Leading zero-emission aviation pioneer Vertical Aerospace has released its third quarter 2024 financial results. The complete financial report is available on the company’s investor relations website.
Vertical Aerospace has established itself as a frontrunner in the electric vertical takeoff and landing (eVTOL) aircraft sector. Based in Bristol, UK, it has pushed forwards since its founding in 2016.
“We’ve reached several major milestones this quarter,” said CEO Stuart Simpson. “We unveiled our plan to become market leaders by 2030, and launched our piloted flight-testing program. This is an achievement few in our industry have reached.”
“We secured significant investment that bolsters our finances through late 2025. I’m incredibly proud of our team’s accomplishments and look forward to what 2025 will bring.”
Key Developments
Major Investment Secured
Vertical Aerospace signed a pivotal investment agreement with Mudrick Capital and majority shareholder Stephen Fitzpatrick on December 20, 2024.
This agreement follows November’s announcement of up to $50 million in new funding, part of a larger $180 million balance sheet strengthening initiative. The company will hold a shareholder meeting on December 23 to vote on related corporate governance changes.
On December 15, 2024, the company reached an additional agreement with Mudrick Capital regarding default rights. This arrangement demonstrates all parties’ commitment to the transaction and reinforces Vertical’s long-term financial stability.
The new funding will support “Flightpath 2030,” the company’s recently announced strategy for achieving market leadership by 2030. This investment ensures operational funding through late 2025 and removes previous barriers that limited the company’s access to third-party funding since going public.
Technical Achievements and Innovation
The company achieved a significant technical breakthrough by entering Phase 2 of its piloted flight testing program, following UK Civil Aviation Authority approval.
This milestone involves testing the VX4, Vertical’s flagship eVTOL aircraft, designed to carry four passengers and a pilot up to 100 miles at speeds of over 200mph, while producing minimal noise and zero operating emissions.
The VX4’s development has attracted substantial industry attention, with pre-orders from major global airlines and aircraft lessors including American Airlines, Virgin Atlantic, and Avolon.
These partnerships have resulted in conditional pre-orders for up to 1,350 aircraft, representing potential future revenue of approximately $5.4 billion.
Industry Recognition and Partnerships
Vertical received the prestigious Shaping the Future Award at the 2024 ATI Aerospace Technology & Innovation Awards for its innovations in zero-emission aviation.
The company has established strategic partnerships with industry leaders including Rolls-Royce, Microsoft, Honeywell, and GKN Aerospace, combining expertise in aerospace, technology, and sustainable aviation.
Financial Position and Outlook
Vertical continues to demonstrate strong capital management. The company held £42.8 million in cash and equivalents as of September 30, 2024, with current holdings of approximately £25 million. The newly secured funding round is expected to complete in the first quarter of 2025.
The company’s focus on sustainable aviation aligns with growing global demand for zero-emission transport solutions.
With its advanced technology, strong order book, and recent financial strengthening, Vertical Aerospace is positioned to play a crucial role in the future of urban air mobility and the broader aviation industry’s transition to sustainable operations.
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