Latest news with #StuartSimpson
Yahoo
27-05-2025
- Business
- Yahoo
Vertical Aerospace Makes Aviation History with Piloted eVTOL Flight in Open Airspace
First-ever piloted wingborne flight of a winged eVTOL in European open airspace Landmark flight follows approval from the UK Civil Aviation Authority, an important step on its path toward certification and commercial operation 30,000 in-flight parameters and data points measured, with the aircraft flying as expected On track to complete piloted transition flight in 2H 2025 LONDON & NEW YORK, May 27, 2025--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering electric aviation, today announced it has made European aviation history with the first-ever piloted wingborne flight of a winged electric vertical take-off and landing (eVTOL) aircraft in open airspace. The landmark flight of the VX4 prototype, piloted by Chief Test Pilot Simon Davies, saw the aircraft take-off, fly and land like a conventional aircraft, with lift generated by the wing. Soaring across the UK countryside from Cotswold Airport, the VX4 prototype demonstrated controlled wingborne flight in open airspace for the first time, marking a critical step toward commercial deployment as part of Vertical's Flightpath 2030 strategy. The UK Civil Aviation Authority (CAA) approved the flight through open airspace at Cotswold Airport, the UK's largest private airport, by extending Vertical's Permit to Fly. This followed a rigorous review of tens of thousands of pages of safety and technical documentation. Chief Test Pilot, Simon Davies, said: "Taking the aircraft beyond the airfield and cruising over the Cotswolds for the first time was truly special and a career highlight for me. Our performance predictions were absolutely spot on, and the aircraft took off as a natural extension of all the ground tests and preparation we've done. There are aircraft which are safe and capable but not always enjoyable to fly. The VX4 was not only safe but was an absolute pleasure. It is responsive, smooth, simple to operate and the sound level from the propellers is quiet and pleasant in the cockpit. An honour to fly, and a real testament to the incredible team behind it." Vertical is currently the only company globally flying a piloted winged eVTOL prototype that's been developed under a Design Organisation Approval (DOA) from the CAA – a DOA is required to hold a Type Certificate, required for commercial passenger operations. The CAA is working closely with the European Union Aviation Safety Agency (EASA) for their concurrent validation and certifying the VX4 to the highest safety standards required for commercial use. Stuart Simpson, CEO, Vertical Aerospace, said: "Achieving piloted wingborne flight in open airspace under the oversight of the UK CAA is an important moment in our certification journey. Operating under the UK's rigorous regulatory framework means we share the burden of safety with our regulator - every step must be approved, and that's by design. It amounts to a mini certification of our prototype and gives us a clearer, faster path to type certification. Our decision to put a pilot into the VX4 early was deliberate - real-world piloted flight delivers insights no simulation can. This milestone proves the capability of the aircraft and the maturity of our programme as we move toward commercial operations." Advancing the UK's world-class aerospace sector This achievement has also been supported by early UK government investment through programmes including the Aerospace Technology Institute and the Future Flight Challenge. These initiatives have contributed to the development of Vertical's technology and flight test campaign, and form part of wider efforts to advance the UK's net zero and aerospace ambitions. UK Secretary of State for Business and Trade, Jonathan Reynolds, said: "This is a fantastic milestone for Vertical and for the UK's world-class aerospace sector. Breakthroughs like this show how government and business can work together to keep the UK at the cutting edge of innovation. Our modern Industrial Strategy will double down on this success by giving investors the confidence they need to back UK advanced manufacturing for the long term, bringing good, green jobs and growth across the UK as part of our Plan for Change." What is the Significance of Wingborne Flight? In Phase 3 of testing – wingborne flight – the VX4 operates like a conventional aircraft using lift generated by its wings, rather than relying solely on rotor thrust. This low-power, quiet, and range-efficient mode of flight is key to making electric air travel practical, scalable, and economically viable. Jim Currier, President and CEO, Honeywell Aerospace Technologies, said: "This significant achievement underscores the ability of our partnership to unlock new and innovative modes of transport, and we are proud Honeywell Anthem avionics and flight control computers and software could play a key role in supporting such a defining moment for the industry." David Stepanek, EVP & CTO, Bristow Group, said: "The VX4's successful demonstration of wingborne flight marks a significant step towards commercial readiness. As the global leader in innovative and sustainable vertical lift, we look forward to continuing to partner with Vertical to unleash the disruptive advantages of this aircraft." Jill Blickstein, Vice President of Sustainability, at American Airlines, said: "This milestone is a key step toward safely scaling electric aviation, which we believe will play a key role in the future of our industry. We're proud of Vertical's progress toward sustainable travel." By achieving stable and controlled wingborne flight, Vertical has taken a significant step toward the next major milestone: a full piloted transition flight, expected in the second half of 2025. This will demonstrate the VX4's ability to shift seamlessly between vertical lift and forward cruise – the operating mode it will use in passenger service. During the wingborne flight phase, the VX4 will reach speeds of up to 150 mph (120 knots) and altitudes close to 2,000 ft under real-world conditions. Engineers captured more than 30,000 in-flight data parameters, confirming the aircraft performed exceptionally across stability, control, and energy usage. A Foundation Built on Rigorous Testing To prepare for piloted wingborne flights, Vertical completed thousands of hours of lab, simulation, and high speed ground testing, including: 7.2 million fatigue cycles on each propeller blade to simulate lifespan loads over the flight test campaign 15.2 metre battery pack drop test, comparable to fuel-tank testing in traditional rotorcraft Full-scale thermal runaway propagation test on a VX4 sub-pack, indicating safe flight and landing is possible even in the event of a battery fire Over 3,000 hours of component and integration testing on flight control computers to ensure system reliability and performance Notes to editors Vertical's piloted flight test programme explainer: Phase 1: Tethered: the VX4 prototype will perform stabilised hover while loosely tethered to the ground. COMPLETE 12 September 2024 Phase 2: Thrustborne: the VX4 prototype will take-off and land vertically and conduct low speed flight manoeuvres with lift generated by the propellers. COMPLETE 4 February 2025 Phase 3: Wingborne: the VX4 prototype will take-off, fly and land like a conventional aircraft, with lift generated by the wing. COMMENCED 22 May 2025 Phase 4: Transition: the VX4 prototype will transition between thrustborne and wingborne flight, and vice versa. Expected before YE 2025 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 will also be launching a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market. Vertical combines partnering with leading aerospace companies, including GKN, 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. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, the epicentre of the UK's aerospace industry, 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 Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the design and manufacture of the VX4, the features and capabilities of the VX4, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircrafts on timelines projected, completion of the piloted test programme phases, selection of suppliers, certification and the commercialization of the VX4 and the hybrid-electric VX4 variant and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all, the potential exercise of the Tranche A Warrants following the satisfaction of the performance conditions and the proceeds issued from such potential exercise, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate," "will," "aim," "potential," "continue," "is/are likely to" and similar statements of a future or forward-looking nature. These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, 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 important factors discussed under the caption "Risk Factors" in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") on March 11, 2025, as such factors may be updated from time to time in the Company's other filings with the SEC. Any forward-looking statements contained in this release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. the Company disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this release whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. View source version on Contacts For more information: Justin Bates, Head of Communications +44 7878 357 463Samuel Emden, Head of Investor Affairs +44 7816 459 904 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
27-05-2025
- Business
- Business Wire
Vertical Aerospace Makes Aviation History with Piloted eVTOL Flight in Open Airspace
LONDON & NEW YORK--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering electric aviation, today announced it has made European aviation history with the first-ever piloted wingborne flight of a winged electric vertical take-off and landing (eVTOL) aircraft in open airspace. The landmark flight of the VX4 prototype, piloted by Chief Test Pilot Simon Davies, saw the aircraft take-off, fly and land like a conventional aircraft, with lift generated by the wing. Soaring across the UK countryside from Cotswold Airport, the VX4 prototype demonstrated controlled wingborne flight in open airspace for the first time, marking a critical step toward commercial deployment as part of Vertical's Flightpath 2030 strategy. The UK Civil Aviation Authority (CAA) approved the flight through open airspace at Cotswold Airport, the UK's largest private airport, by extending Vertical's Permit to Fly. This followed a rigorous review of tens of thousands of pages of safety and technical documentation. Chief Test Pilot, Simon Davies, said: " Taking the aircraft beyond the airfield and cruising over the Cotswolds for the first time was truly special and a career highlight for me. Our performance predictions were absolutely spot on, and the aircraft took off as a natural extension of all the ground tests and preparation we've done. There are aircraft which are safe and capable but not always enjoyable to fly. The VX4 was not only safe but was an absolute pleasure. It is responsive, smooth, simple to operate and the sound level from the propellers is quiet and pleasant in the cockpit. An honour to fly, and a real testament to the incredible team behind it.' Vertical is currently the only company globally flying a piloted winged eVTOL prototype that's been developed under a Design Organisation Approval (DOA) from the CAA – a DOA is required to hold a Type Certificate, required for commercial passenger operations. The CAA is working closely with the European Union Aviation Safety Agency (EASA) for their concurrent validation and certifying the VX4 to the highest safety standards required for commercial use. Stuart Simpson, CEO, Vertical Aerospace, said:"Achieving piloted wingborne flight in open airspace under the oversight of the UK CAA is an important moment in our certification journey. Operating under the UK's rigorous regulatory framework means we share the burden of safety with our regulator - every step must be approved, and that's by design. It amounts to a mini certification of our prototype and gives us a clearer, faster path to type certification. Our decision to put a pilot into the VX4 early was deliberate - real-world piloted flight delivers insights no simulation can. This milestone proves the capability of the aircraft and the maturity of our programme as we move toward commercial operations." Advancing the UK's world-class aerospace sector This achievement has also been supported by early UK government investment through programmes including the Aerospace Technology Institute and the Future Flight Challenge. These initiatives have contributed to the development of Vertical's technology and flight test campaign, and form part of wider efforts to advance the UK's net zero and aerospace ambitions. UK Secretary of State for Business and Trade, Jonathan Reynolds, said: 'This is a fantastic milestone for Vertical and for the UK's world-class aerospace sector. Breakthroughs like this show how government and business can work together to keep the UK at the cutting edge of innovation. Our modern Industrial Strategy will double down on this success by giving investors the confidence they need to back UK advanced manufacturing for the long term, bringing good, green jobs and growth across the UK as part of our Plan for Change.' What is the Significance of Wingborne Flight? In Phase 3 of testing – wingborne flight – the VX4 operates like a conventional aircraft using lift generated by its wings, rather than relying solely on rotor thrust. This low-power, quiet, and range-efficient mode of flight is key to making electric air travel practical, scalable, and economically viable. Jim Currier, President and CEO, Honeywell Aerospace Technologies, said: 'This significant achievement underscores the ability of our partnership to unlock new and innovative modes of transport, and we are proud Honeywell Anthem avionics and flight control computers and software could play a key role in supporting such a defining moment for the industry.' David Stepanek, EVP & CTO, Bristow Group, said: 'The VX4's successful demonstration of wingborne flight marks a significant step towards commercial readiness. As the global leader in innovative and sustainable vertical lift, we look forward to continuing to partner with Vertical to unleash the disruptive advantages of this aircraft.' Jill Blickstein, Vice President of Sustainability, at American Airlines, said: "This milestone is a key step toward safely scaling electric aviation, which we believe will play a key role in the future of our industry. We're proud of Vertical's progress toward sustainable travel.' By achieving stable and controlled wingborne flight, Vertical has taken a significant step toward the next major milestone: a full piloted transition flight, expected in the second half of 2025. This will demonstrate the VX4's ability to shift seamlessly between vertical lift and forward cruise – the operating mode it will use in passenger service. During the wingborne flight phase, the VX4 will reach speeds of up to 150 mph (120 knots) and altitudes close to 2,000 ft under real-world conditions. Engineers captured more than 30,000 in-flight data parameters, confirming the aircraft performed exceptionally across stability, control, and energy usage. A Foundation Built on Rigorous Testing To prepare for piloted wingborne flights, Vertical completed thousands of hours of lab, simulation, and high speed ground testing, including: 7.2 million fatigue cycles on each propeller blade to simulate lifespan loads over the flight test campaign 15.2 metre battery pack drop test, comparable to fuel-tank testing in traditional rotorcraft Full-scale thermal runaway propagation test on a VX4 sub-pack, indicating safe flight and landing is possible even in the event of a battery fire Over 3,000 hours of component and integration testing on flight control computers to ensure system reliability and performance Notes to editors Vertical's piloted flight test programme explainer: Phase 1: Tethered: the VX4 prototype will perform stabilised hover while loosely tethered to the ground. COMPLETE 12 September 2024 Phase 2: Thrustborne: the VX4 prototype will take-off and land vertically and conduct low speed flight manoeuvres with lift generated by the propellers. Phase 3: Wingborne: the VX4 prototype will take-off, fly and land like a conventional aircraft, with lift generated by the wing. COMMENCED 22 May 2025 Phase 4: Transition: the VX4 prototype will transition between thrustborne and wingborne flight, and vice versa. Expected before YE 2025 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 will also be launching a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market. Vertical combines partnering with leading aerospace companies, including GKN, 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. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, the epicentre of the UK's aerospace industry, 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 Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the design and manufacture of the VX4, the features and capabilities of the VX4, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircrafts on timelines projected, completion of the piloted test programme phases, selection of suppliers, certification and the commercialization of the VX4 and the hybrid-electric VX4 variant and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all, the potential exercise of the Tranche A Warrants following the satisfaction of the performance conditions and the proceeds issued from such potential exercise, as well as statements that include the words 'expect,' 'intend,' 'plan,' 'believe,' 'project,' 'forecast,' 'estimate,' 'may,' 'should,' 'anticipate,' 'will,' 'aim,' 'potential,' 'continue,' 'is/are likely to' and similar statements of a future or forward-looking nature. These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, 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 important factors discussed under the caption 'Risk Factors' in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ('SEC') on March 11, 2025, as such factors may be updated from time to time in the Company's other filings with the SEC. Any forward-looking statements contained in this release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. the Company disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this release whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Bloomberg
13-05-2025
- Business
- Bloomberg
Vertical Aerospace Develops Hybrid in Move Toward Defense
Vertical Aerospace CEO Stuart Simpson explains the eVTOL company's plans for a hybrid-electric aircraft aimed at the defense sector, and why it is hoping to secure a strategic investor. Simpson speaks with Bloomberg's Caroline Hyde. (Source: Bloomberg)
TechCrunch
13-05-2025
- Business
- TechCrunch
Vertical Aerospace has a plan to capitalize on Europe's defense tech moment
Russia's war in Ukraine and President Donald Trump's reluctance to support NATO allies has led to a boost in funding for European defense tech. And across industries, startups are leveraging the opportunity. One such company could be UK-based startup Vertical Aerospace, which is developing eVTOL (electric vertical takeoff and landing) aircraft mainly for air taxi operations. The startup has more than 1,500 pre-orders for its VX4 eVTOL from customers like American Airlines, Japan Airlines, GOL, and Bristow. Now, Vertical is speaking more publicly about the opportunities in defense and logistics. On Monday, the Vertical took its first public step by announcing a plan to develop a hybrid-electric variant of its VX4. 'We always knew this aircraft would be defense-capable because of the nature of it,' Vertical Aerospace CEO Stuart Simpson, told TechCrunch, noting the hybrid version of its eVTOL promises a range of up to 1,000 miles. That's a 10-fold increase on the eVTOL. VTOLs make for good defense aircraft because they have low noise and heat signatures. They can also be deployed autonomously or remotely, capabilities Vertical says its aircraft will one day have. Vertical has partnered with Honeywell, which is developing autonomous aircraft for the U.S. military, to create the flight control and aircraft management systems for its vehicles. Vertical's hybrid-electric strategy isn't unique to the startup. In December 2024, California-based Archer Aviation announced a new unit dedicated to defense alongside plans to work with weapons manufacturer Anduril to build a hybrid-electric aircraft for critical military missions. The news garnered Archer another $430 million in equity from existing investors. And while Simpson insists that Vertical isn't coming out with the news of its hybrid vehicle now out of opportunism – the startup has been working on its hybrid aircraft in stealth for 18 months – it's certainly good timing. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW The European defense tech landscape has shifted over the past couple of years as the bloc prioritizes home-grown solutions. Last year, $1 billion in VC was invested into the industry for the first time, a fivefold increase since 2018. Specialist defense tech funds have also cropped up, like the €1 billion Nato Innovation Fund and the Estonian SmartCap €100 million defense fund. Lithuania is poised to spend 5% to 6% of its total GDP on defense spending, including into startups via its sovereign VC Coinvest Capital. Against this backdrop, Vertical finds itself basically without European rivals in the eVTOL industry. At the close of 2024, Germany's Volocopter filed for bankruptcy, and Lilium ceased operations. Vertical says this makes it uniquely positioned to meet the growing defense needs across Europe. And now, with its upcoming hybrid-electric capabilities, it could become a key player amid growing defense budgets and increased focus on sovereign industrial capacity. To properly seize the moment, though, Vertical will likely need to raise more capital. The startup has raised $468.8 million to date, mainly through its reverse merger in 2021 and subsequent PIPEs, according to PitchBook. More recently, in January, Vertical raised $90 million through a second direct public offering. That puts Vertical well below competitors Joby Aviation (raised $2.82 billion to date), Archer Aviation ($3.36 billion raised), and Beta Technologies ($1.15 billion). 'We've been spending about $100 million a year,' Simpson said. 'Our competitors have been spending $400 to $500 million. We've been developing, within our $100 million spend envelope, this hybrid. We are incredibly efficient and focused.' Archer's operating expenses in 2024 did top $500 million, a chunk of which went towards resolving a dispute with Boeing and Wisk Aero. Joby's operating expenses last year nearly reached $600 million. That said, both Archer and Joby are investing heavily into manufacturing to be able to soon produce their eVTOLs at scale. Simpson said Vertical is not yet working to ramp up manufacturing before it finishes certification, which it expects to complete in 2028. 'You can burn a lot of money by going to build and get a load of robots,' Simpson said. 'This is not something you want to robotize. These are highly, highly complex. What you need to do is understand how you build them, and then…you build a few hundred of them manually. Then you simplify, standardize, and automate.' Vertical aims to have its first certified pre-prototype for its VX4 eVTOL built next year, with plans to build another handful after that. 'The hybrid power train will be integrated into our next generation VX4 variant with flight testing planned to start next year,' Simpson said Tuesday during Vertical's first-quarter earnings call. Vertical's flight tests are only done with a pilot due, in part, to the stricter nature of UK flight regulations. Joby and Beta have already done piloted flights, but Archer still hasn't – though it plans to do so imminently. When it comes to customers for Vertical's military offerings, the company hasn't secured any just yet. 'We've had a lot of deep, meaningful discussions with government agencies and customers,' Simpson said. 'But we're the only European player in the space. So it gives us a really unique position.'
Business Wire
13-05-2025
- Business
- Business Wire
Vertical Aerospace Provides First Quarter 2025 Operating Update, Demonstrating Momentum Towards Certification and Commercialisation
LONDON & NEW YORK--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering electric aviation, today provided an operating update and released financial results for the first quarter ended March 31, 2025. The first quarter 2025 results filing is accessible on the Company's investor relations website. Stuart Simpson, CEO at Vertical, said: '2025 is on pace to be a transformational year for Vertical as we advance our piloted flight test programme and move into the final flight test phases. With the announcement of our hybrid-electric programme - opening up new high-value markets - and the expansion of our partnership with Honeywell to certify critical flight systems, we are deepening our technical and commercial edge. With growing regulatory confidence in the VX4 and a strong team behind us, we're well positioned to deliver a scalable, certifiable aircraft to the global market.' Recent Highlights Advancing Our Best-in-Class Aircraft: Entered into new long-term agreement with Honeywell to certify critical aircraft management and flight controls systems for the production version of the VX4. The agreement also includes new Honeywell inceptors to make the VX4 easier and safer for pilots to fly. Announced the development of a long range 1,000 mile hybrid-electric vertical-take-off-and landing (VTOL) variant of its VX4 aircraft to unlock new market opportunities in defence, logistics and wider commercial applications. Doubled flight testing capabilities with the delivery of the third full-scale VX4 prototype to Vertical's Flight Test Center, where assembly will be completed. Expanded Vertical's test pilot team with the appointment of Paul Stone, former Volocopter Chief Test Pilot, becoming one of the few eVTOL companies to have two test pilots with experience flying full-scale eVTOL aircraft. Supported the acceleration of global, industry-wide charging infrastructure by adopting the Combined Charging Standard (CCS) for the VX4. Moving at Pace Towards Certification and Industrialisation: In Q2 we anticipate receiving approval from the UK Civil Aviation Authority (CAA) to start piloted wingborne flight tests, another significant step in the expansion of our flight test programme. Scheduled to complete piloted transition flight, the final stage of Vertical's flight test programme, in the second half of 2025. Appointed three new Board members, James Keith (JK) Brown, Kris Haber, and Carsten Stendevad, bringing business development expertise, a deep understanding of capital markets, and experience scaling growth-stage companies. Financial Outlook: Maintained industry-leading capital efficiency 2; and as of March 31, 2025, cash and cash equivalents totaled £69 million ($89 million), expected to provide sufficient funding to support operations into the fourth quarter of 2025. No change to expectations for FY 2025 net operating cash outflows of approximately £90 million to £100 million ($110 million to $125 million). Expected net cash outflows from operating activities for the next 12 months of approximately £90 million ($120 million), which will be used primarily to continue funding the assembly and testing of the VX4. Joining the Q1 Webcast Vertical will host a webcast at 08:30 am ET (13:30 BST) today to discuss the first quarter's results. The call will be hosted by Stuart Simpson, Vertical's CEO and he will be joined by Dr Limhi Somerville, Vertical's Director of Engineering, who will talk through progress in Q1, Vertical's battery development programme and hybrid-electric capabilities. To access the webcast, visit Vertical's Investor Relations website: [ LINK ] A replay of the webcast will be available on the company website following the event. 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, 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. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, the epicentre of the UK's aerospace industry, 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 our future results of operations and financial position as well as our financial outlook, the design and manufacture of the VX4, the features and capabilities of the VX4 and the hybrid-electric VX4 variant, certification and the commercialization of the both the VX4 and the hybrid-electric VX4 variant and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all, expected ability to certify the Honeywell Anthem Flight deck and compact fly-by-wire system for the production version of the VX4, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircrafts on timelines projected, completion of the piloted test programme phases, selection of suppliers, trends in sovereign defense budgets, our ability to integrate hybrid technology into the VX4 on any particular timelines or at all, the ability of the hybrid-electric VX4 variant VX4 to be applied in defense, cargo, logistics and emergency services sectors, our ability to scale the hybrid-electric VX4 upon the VX4, our ability and plans to raise additional capital to fund our operations, anticipated Board changes and the new board members' impact on Vertical and its fundraising efforts, the differential strategy compared to our peer group, expectations surrounding pre-orders and commitments, our future results of operations and financial position and expected financial performance and operational performance, liquidity, growth and profitability strategies, 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 dependence on partners and suppliers for the components in our aircraft and for operational needs; 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; 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 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; 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 11, 2025, 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. 1 Based on operating costs and investments in PPE, compared to publicly available information from competitors. 2 Based on operating costs and investments in PPE, compared to publicly available information from competitors.
