LONDON & NEW YORK / Sep 17, 2024 / Business Wire / Vertical Aerospace Ltd. (“Vertical” or the "Company") (NYSE: EVTL; EVTLW), a global aerospace and technology company that is pioneering zero emission aviation, announces its financial results for the first half of the year ended June 30, 2024. Vertical has also issued a shareholder letter in conjunction with the filing of its first half-year results, which is posted to its investor relations website at investor.vertical-aerospace.com.
Stuart Simpson, CEO at Vertical, said:
“During the past few months we have delivered our most advanced full-scale VX4 prototype, have gone from first powered ground test to 'wheels up’ in just one week and completed the first phase of our piloted test flight programme. Every day I continue to be deeply impressed by the phenomenal engineers we have and the progress we are making here in Bristol as we build a new generation of aviation. This could not be a more exciting time to follow Vertical as we accelerate through our piloted flight tests and work closely with the UK Civil Aviation Authority, our home regulator, on the path to certification.”
First Half-Year 2024 and Recent Operational Updates
First Half-Year 2024 and Recent Financial Updates
Financial Outlook
The above forward-looking statements reflect our expectations for the six months ending June 30, 2024, as of September 17, 2024, and are subject to substantial uncertainty. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”
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 create the world’s most advanced and safest eVTOL.
Vertical has 1,500 pre-orders of the VX4 worth $6bn, with customers across four continents, including Virgin Atlantic, American Airlines, Japan Airlines, GOL and Bristow. Headquartered in Bristol, the epicentre of the UK’s aerospace industry, Vertical was founded in 2016 by Stephen Fitzpatrick, founder of the OVO Group, Europe’s largest independent energy retailer.
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.
Unaudited Condensed Consolidated Interim Statements of Income and Comprehensive Income |
H1’2024 £ 000 |
H1’2023 £ 000 |
Research and development expenses | (31,951) | (27,500) |
Administrative expenses | (20,710) | (24,266) |
Related party administrative expenses | (42) | (42) |
Other operating income | 32,763 | 2,861 |
Operating loss |
(19,940) |
(48,947) |
Finance income | 7,397 | 32,333 |
Finance costs | (11,026) | (8,140) |
Net finance income/(costs) | (3,629) | 24,193 |
Loss before tax |
(23,569) |
(24,754) |
Income tax expense | 6,448 | 12,984 |
Net loss for the period |
(17,121) |
(11,770) |
Foreign exchange translation differences | 1,162 | (6,922) |
Total comprehensive loss for the period |
(15,959) |
(18,692) |
Unaudited Condensed Consolidated Interim Statement of Cashflows | ||
|
H1’2024 £ 000 |
H1’2023 £ 000 |
Cash flows from operating activities |
|
|
Net loss for the period | (17,121) | (11,770) |
Adjustments to cash flows from non-cash items: |
|
|
Depreciation and amortization | 1,094 | 990 |
Depreciation on right of use assets | 326 | 327 |
Finance costs/(income) | 3,629 | (24,193) |
Share based payment transactions | 4,785 | 7,056 |
Income tax credit | (6,448) | (12,984) |
Non-cash gain (settled in treasury shares) | (803) | - |
| (14,538) | (40,574) |
Working capital adjustments: |
|
|
(Decrease)/increase in trade and other receivables | (3,035) | 802 |
Increase/(decrease) in trade and other payables | 84 | (4,603) |
Income taxes received | 15,838 | 11,319 |
Net cash outflow from operating activities | (1,651) | (33,056) |
Cash flows from investing activities |
|
|
Decrease in financial assets at amortized cost | - | 59,886 |
Acquisitions of property plant and equipment | (391) | (1,304) |
Acquisition of intangible assets | - | (73) |
Interest income on deposits | 1,168 | 2,337 |
Net cash inflow from investing activities | 777 | 60,846 |
Cash flows from financing activities |
|
|
Proceeds from issue of shares | - | 180 |
Proceeds from issue of shares to related party | 15,629 | - |
Proceeds from issue of warrants to related party | 3,907 | - |
Payments to lease creditors | (396) | (349) |
Net cash (outflow) from financing activities | 19,140 | (169) |
Net increase/(decrease) in cash at bank | 18,266 | 27,621 |
Cash at bank as at January 1 | 48,680 | 62,927 |
Effect of foreign exchange rate changes | (160) | (855) |
Cash at bank as at June 30 | 66,786 | 89,693 |
Unaudited Condensed Consolidated Interim Statement of Financial Position | ||
|
H1’2024 £ 000 |
H1’2023 £ 000 |
Non-current assets |
|
|
Property, plant and equipment | 3,653 | 3,821 |
Right of use assets | 2,128 | 2,453 |
Intangible assets | 481 | 1,018 |
| 6,262 | 7,292 |
Current assets |
|
|
Trade and other receivables | 20,058 | 26,413 |
Restricted cash | 1,700 | 1,700 |
Cash and cash equivalents | 66,786 | 48,680 |
| 88,544 | 76,793 |
Total assets | 94,806 | 84,085 |
Equity |
|
|
Share capital | 17 | 17 |
Other reserve | 97,254 | 86,757 |
Treasury share reserve | (803) | - |
Share premium | 273,824 | 257,704 |
Accumulated deficit | (412,373) | (394,257) |
Total equity | (42,081) | (49,779) |
Non-current liabilities |
|
|
Lease liabilities | 1,748 | 1,977 |
Provisions | 327 | 256 |
Derivative financial liabilities | 112,770 | 109,291 |
Trade and other payables | 3,955 | 3,922 |
| 118,800 | 115,446 |
Current liabilities |
|
|
Lease liabilities | 558 | 643 |
Warrant liabilities | 610 | 907 |
Trade and other payables | 16,919 | 16,868 |
| 18,087 | 18,418 |
Total liabilities | 136,887 | 133,864 |
Total equity and liabilities | 94,806 | 84,085 |
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 the design and manufacture of the VX4, our future results of operations and financial position and expected financial performance and operational performance, liquidity, growth and profitability strategies, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircrafts on timelines projected, selection of suppliers, certification and the commercialization of the VX4 and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all, our ability and plans to raise additional capital to fund our operations, including as a result of any ongoing or future discussions with potential investors, statements regarding receipt of the committed funding from Company’s founder and majority owner, our plans to mitigate the risk that we are unable to continue as a going concern, our plans for capital expenditures, the expectations surrounding pre-orders and commitments, the features and capabilities of the VX4, 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 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 pre-delivery 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 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 14, 2024, 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.
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