Vertical Aerospace today released its Q3/2023 Shareholder Letter, covering its performance and progress across its proprietary technology, full-scale eVTOL prototype and partnerships.
Financially the letter says Vertical reported a net operating loss of UKP22 million for the three months ended September 30, 2023, compared to a net operating loss of UKP19 million for the three months ended September 30, 2022.
The letter also says “As of September 30, 2023, Vertical had cash at bank and short-term deposits totalling UK74 million, which will be invested in the development of the Company’s test and certification activities and in the people, systems and processes that support the Company.”
The company mentions the following highlights in a social media post:
- “Build of our 2nd full-scale prototype is on track at our partners GKN Aerospace Global Technology Centre. This prototype is significantly more sophisticated through harnessing the technological power of our tier-one industrial partners.
- “Multiple public VX4 flight demonstrations are intended for 2024 – more exciting news to come!
- “The final “Delta Build” of our proprietary battery packs is underway for our second aircraft, with over 2 million hours of electrical testing at cell, module and pack level completed during 2023.
- “The Civil Aviation Authority accepted our proposed Certification Basis and in September issued the initial CRI-A-01. This includes SC-VOTL and is the basis on which we will need to develop and certify our VX4 aircraft.
- “We welcomed Stuart Simpson as our Chief Financial Officer, and Paul Edwards and Paul Mulcahy have joined our flight test team as two highly experienced test pilots.”
For more information
For Shareholders letter
(Image: Vertical Aerospace)