Vertical Aerospace Ltd announced its Q3 2023 financial results today, Thursday. The report demonstrated a net operating loss of £22 million, with cash and short-term deposits totaling £74 million as of September 30, 2023. The company also projected net cash outflows of approximately £80 million in the next 12 months, primarily associated with the development of the second prototype VX4 aircraft. Vertical plans to raise additional capital this year to support these efforts.
CEO Stephen Fitzpatrick lauded the quarter as a period of significant progress, with advancements in certification, commercial operations, and their testing program. The company's research and development expenses saw a notable increase from £9,747,000 in 2022 to £15,388,000 in 2023, underscoring the company's strong commitment to innovation. Administrative expenses also witnessed a slight rise from £9,783,000 in 2022 to £10,131,000 (GBP1 = USD1.2260) in 2023.
The company is on track with the construction of its second full-scale prototype, the VX4. This model incorporates more technology from Vertical's certification aerospace partners and Vertical's proprietary battery packs. The second prototype is scheduled for completion in Q1 2024 and will undergo a series of flight tests and public demonstrations at Farnborough 2024.
In line with its certification activities, Vertical conducted separate sessions with both the Federal Aviation Agency and the European Union Aviation Safety Agency after an initial Technical Familiarisation session with the UK Civil Aviation Authority (CAA). A further Technical Familiarisation is scheduled in December with the Japan Civil Aviation Bureau. The company received its CRI-A-1 from the CAA in September 2023 and expects to receive its next Permit to Fly from the CAA in 2024 as part of an intensive flight test program.
The company also submitted its final incident report to the Air Accidents Investigation Branch (AAIB) on Monday, October 31, 2023, confirming the resolution of a propeller issue outlined in its preliminary incident report.
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