special focus on ship-to-shore and ship-to-ship missions. Acceptance onto this framework means Vertical can participate in tenders issued by the Royal Navy, facilitating Vertical’s access to R&D funding, development support and in particular, the collaboration across the Uncrewed Air System community that membership of Defence Equipment & Support’s Heavy Lift Capability Framework provides.
  • Our People: Vertical continues to attract world-class aerospace professionals, including, Martyn Ashford, Head of Aircraft Programmes Development from Leonardo. It also appointed Ben Story to the Board of Directors as an independent non-executive director and Charlotte Cowley as Director of Strategic Finance responsible for executing Vertical’s fundraising strategy. Ben was formerly Strategic Marketing Director at FTSE 100 Rolls-Royce plc and, before that, Managing Director at Citi. Charlotte has previously led Investor Relations for the FTSE100 Burberry Group plc, and FTSE250 Aston Martin Lagonda plc, where she supported successful capital raises. In May 2024, Stuart Simpson, formerly Vertical’s CFO and a seasoned FTSE100 executive, was appointed as CEO to lead the company through the pivotal phase of certifying and commercializing its VX4 aircraft. Stephen Fitzpatrick, founder, majority shareholder and former CEO of Vertical, remains on Vertical’s board of directors as a non-executive director, focusing on business strategy and the delivery of the company’s vision.
    In September 2024, Vincent Casey was appointed to rejoin the Vertical Board as a Non-Executive Director, having previously served as a member of the board of directors from May 2021 to August 2023 and as Vertical’s Chief Financial Officer from November 2020 to February 2023. Vincent is currently the Chief Financial Officer at Ovo Energy, a leading energy supply group that includes one of Europe’s largest independent energy retailers, a company he joined in 2013.

First Half-Year 2024 and Recent Financial Updates

  • Vertical maintained its industry-leading capital efficiency with an H1 2024 operating loss of £20 million ($25 million). The operating loss for the period primarily reflects the spend to successfully complete Vertical’s second full-scale prototype aircraft.
  • In May 2024, Vertical mutually agreed to exit Rolls-Royce's contract to design an Electric Propulsion Unit (EPU). Under the agreement, Vertical received $34 million from Rolls-Royce which is expected to cover the anticipated costs of an alternative EPU design contract and provided an extension to the cash runway. This followed Rolls-Royce's announcement in November 2023 of its intention to seek a partner or buyer for its advanced air mobility activities. Vertical is already working with other EPU suppliers and does not anticipate this having any impact on the completion of their prototypes.
  • Over the half, Vertical was awarded an £8 million ($10 million) UK Government grant from the Aerospace Technology Institute (ATI) for its next-generation propeller development. Vertical also received a cash amount of $25 million from Imagination Aero Investments Ltd., a company owned by Vertical founder, Stephen Fitzpatrick, in connection with an investment agreement dated February 22, 2024 (the “Investment Agreement”). Vertical is in discussion with regards to the second $25 million tranche of the investment committed under the Investment Agreement, which remains outstanding.

Financial Outlook

  • As of June 30, 2024, Vertical had cash and cash equivalents of £67m / $84m.
  • The 2024 capital plan continues to remain on track, with net cash outflows from operations in the second half of the year expected to be between £40m to £45m.
  • Net cash outflows incurred in the second half of the year will be in relation to the advancement of Vertical’s piloted flight test programme.
  • As of the date of this report, Vertical had approximately £48m / $63m of cash and cash equivalents on hand.
  • As previously announced, Vertical will need to raise capital to fund its future operations and remain as a going concern. Vertical intends to do so and are in discussions regarding potential third party investment. The timely receipt of an amount equal or equivalent to the second tranche committed under the Investment Agreement is required to extend its projected cash runway into the third quarter of 2025 (from the second quarter of 2025).
  • On September 16, 2024, following the requisite shareholder approvals at Vertical’s Annual General Meeting earlier on the same day, Vertical’s Board of Directors authorised the implementation of a reverse share split at a ratio of 1 for 10, with an effective date of September 20, 2024.

The above forward-looking statements reflect our expectations for the six months ending June 30, 2024, as of September 17, 2024, and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

About Vertical Aerospace

Vertical Aerospace is a global aerospace and technology company pioneering electric aviation.

Vertical is creating a safer, cleaner and quieter way to travel. Vertical's VX4 is a piloted, four passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical combines partnering with leading aerospace companies, including GKN, Honeywell and Leonardo, with developing its own proprietary battery and propeller technology to create the world’s most advanced and safest eVTOL.

Vertical has 1,500 pre-orders of the VX4 worth $6bn, with customers across four continents, including Virgin Atlantic, American Airlines, Japan Airlines, GOL and Bristow. Headquartered in Bristol, the epicentre of the UK’s aerospace industry, Vertical was founded in 2016 by Stephen Fitzpatrick, founder of the OVO Group, Europe’s largest independent energy retailer.

Vertical's experienced leadership team comes from top tier automotive and aerospace companies such as Rolls-Royce, Airbus, GM and Leonardo. Together they have previously certified and supported over 30 different civil and military aircraft and propulsion systems.

Unaudited Condensed Consolidated Interim Statements of Income and Comprehensive Income

 

 

H1’2024

£ 000

 

 

H1’2023

£ 000

Research and development expenses

(31,951)

(27,500)

Administrative expenses

(20,710)

(24,266)

Related party administrative expenses

(42)

(42)

Other operating income

32,763

2,861

 

Operating loss

 

(19,940)

 

(48,947)

Finance income

7,397

32,333

Finance costs

(11,026)

(8,140)

Net finance income/(costs)

(3,629)

24,193

 

Loss before tax

 

(23,569)

 

(24,754)

Income tax expense

6,448

12,984

 

Net loss for the period

 

(17,121)

 

(11,770)

Foreign exchange translation differences

1,162

(6,922)

 

Total comprehensive loss for the period

 

(15,959)

 

(18,692)

Unaudited Condensed Consolidated Interim Statement of Cashflows

 

 

H1’2024

£ 000

 

H1’2023

£ 000

 

Cash flows from operating activities

 

 

Net loss for the period

(17,121)

(11,770)

Adjustments to cash flows from non-cash items:

 

 

Depreciation and amortization

1,094

990

Depreciation on right of use assets

326

327

Finance costs/(income)

3,629

(24,193)

Share based payment transactions

4,785

7,056

Income tax credit

(6,448)

(12,984)

Non-cash gain (settled in treasury shares)

(803)

-

 

(14,538)

(40,574)

Working capital adjustments:

 

 

(Decrease)/increase in trade and other receivables

(3,035)

802

Increase/(decrease) in trade and other payables

84

(4,603)

Income taxes received

15,838

11,319

Net cash outflow from operating activities

(1,651)

(33,056)

 

Cash flows from investing activities

 

 

Decrease in financial assets at amortized cost

-

59,886

Acquisitions of property plant and equipment

(391)

(1,304)

Acquisition of intangible assets

-

(73)

Interest income on deposits

1,168

2,337

Net cash inflow from investing activities

777

60,846

 

Cash flows from financing activities

 

 

Proceeds from issue of shares

-

180

Proceeds from issue of shares to related party

15,629

-

Proceeds from issue of warrants to related party

3,907

-

Payments to lease creditors

(396)

(349)

Net cash (outflow) from financing activities

19,140

(169)

Net increase/(decrease) in cash at bank

18,266

27,621

Cash at bank as at January 1

48,680

62,927

Effect of foreign exchange rate changes

(160)

(855)

Cash at bank as at June 30

66,786

89,693

Unaudited Condensed Consolidated Interim Statement of Financial Position

 

 

H1’2024

£ 000

 

H1’2023

£ 000

 

Non-current assets

 

 

Property, plant and equipment

3,653

3,821

Right of use assets

2,128

2,453

Intangible assets

481

1,018

 

6,262

7,292

 

Current assets

 

 

Trade and other receivables

20,058

26,413

Restricted cash

1,700

1,700

Cash and cash equivalents

66,786

48,680

 

88,544

76,793

Total assets

94,806

84,085

 

Equity

 

 

Share capital

17

17

Other reserve

97,254

86,757

Treasury share reserve

(803)

-

Share premium

273,824

257,704

Accumulated deficit

(412,373)

(394,257)

Total equity

(42,081)

(49,779)

 

Non-current liabilities

 

 

Lease liabilities

1,748

1,977

Provisions

327

256

Derivative financial liabilities

112,770

109,291

Trade and other payables

3,955

3,922

 

118,800

115,446

 

Current liabilities

 

 

Lease liabilities

558

643

Warrant liabilities

610

907

Trade and other payables

16,919

16,868

 

18,087

18,418

Total liabilities

136,887

133,864

Total equity and liabilities

94,806

84,085

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the design and manufacture of the VX4, our future results of operations and financial position and expected financial performance and operational performance, liquidity, growth and profitability strategies, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircrafts on timelines projected, selection of suppliers, certification and the commercialization of the VX4 and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all, our ability and plans to raise additional capital to fund our operations, including as a result of any ongoing or future discussions with potential investors, statements regarding receipt of the committed funding from Company’s founder and majority owner, our plans to mitigate the risk that we are unable to continue as a going concern, our plans for capital expenditures, the expectations surrounding pre-orders and commitments, the features and capabilities of the VX4, the transition towards a net-zero emissions economy, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “will,” “aim,” “potential,” “continue,” “are likely to” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: our limited operating history without manufactured non-prototype aircraft or completed eVTOL aircraft customer order; our potential inability to raise additional funds when we need or want them, or at all, to fund our operations; our limited cash and cash equivalents and recurring losses from our operations raise significant doubt (or raise substantial doubt as contemplated by PCAOB standards) regarding our ability to continue as a going concern; our potential inability to produce or launch aircraft in the volumes or timelines projected; the potential inability to obtain the necessary certifications for production and operation within any projected timeline, or at all; the inability for our aircraft to perform at the level we expect and may have potential defects; our history of losses and the expectation to incur significant expenses and continuing losses for the foreseeable future; the market for eVTOL aircraft being in a relatively early stage; any accidents or incidents involving eVTOL aircraft could harm our business; our dependence on partners and suppliers for the components in our aircraft and for operational needs; the potential that certain strategic partnerships may not materialize into long-term partnership arrangements; all of the pre-orders received are conditional and may be terminated at any time and any pre-delivery payments may be fully refundable upon certain specified dates; any circumstances; any potential failure to effectively manage our growth; our inability to recruit and retain senior management and other highly skilled personnel; we have previously identified material weaknesses in our internal controls over financial reporting which if we fail to properly remediate, could adversely affect our results of operations, investor confidence in us and the market price of our ordinary shares; as a foreign private issuer we follow certain home country corporate governance rules, are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2024, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

For more information:

Justin Bates, Head of Communications

Justin.bates@vertical-aerospace.com

+44 7878357463

Samuel Emden, Head of Investor Affairs

Samuel.emden@vertical-aerospace.com

+447816 459 904

Vertical Media Kit

Available here.

Source: Vertical Aerospace Ltd.

FAQ

What were Vertical Aerospace's (EVTL) key achievements in H1 2024?

Vertical Aerospace completed Phase 1 of piloted flight tests for the new VX4 prototype, expanded its Design Organisation Approval from the UK CAA, and was accepted into the UK Ministry of Defence's Uncrewed Air Systems Heavy Lift Challenge framework.

What was Vertical Aerospace's (EVTL) financial performance in H1 2024?

Vertical Aerospace reported an operating loss of £20 million ($25 million) for H1 2024, with cash and cash equivalents of £67m / $84m as of June 30, 2024.

What are Vertical Aerospace's (EVTL) plans for raising capital?

Vertical Aerospace is in discussions for potential third-party investment to extend its cash runway. The company needs to raise capital to fund future operations and remain a going concern.

When will Vertical Aerospace (EVTL) implement its reverse share split?

Vertical Aerospace plans to implement a 1-for-10 reverse share split effective September 20, 2024, following shareholder approval at the Annual General Meeting on September 16, 2024.

Vertical Aerospace Ltd.

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