UK-based eVTOL developer Vertical Aerospace has announced its financial results for the first six months of the years, posting a net operating loss of £39m but expanding its pre-order book to more than 1,400 aircraft.
In the last quarter, the company announced new applications for its VX4 prototype aircraft in emergency medical services, cargo and business aviation, with Babcock and FLYINGGROUP.
It has also secured an American Airlines’ commitment to place a pre-delivery payment for the delivery slots of their first 50 VX4s, out of a possible 350.
‘Future never looked better’
“The outlook for eVTOLs and Vertical has never looked better, and we look forward to providing our shareholders with more news on our piloted flight,” said Stephen Fitzpatrick, Vertical Founder and CEO.
“I am delighted to share that we have reached a critical engineering milestone by completing the build of our full-scale VX4 prototype, and we have now begun putting it through its paces for an intensive, multi-month flight test programme.
“I am grateful for the efforts of our amazing team, and for our outstanding partners that have got us to this point as we continue to leverage their deep sector expertise to build, fly and industrialise our aircraft to revolutionise the way we travel.”
Full-scale VX4 Prototype
Over the last six months, Vertical has completed the build of the full-scale VX4 Prototype and entered into a strategic partnership with Molicel, a leading manufacturer of lithium-Ion cells, for the supply of high-power, low-impedance, cylindrical battery cells for the VX4 battery pack.
During the first half of 2022 Vertical invested in the build of the VX4 Prototype, the development of its test and certification activities and in the people, systems and processes to support the company.
Vertical reported a net operating loss of £39m for the six months ended 30 June 2022, compared to a net loss of £22m for the six months that ended 30 June 2021.
As of June 30, 2022, Vertical had cash and cash equivalents of £158m. Vertical expects that its existing cash and cash equivalents will enable Vertical to fund its operating expenses and capital expenditure requirements for at least the next 12 months.
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