Vertical Aerospace’s Groundbreaking Year: Accelerating Flightpath 2030 with Unmatched Progress
Vertical Aerospace (NYSE: EVTL), a leading global aerospace and technology company at the forefront of electric aviation, has released its 2024 Annual Report, showcasing strong advancements in its Flightpath 2030 strategy. The report also details the company’s fiscal year 2024 (FY24) financial results, reinforcing its commitment to achieving eVTOL certification and scaling production.
Vertical’s Annual Report is now available on the company’s investor relations website and on the SEC’s official platform at www.sec.gov. To further discuss these key developments, Vertical Aerospace will host a webcast at 08:30 ET (12:30 GMT) today. The session will be led by Stuart Simpson, CEO of Vertical Aerospace, and joined by Simon Davies, the company’s Chief Test Pilot.
CEO’s Vision: A Year of Major Milestones
Reflecting on Vertical’s achievements, Stuart Simpson, CEO of Vertical Aerospace, commented:
“2024 was a year of significant progress for Vertical, marked by the launch of our Flightpath 2030 strategy, advancements in piloted flight testing, and a strengthened financial foundation. Our latest prototype has exceeded performance expectations, and regulatory milestones are bringing us closer to certification. We remain firmly positioned as Europe’s leading eVTOL company.”
He added:
“We are committed to delivering the Aerospace’s safest and most versatile aircraft in the eVTOL space. This vision is being realized through our strategic partnerships with world-class aerospace collaborators and our successful piloted flight testing of a full-scale prototype. The momentum is undeniable, and we are excited for what lies ahead.”
Key Highlights from the 2024 Annual Report
Vertical’s Annual Report offers insights into the company’s strategic initiatives and recent achievements, including advancements in business Aerospace’s strategy, funding, prototype development, flight testing, certification progress, and financial performance.
1. Business Strategy & Financial Strength
- Launch of Flightpath 2030: This roadmap outlines the company’s approach to achieving full eVTOL certification, mass production, and financial sustainability by 2030.
- Balance Sheet Restructuring: Through a strategic investment agreement with Mudrick Capital, $130M in debt was converted to equity, ensuring a more robust financial structure.
- Successful Fundraising: Vertical secured $90 million in funding, including over $60 million from new investors and $25 million from Mudrick Capital, further Aerospace’s solidifying its growth trajectory.
- Leadership Enhancements:
- Dómhnal Slattery was re-appointed as Chair.
- Eamonn Brennan, former Director General of Eurocontrol, joined as a Board Adviser, strengthening the company’s regulatory expertise.
2. Prototype Development: Advancing Towards Commercial Readiness
- Completion of Second Full-Scale Prototype: This marks a major milestone in Vertical’s journey, with assembly of a third and final prototype currently underway at GKN Aerospace’s Global Technology Centre.
- Flight Testing Readiness: The availability of two full-scale Aerospace’s piloted prototypes enables more extensive testing, expediting the certification process for the next-generation aircraft.
3. Piloted Flight Testing: Achievements & Breakthroughs
- Historic Flight Testing Success:
- Vertical’s second full-scale VX4 prototype began flight tests in July 2024.
- It successfully completed piloted thrustborne testing by February 2025, making Vertical only the second company Aerospace’s globally to achieve this with a full-scale vectored thrust eVTOL aircraft.
- Data Collection & Validation:
- Over 30 piloted test flights conducted.
- More than 5 million data points captured Aerospace’s across 35,000 parameters to validate engineering models and system performance.
- Key Flight Maneuvers Executed:
- Successful completion of hover and low-speed maneuvers, including roll, yaw, and spot-turns.
- Aircraft performance has exceeded expectations in reliability, stability, and overall efficiency.
- Upcoming Milestone: Piloted Wingborne Flight
- Vertical is gearing up for the next Aerospace’s critical phase—wingborne flight testing—which, if successful, will mark a world-first for this category of electric aircraft.
4. Certification Progress: Regulatory Approvals & Next Steps
- Design Organisation Approval (DOA) Expansion:
- In July 2024, the UK Civil Aviation Aerospace’s Authority (CAA) broadened the scope of Vertical’s DOA, a key prerequisite for European Type Certification.
- The CAA also formalized certification cooperation with the European Union Aviation Safety Agency (EASA), paving the way for further regulatory advancements.
- Next Phase: Achieving Wingborne Flight Certification
- The company is awaiting CAA approval Aerospace’s to extend its Permit to Fly, a significant step towards commercial certification.
- This transition will enable a shift from a controlled test environment to more dynamic, scalable operations.
- Once the aircraft successfully completes wingborne flight, it will have effectively passed a mini-certification process with this prototype.
5. Financial Performance & Cash Outlook
- Industry-Leading Capital Efficiency:
- Net cash used in operating activities in FY24 amounted to £46 million ($58 million), which includes a £28 million ($34 million) cash settlement received from Rolls-Royce.
- Financial Position:
- As of December 31, 2024, cash and cash equivalents totaled £23 million ($28 million).
- Following the completion of the $90 million public offering, the company is now funded through FY 2025, with total cash and cash equivalents reaching £77 million ($99 million) as of this report’s publication.
- FY 2025 Financial Projections:
- Expected net cash outflows from operating activities are estimated between £90 million and £100 million ($110 million to $125 million), reflecting ongoing development and certification investments.
Accessing the Full Report & Webcast Details
Vertical Aerospace provides free hard copies of its Annual Report to shareholders upon request. Interested parties may submit requests via email at [email protected] or by mail to:
Vertical Aerospace Ltd. Unit 1 Camwal Court, Chapel Street, Bristol BS2 0UW, United Kingdom.
For those unable to attend the live webcast, a recorded replay will be made available on the company’s investor relations website. To access the webcast:
- Visit: Vertical Aerospace Investor Relations
- Dial-in:
- +1 646 307-1963 (U.S.)
- +1 0800 715 9871 (UK)
- Conference ID: 8922591
About Vertical Aerospace
Vertical Aerospace is a pioneering global aerospace and technology company driving the future of electric aviation. Its flagship aircraft, the VX4, is a piloted, four-passenger Electric Vertical Take-Off and Landing (eVTOL) aircraft designed for zero-emission operations. The company integrates expertise from premier aerospace partners, including GKN Aerospace, Honeywell, and Leonardo, alongside proprietary battery and propeller technologies to develop one of the most advanced and safest eVTOL aircraft in the world.
Vertical has secured approximately 1,500 pre-orders for the VX4 from customers across four continents, including major airlines such as American Airlines, Japan Airlines, GOL, and Bristow. These agreements are expected to be executed through third-party partnerships. Headquartered in Bristol, UK—an epicenter for aerospace innovation—Vertical’s leadership team comprises experts from Rolls-Royce, Airbus, General Motors, and Leonardo, collectively bringing experience from over 30 certified civil and military aircraft programs.
With a clear roadmap under Flightpath 2030, strong financial backing, and industry-leading technological advancements, Vertical Aerospace is poised to redefine air mobility. As the company moves closer to full certification and commercial operations, its focus remains on delivering safe, efficient, and sustainable electric flight solutions. The future of aviation is electric, and Vertical Aerospace is leading the charge.