Vertical Aerospace’s recent public offering means the business is sufficiently funded throughout 2025, the company states, as it prepares for full-scale piloted wingborne flight tests of its VX4 eVTOL.
The company – which has newly released its fully-year results – says its cash position stands at £77 million ($99 million), up from the figure of £22.5 million at the end of 2024.
It is forecasting net cash outflow from operating activities of £90-100 million over the course of this year.
The company recently secured $90 million through a public offering, while it also underwent an ownership shift as a result of debt conversion by Mudrick Capital – which, as of mid-February held 63% of the company.
But it will be seeking further funding in order to continue development of the VX4.
“While we currently project that our existing resources will progress our operational targets for 2025, we require additional capital to continue to be in a position to continue to carry out our business plans prior to the commercialisation of our aircraft,” it states.
Vertical has completed a second full-scale prototype, and assembly is proceeding with the third and final prototype at GKN Aerospace.
“Two full-scale piloted assets enables more flight tests and learnings which will shape the certification aircraft,” it says.
Over 30 piloted test flights have been completed and the firm is advancing towards piloted wingborne flight.
“Once the aircraft has completed wingborne flight, the aircraft will have, in effect, completed a mini-certification process with this prototype,” says Vertical.
Chief executive Stuart Simpson says the company made “major progress” last year and “momentum is building” for the year ahead.
“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,” he adds.
