Vertical Aerospace Releases Third Quarter 2024 Financial Results
20 Dezembro 2024 - 11:47AM
Business Wire
Vertical Aerospace Ltd. (“Vertical” or the “Company”) (NYSE:
EVTL; EVTLW), a global aerospace and technology company that is
pioneering zero emission aviation, today announces its financial
results for the third quarter ended September 30, 2024. The third
quarter 2024 financial results filing can be found on the Company’s
investor relations website.
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the full release here:
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The full scale VX4 prototype during
piloted flight tests (Photo: Business Wire)
Stuart Simpson, CEO at Vertical, said “This has been a momentous
quarter for the business. We have shared our strategic plan to lead
the market by the end of the decade, begun what few in the industry
have achieved with our piloted flight test programme, and signed a
significant investment agreement that strengthens our balance sheet
and funds us towards the end of next year. I could not be prouder
of the team or more excited to get into 2025.”
Vertical’s recent updates:
Investment agreement
- Signing of the investment agreement on 20 December 2024 with
Mudrick Capital, the Company’s primary creditor, and Stephen
Fitzpatrick, its majority shareholder, following the announcement
in November of up to $50 million in new committed funding as part
of a transaction that will strengthen the Company’s balance sheet
by $180 million. Vertical is convening an extraordinary general
meeting (EGM) of shareholders on 23 December to vote upon certain
amendments to the Company’s memorandum and articles of association,
in accordance with the investment agreement.
- A further agreement was signed on 15 December 2024 under which
Mudrick Capital has agreed not to enforce certain default rights.
The agreement includes support for the transaction from all parties
and provides a foundation to Vertical’s financial stability as it
executes its long-term plans.
- The funding, committed as part of its next equity round, will
strengthen Vertical’s financial position and advance “Flightpath
2030”, Vertical’s strategy for market leadership by the end of the
decade, which it launched last month. The agreement funds
Vertical’s operations towards the end of 2025, while also removing
or mitigating certain structural obstacles that have impeded the
Company from accessing substantial third-party funding since its
public listing.
Operational progress
- Achieving a major milestone with the launch of Phase 2 of its
piloted flight test programme following expansion of its Permit to
Fly from the UK Civil Aviation Authority.
- Winning the Shaping the Future Award at the Aerospace
Technology Institute (ATI) 2024 Aerospace Technology &
Innovation Awards, recognising its groundbreaking advancements in
zero-carbon emission aviation technology.
Financial outlook
- Maintaining its industry-leading capital efficiency; as of 30
September 2024, Vertical had £42.8 million of cash and cash
equivalents on hand. As of the date of this press release, the
company had approximately £25 million of cash and cash equivalents
on hand. The new round of funding is expected to close in Q1
2025.
Notes to Editors
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 Aerospace, Honeywell and
Leonardo, with developing its own proprietary battery and propeller
technology to develop the world’s most advanced and safest
eVTOL.
Vertical has c.1,500 pre-orders of the VX4, with customers
across four continents, including 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.
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 consummation of the agreement
in principle with Mudrick Capital, including the entry into
additional transaction agreements and the satisfaction of all
closing conditions, completion of the committed funding from
Mudrick Capital and use of proceeds therefrom, the sufficiency of
the proceeds from the committed funding to meet the Company’s more
immediate capital expenditure requirements, the Company’s
satisfaction of all closing conditions to the committed funding,
our ability and plans to raise additional capital to fund our
operations, 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 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
predelivery 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241220342039/en/
Justin Bates, Head of Communications
justin.bates@vertical-aerospace.com +44 7878 357 463
Samuel Emden, Head of Investor Affairs
samuel.emden@vertical-aerospace.com +44 7816 459 904
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