Vertical reports £22m loss for third quarter, files to raise $180m


Vertical Aerospace announced third quarter results reporting a loss of £22m compared to £19m in the same quarter previous year as it continues to make research and development investments.  

“This has been an excellent quarter for Vertical as we continue to progress against our certification, commercial, and testing programme. The build of our second, more advanced full-scale prototype is on track,” said Stephen Fitzpatrick, Vertical founder and CEO.

The company did not book revenue during the quarter under review. However, the company claims to have a pre-order book from a global customer base including American Airlines, Virgin Atlantic, Avolon, Bristow, Marubeni, Iberojet and FlyingGroup, as well as Japan Airlines (JAL), Gol, Air Greenland, Gozen Holding and AirAsia, through Avolon’s VX4 placements.

Earlier this year, the company also secured a pre-order for up to 50 VX4 aircraft from South Korean mobility-as-a-service (MaaS) platform Kakao Mobility.

Meanwhile, Vertical’s cash holding at the end of the quarter stood at £74m. The company said the funds will be invested in the development of the company’s test and certification activities. It said the company plans to raise additional funds during the next two months to support its ongoing capital requirements, fund its future operations and remain as a going concern.

In its financial outlook, Vertical said it expects to burn through nearly £80m during the next 12 months to support operations.

$180m mixed securities shelf 

In line with its outlook, the company also filed a preliminary prospectus for a mixed securities shelf offering of up to $180m.

The mixed securities offering allows the company flexibility to sell a variety of securities, including ordinary shares, preferred shares, warrants, and units consisting of any combination of these securities, in one or more offerings.

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