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$220M re-financing secured, including balance sheet restructure and upsized $90M public offering,
funding operations through 2025
- An industry leader in capital efficiency as Vertical advances towards certification and commercialisation
- Vertical preparing for full-scale piloted wingborne flight following completion of piloted thrustborne
testing - Third full-scale VX4 prototype assembly underway at partner GKN Aerospace’s Global Technology
Centre - FY24 earnings call today at 08:30 ET (12:30 GMT)
London, UK; New York, USA – 11/03/2025:
`Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering
electric aviation, today, released its 2024 Annual Report, including its FY24 full year financial results, as it
continues to make strong progress on its Flightpath 2030 strategy. Vertical’s Annual Report is accessible on
the Company’s investor relations website and on the SEC’s website at www.sec.gov.
Vertical will host a webcast at 08:30 ET (12:30 GMT) today to discuss the 2024 Annual Report. The call will be
hosted by Stuart Simpson, Vertical’s CEO and he will be joined by Simon Davies, Vertical’s Chief Test Pilot.
To access the webcast, visit Vertical’s Investor Relations website.
Commenting ahead of the earnings call, Stuart Simpson, CEO of Vertical Aerospace, said:
“2024 was a year of major progress for Vertical, launching our Flightpath 2030 strategy, advancing piloted
flight testing, and strengthening our financial position. With our latest prototype surpassing performance
expectations and key regulatory milestones bringing us closer to certification, we are reinforcing our
position as Europe’s leading eVTOL company.”
“We will deliver the safest and most versatile aircraft in this space. At the core to achieving this is our
collaboration with world-class aerospace partners and flying a full-scale protootype with a pilot on board. - The momentum is building, and we’re all hugely excited for the year ahead.”
The Annual Report outlines Vertical’s progress in 2024 and recent updates, including:
Business Strategy & Funding:
- Flightpath 2030 launched – a clear strategy for achieving certification, production, and financial milestones
to secure market leadership by 2030. - Balance sheet restructured – $130M of debt converted to equity through an investment agreement with
Mudrick Capital, with a fixed conversion rate for the remainder. - $90 million upsized raise complete – including over $60 million from new investors and $25 million from
Mudrick Capital. - Leadership strengthened – Dómhnal Slattery re-appointed as Chair and Eamonn Brennan, former Director
General of Eurocontrol, appointed Board Adviser to enhance regulatory expertise.
Full-scale prototype development: - Second, full-scale prototype complete, with assembly of the third and final prototype now underway at
GKN Aerospace’s Global Technology Centre. - Two full-scale piloted assets enables more flight tests and learnings which will shape the certification
aircraft, the next aircraft Vertical builds.
Piloted flight testing: - Second full-scale VX4 prototype began flight tests in July 2024, completing piloted thrustborne
testing in February 2025, making it only the second company in the world to achieve this with a fullscale vectored thrust eVTOL. - Over 30 piloted test flights completed, capturing 5 million data points across 35,000 parameters to
validate engineering models and system performance. - Successful hover and low-speed manoeuvres executed, including roll, yaw, and spot-turns, with the
aircraft exceeding expectations for reliability, stability, and performance. - Vertical preparing for piloted wingborne flight, which it believes will be a world first for this type of
electric aircraft.
