16-May-2023 Source: Vertical Aerospace
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 quarter ended March 31, 2023. The Company has also issued a shareholder letter in conjunction with the filing of our first quarter 2023 results, which is posted to its investor relations website at investor.vertical-aerospace.com.
Stephen Fitzpatrick, Vertical Founder and CEO, said “We have achieved so much in this first quarter. I am so proud of the team as we were granted our Design Organisation Approval from the CAA affirming our home regulator’s confidence in our capabilities. While we have revised our target certification date, the diligence and precision of the scoping work gives us ever more confidence that our strategy is the right one, and that we will be one of the first movers in the eVTOL market.”
First Quarter 2023 and Recent Operational Highlights
• Vertical received Design Organisation Approval in March 2023 – the first listed eVTOL company to be granted a DOA in the world. DOA affirms Vertical’s maturing credibility as an aerospace company.
• Following a comprehensive management review, including extensive discussions and alignment with its supply chain and regulators, Vertical is now targeting certification by the end of 2026
First Quarter 2023 Financial Highlights
• Vertical reported a net operating loss of £23m for the three months ended March 31, 2023, compared to a net operating loss of £18m for the three months ended March 31, 2022.
• This reflects investments in the advancement of our electric battery technology at our recently opened Vertical Energy Centre; achievement of eVTOL Design Organisation Approval with the UK Civil Aviation Authority (CAA); in addition to design and test capabilities associated with our VX4 prototype aircraft.
• As of March 31, 2023, Vertical had cash and cash equivalents totalling £104m, which will be invested in the development of the company’s design, test and certification activities; as well as in the people, systems and processes that support the company
• Net cash outflows incurred in the second quarter of the year will be in relation to the advancement of our airborne flight test programme and further investment in our second full scale prototype aircraft – our capital plan for 2023 remains on track.
• As previously announced, to support our ongoing capital requirements, fund our future operations and remain as a going concern, Vertical intends to undertake a fundraise in 2023 to raise additional capital. The above forward-looking statements reflect our expectations for the three months ending June 30, 2023 as of May 3, 2023, 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.”