Aankondiging • May 20
Vertical Aerospace Begins Integration Testing for Hybrid-Electric Propulsion System and Produces First All-Electric Valo Battery Vertical Aerospace announced two key programme milestones: the start of integration testing for its next-generation hybrid-electric propulsion system, and the production of the first all-electric Valo battery from its upgraded assembly line. Vertical’s next-generation hybrid-electric propulsion system has begun testing on its dedicated Hybrid Propulsion Evaluation Rig (HYPER) at the Company’s Flight Test Centre at Cotswold Airport, marking a significant milestone after more than two years of development at the Vertical Energy Centre. The HYPER facility enables full system integration and validation of the hybrid powertrain, including the turbine, generator and associated electrical systems, alongside testing of control architecture, system response and fault scenarios ahead of ground and flight testing. The Company is working with several partners to integrate a sustainable aviation fuel (SAF)-compatible gas turbine with an electric generator, while leading development of system integration, control architecture and software. This turbogenerator will be integrated into a prototype hybrid-electric Valo aircraft for flight testing and demonstrations, while also supporting the development and validation of technologies for future hybrid variants of the aircraft. These hybrid-electric variants are expected to significantly expand range, payload and operational flexibility. Vertical is targeting certification of its hybrid-electric variant with the UK Civil Aviation Authority (CAA) and the European Union Aviation Safety Agency (EASA). Vertical has also reached a key milestone in its proprietary battery programme, with the first battery produced on its upgraded assembly line, launched in March 2026, at the Vertical Energy Centre. The 15,000 sq ft facility, already responsible for the battery systems used in piloted flight testing since 2024, has been enhanced with automated, aerospace-grade manufacturing processes designed to improve efficiency, consistency and performance, while supporting certification and future production. The battery prototypes will go into rigorous environmental and operational testing. Battery packs produced on the assembly line will be used to support Vertical’s certification aircraft as it progresses through the final stages of certification with the UK CAA and EASA, as well as providing initial production capacity ahead of entry into service. Key targeted capabilities of Vertical’s hybrid-electric variant: Range: Up to 1,000 miles, a 10-fold increase from its all-electric aircraft. Payload: Configurable to carry up to 1,100 kilograms in Valo’s class-leading airframe capacity. Stealth advantages: Low noise and heat signatures make the hybrid variant well-suited for sensitive missions. Crewed and uncrewed capabilities: Hybrid-electric technology capable of being deployed autonomously, remotely, or with a pilot. Uncrewed capabilities can be seamlessly integrated into the existing Flight Control System being developed by Honeywell. Mission resilience: Built off the Valo’s industry-leading redundancy and damage tolerance, boosting confidence for mission-critical operations. New Risk • May 07
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: UK£102m Forecast net loss in 3 years: UK£212m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Negative equity (-UK£12m). Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£212m net loss in 3 years). Share price has been volatile over the past 3 months (15% average weekly change). Aankondiging • Apr 28
Vertical Aerospace Ltd. to Report Q1, 2026 Results on May 06, 2026 Vertical Aerospace Ltd. announced that they will report Q1, 2026 results on May 06, 2026 New Risk • Apr 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Negative equity (-UK£121m). Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Aankondiging • Apr 20
Vertical Aerospace Ltd. has filed a Follow-on Equity Offering in the amount of $2 million. Vertical Aerospace Ltd. has filed a Follow-on Equity Offering in the amount of $2 million.
Security Name: Ordinary Shares
Security Type: Common Stock Aankondiging • Apr 17
Vertical Aerospace Achieves Two-Way Piloted Transition Flight for Valo Evtol Aircraft Vertical Aerospace has successfully completed a historic two-way piloted transition flight. On 14 April 2026, Vertical became the second company globally to complete a two-way piloted transition flight in a full-scale tiltrotor eVTOL and the first to do so under civil aviation Design Organisation Approval regulatory oversight. Chief Test Pilot Simon Davies completed the flight – transitioning from vertical take-off to wingborne cruise and back to vertical landing - all in one continuous flight. This builds on Vertical’s thrustborne transition on 2 April 2026 and marks the completion of two-way transition, the defining capability of eVTOL aviation. Put simply, this is what makes electric air taxis possible. Transition flight validates the technology which will enable Valo, Vertical’s commercial aircraft, to take off vertically from a city-centre vertiport or rooftop with passengers, fly efficiently at speed like an airplane, and land vertically at its destination – comfortably, quietly and without a runway. This unlocks planned real-world routes such as Canary Wharf to Heathrow or JFK to Manhattan, making them operationally and commercially viable. As with all Vertical flight tests since 2023, this milestone was achieved under the direct oversight of the UK Civil Aviation Authority (CAA), who are working in close collaboration with the European Union Aviation Safety Agency (EASA) toward Type Certification of Valo. Testing is conducted under Vertical’s Design Organisation Approval, a pre-requisite for entry into service. With all phases of flight now proven - vertical take-off, wingborne flight and transition between the two - Vertical is moving into the next stage of certification testing. This will include critical design review, when the aircraft design is locked, followed by the build of seven pre-production Valo aircraft in the UK for compliance and verification testing with the CAA and EASA. Vertical is targeting certification of Valo in 2028 to the highest safety standards in the category, with entry into service expected shortly thereafter. The certification approach is designed to be transferable to other regulators, including the US Federal Aviation Administration (FAA), Brazil’s National Civil Aviation Agency (ANAC) and the Japan Civil Aviation Bureau (JCAB), supporting global deployment with airline and operating partners including American Airlines, Avolon, Bristow, GOL and Japan Airlines. Vertical will continue its focus on executing key strategic milestones over the next twelve months and beyond. These include public flight demonstrations, including at Farnborough International Airshow in July, progression of the hybrid-electric demonstrator, expansion of the Vertical Energy Center, advancement of the manufacturing facility, and production of the first full-scale Valo certification aircraft. Vertical’s piloted flight test programme explainer: Phase 1: Tethered – stabilised hover while tethered (Completed September 2024), Phase 2: Thrustborne – vertical take-off, landing and low-speed manoeuvres (Completed February 2025), Phase 3: Wingborne – conventional take-off, flight and landing (Completed September 2025), Phase 4: Transition – transitioning between thrustborne and wingborne flight, Thrustborne transition (vertical take-off to wingborne flight): Completed April 2026, Two-way transition (including return to vertical landing): Completed April 2026. Aankondiging • Mar 31
Vertical Aerospace Ltd. announced that it expects to receive $775 million in funding from Mudrick Capital Management, L.P., Yorkville Advisors Global LP Vertical Aerospace Ltd. announced that it has entered into an agreement in principle pursuant to a non-binding term sheet in respect of a comprehensive financing of senior secured convertible notes in the principal amount of $50,000,000 to Mudrick Capital Management, L.P., Series A Convertible Preferred Shares of up to $250,000,000 at a discount of 4% for gross proceeds of $$240,000,000 to Yorkville Advisors Global, LP and equity line of credit of ordinary shares for $485,000,000 at a discount of 3% for gross proceeds of $500,000,000 to Yorkville Advisors Global, LP for total aggregate gross proceeds of $775,000,000 on March 30, 2026. The senior secured convertible note will be issued in increments of up to $5,000,000 each month, at the Company’s option, over the next twelve months, preferred shares will be issued in increments of up to $25,000,000 tranches at 96% of face value no less than 60 days apart, for a two-year term, subject to existing consent rights and equity line of credit over a three year term at a purchase price equal to 97% of the same day volume weighted average price. The convertible notes bear 10% cash or 12% PIK interest, with a maturity date of December 2030 and is convertible into ordinary shares. The preferred shares will carry voting rights on an as converted basis (subject to a 4.99% benefical ownership limitation) and rank senior to common shares upon liquidation, but junior to the existing and additional senior secured convertible notes under the Indenture. The preferred shares are convertible by Yorkville, at any time, into the Company’s ordinary shares at a share price determined at individual tranche issuance and conversion dates. The preferred shares are to carry a 0% dividend. The Company shall be granted redemption rights in respect of the preferred shares, subject to certain conditions. The preferred shares will not be entitled to any dividend payments at the time of issuance. Upon the occurrence and continuation of any trigger event, the preferred shares will accrue PIK at an annualized rate of 18%. New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 34% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-UK£121m). Earnings are forecast to decline by an average of 34% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Aankondiging • Mar 18
Vertical Aerospace Launches Battery Pilot Production Line for Valo Vertical Aerospace announced that its battery pilot production line is now operational at its Vertical Energy Centre (VEC). The Vertical Energy Centre has been upgraded with automated manufacturing processes designed to support certification and production. The 15,000 sq ft Vertical Energy Centre opened in 2023 and has produced the battery systems used in the Company’s piloted flight testing since 2024. These proprietary batteries have demonstrated industry-leading performance, delivering up to 1.4 MW of peak power during flight testing. The facility has now been upgraded with automated, aerospace-grade manufacturing processes designed to support certification and production, improving efficiency, consistency, and battery performance. Vertical will use the pilot line to test and build the final battery packs for its seven Valo certification aircraft which will be used to take the aircraft through the final stages of its certification programme with the UK Civil Aviation Authority (CAA) and the European Union Aviation Safety Agency (EASA), while also providing capacity for the first phase of commercial production following certification, targeted for 2028. Vertical’s proprietary battery system powers both the electric Valo eVTOL aircraft and the hybrid-electric aircraft programme. While Vertical partners with tier-one aerospace suppliers including Honeywell, Aciturri and Syensqo across much of the aircraft’s development and assembly, the battery system remains a core in-house technology and a key value driver for the business. Beyond aircraft sales, batteries are expected to generate recurring revenue throughout the aircraft lifecycle. Vertical expects to supply approximately 20 battery packs per aircraft over its operational life, creating long-term predictable revenue streams. By 2035, Vertical expects to have supplied up to approximately 45,000 battery packs across its aircraft fleet. Recent Insider Transactions Derivative • Mar 17
Founder notifies of intention to sell stock Stephen Fitzpatrick intends to sell 410k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of March. If the sale is conducted around the recent share price of US$3.77, it would amount to US$1.5m. Since March 2025, Stephen's direct individual holding has decreased from 15.49m shares to 3.49m. Company insiders have collectively sold US$37m more than they bought, via options and on-market transactions in the last 12 months. Aankondiging • Feb 25
Vertical Aerospace Addresses Archer Aviation Claims Vertical Aerospace provided the following statement in response to a patent infringement complaint filed by Archer Aviation in the U.S. District Court Eastern District of Texas: Archer’s recent claims are without merit, and Vertical intends to defend those claims vigorously. Vertical has developed a robust aircraft design with a clear path to certification, underpinned by Vertical’s proprietary and market-leading technology and international IP portfolio. Archer’s claims are merely an attempt to distract from the challenges Archer is facing competing in the marketplace. Aankondiging • Feb 18
Vertical Aerospace Brings Valo to Miami, Showcasing the Future of Electric Inter-City Travel Vertical Aerospace announced that its next-generation electric aircraft, Valo, will be on public display in Miami on 24-25 February at the Bass Museum in Collins Park. Valo will bring the future of urban and inter-city travel to life - quieter, greener and more efficient than traditional transport. Designed to fly up to 100 miles at speeds of up to 150 mph, the aircraft features a premium cabin for four passengers, panoramic windows and generous space for luggage and pets. Vertical is also developing a hybrid-electric variant, targeted to fly up to 1,000 miles. Visitors are invited to see the aircraft up close, meet the team behind its development, and explore how Valo could reshape travel across South Florida. Miami is defined by its coastline, culture and vibrant experiences, yet traffic congestion often limits how much of the area can be experienced in a single day. Valo is designed to change that. Vertical is working with operating and infrastructure partners to explore a network for its electric and hybrid-electric aircraft across South Florida that would transform key journeys. example hubs and routes include: Coastal Corridor - Miami to Palm Beach; MIA ™ PBI | ~65 miles | ~36 minutes; A predictable alternative to a 90+ minute drive, connecting South Florida's two most dynamic coastal hubs. This development moves community closer to the future of air travel, enhanced connectivity, and new economic opportunities for Miami-Dade County. MIA and general aviation airports are some of the busiest airports in the country for private aviation, which makes Miami-Dade County the perfect launch site for AAM. Miami: A Strategic Hub: Miami is a major global aviation hub and an important gateway to Latin America and the Caribbean. As Vertical continues to explore opportunities with airline and operator partners, the region represents a compelling market for potential future regional electric operations. Exploring Network Partnerships: Vertical is working with leading infrastructure partners to explore the development of key routes in the area for its airline and operator customers, including the joint venture between UrbanV - a global leader in Advanced Air Mobility (AAM) infrastructure - and Signature Aviation, the world's largest network of private aviation terminals; Skyports Infrastructure, a leader in the design, build and operation of vertiports for helicopters and eVTOL aircraft; and Vertiports by Atlantic Aviation. Aankondiging • Jan 21
Vertical Aerospace Brings Valo to New York, Outlining Plans for Electric Air Taxi Routes Vertical Aerospace launched its U.S. tour in New York City this week, bringing its new commercial electric aircraft, Valo, to the U.S. for the first time alongside plans for electric air travel routes in New York with Bristow Group and Skyports Infrastructure. The U.S. tour builds on Valo's unveiling in London in December 2025 and marks the next step in Vertical's global engagement with customers, investors, regulators, and partners ahead of entry into service following regulatory approval currently expected in 2028. Introducing Valo to the U.S. Valo is Vertical's certification-ready aircraft, designed to fly up to 100 miles at speeds of up to 150 mph with zero operating emissions, and engineered to meet airliner-level safety standards. Valo's premium cabin will launch with four seats, offering panoramic windows, generous personal space and class-leading luggage capacity. Alongside the U.S. tour, Vertical is working with Bristow and Skyports on a range of future mobility solutions for Valo in the U.S., including routes in and out of Manhattan, New York. Emergency Services - medical transfers within New York area, e.g., Westchester County Medical Center to New York University Langone. U.S. Valo Model Tour - New York Kick-Off. Aankondiging • Jan 08
Vertical Aerospace Ltd. Announces Executive Appointments Vertical Aerospace Ltd. announced the appointments of Ollie Roberts as Chief People Officer (CPO), Juan Carlos Sacristan as Chief Data & Information Officer (CDIO), and Richard Moore as Vice President, Powertrain. As CDIO, Juan Carlos (“JC”) Sacristan will lead Vertical’s long-term data, digital and AI strategy, connecting information across design, procurement, testing, production and manufacturing. His remit includes building the digital backbone, advanced simulation and analysis required to enable Vertical to scale efficiently into service. JC brings more than 20 years of experience driving business growth through complex technology transformations and data and AI led strategies. He has held senior leadership roles at global organizations including CDIO at Abcam, Chief Data and Analytics Officer at Adidas, Digital Global Lead at Nike and CIO at GE Gas Engines, alongside board advisory roles and experience founding and scaling start-ups. As CPO, Ollie Roberts will lead all aspects of Vertical’s people strategy, including talent attraction and development, culture development, colleague engagement, organisational design and capability building - delivering a diverse, high-performing and future-ready organisation as Vertical advances toward certification and commercial operations. Ollie is a seasoned C-suite executive with more than 25 years’ experience leading human resources, organisational design and large-scale transformation programmes across multiple industries. Most recently, Ollie served as Chief Human Resources Officer and Chief Transformation Officer at BMI Group, where he led a wide-ranging organisational and cultural transformation that strengthened business performance and delivery. Ollie has also held global leadership roles at AB InBev, SAB Miller and global real estate leader DTZ. Breakeven Date Change • Dec 31
No longer forecast to breakeven The 6 analysts covering Vertical Aerospace no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of UK£232.1m in 2025. New consensus forecast suggests the company will make a loss of UK£176.4m in 2027. New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£73m free cash flow). Negative equity (-UK£92m). Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (347% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£192m net loss in 3 years). Significant insider selling over the past 3 months (US$54m sold). Recent Insider Transactions • Nov 20
Founder recently bought US$5.8m worth of stock On the 18th of November, Stephen Fitzpatrick bought around 1m shares on-market at roughly US$4.15 per share. This transaction amounted to 67% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$11m. Despite this recent buy, Stephen has been a net seller over the last 12 months, reducing personal holdings by US$37m. Aankondiging • Nov 13
Vertical Aerospace Receives Permit to Fly Approval Allowing Piloted Transition Testing to Proceed Vertical Aerospace announced it has received its Permit to Fly from the UK Civil Aviation Authority (CAA) and commenced ‘Phase 4 – Transition’ flight testing, the final stage of its VX4 prototype flight-test programme. This regulatory approval enables Vertical’s flight-test team to begin testing the VX4 prototype’s defining transition manoeuvre - seamlessly shifting between hover (“helicopter mode”) and wingborne flight (“airplane mode”). Vertical’s Test Pilot, Paul Stone, flew the first flight of this phase at 10:11am GMT on 13 November 2025. ‘Phase 4 – Transition’ represents the final stage of the VX4 prototype flight test programme and follows completion of Phases 1-3, earlier in the year. These confirmed the VX4’s exceptional flying qualities and included flying in open airspace for the first time. To prepare for piloted transition flight, Vertical’s engineering and test teams recently completed extensive simulation, ground, and flight testing in collaboration with the UK CAA, verifying all 200 Minimum Safe Aircraft requirements. In support of our Permit to Fly, more than 20,000 pages of safety and technical information were updated and submitted to the CAA. The CAA is working closely with the European Union Aviation Safety Agency (EASA) on the certification and concurrent validation of the VX4 to the highest global safety standards required for commercial use. 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. COMPLETE 5 Sept 2025. Phase 4: Transition: The VX4 prototype will transition between thrustborne and wingborne flight, and vice versa. Underway and full transition expected before YE 2025. Recent Insider Transactions • Nov 12
Founder recently sold US$7.2m worth of stock On the 7th of November, Stephen Fitzpatrick sold around 2m shares on-market at roughly US$4.47 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$36m. Stephen has been a net seller over the last 12 months, reducing personal holdings by US$43m. New Risk • Nov 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£73m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£73m free cash flow). Negative equity (-UK£92m). Earnings are forecast to decline by an average of 3.5% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (341% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£181m net loss in 3 years). Significant insider selling over the past 3 months (US$47m sold). Recent Insider Transactions Derivative • Oct 30
Founder notifies of intention to sell stock Stephen Fitzpatrick intends to sell 3m shares in the next 90 days after lodging an Intent To Sell Form on the 29th of October. If the sale is conducted around the recent share price of US$4.65, it would amount to US$13m. Since December 2024, Stephen's direct individual holding has decreased from 15.49m shares to 6.49m. Company insiders have collectively sold US$36m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Oct 24
Founder recently bought US$5.9m worth of stock On the 22nd of October, Stephen Fitzpatrick bought around 1m shares on-market at roughly US$4.94 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$11m. Despite this recent buy, Stephen has been a net seller over the last 12 months, reducing personal holdings by US$24m. Recent Insider Transactions • Oct 16
Founder recently bought US$11m worth of stock On the 13th of October, Stephen Fitzpatrick bought around 2m shares on-market at roughly US$7.65 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Stephen has been a net seller over the last 12 months, reducing personal holdings by US$30m. Recent Insider Transactions Derivative • Oct 15
Founder notifies of intention to sell stock Stephen Fitzpatrick intends to sell 2m shares in the next 90 days after lodging an Intent To Sell Form on the 14th of October. If the sale is conducted around the recent share price of US$14.36, it would amount to US$29m. Since December 2024, Stephen's direct individual holding has decreased from 15.49m shares to 9.19m. Company insiders have collectively sold US$41m more than they bought, via options and on-market transactions in the last 12 months. Aankondiging • Oct 01
Vertical Aerospace Ltd. to Report Q3, 2025 Results on Nov 04, 2025 Vertical Aerospace Ltd. announced that they will report Q3, 2025 results Pre-Market on Nov 04, 2025 Recent Insider Transactions • Sep 30
Founder recently sold US$5.4m worth of stock On the 26th of September, Stephen Fitzpatrick sold around 1m shares on-market at roughly US$4.96 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$36m. Stephen has been a net seller over the last 12 months, reducing personal holdings by US$41m. Aankondiging • Sep 30
Vertical Aerospace Welcomes UK Funding Boost for Next-Generation Aviation Technology Vertical Aerospace Ltd. welcomes the UK Department for Transport’s announcement that funding has been awarded to projects working on next-generation zero-emission aircraft and the development of vertical take-off and landing technology. Among the initiatives receiving support is the “OxCam AAM Corridor” demonstrator, which is bringing together the expertise of Skyports, Bristow Helicopters, NATS, Vertical Aerospace and Oxfordshire County Council, with the aim to accelerate the transition of Advanced Air Mobility (AAM) from trials to commercially viable, regional operations within the UK. The project will culminate in planned test flights by Vertical Aerospace’s VX4 aircraft. Invested as part of the government’s Future Flight programme, delivered by Innovate UK, the funding is designed to secure the UK’s global leadership in the future of aviation. The government has committed £2.3 billion in funding over the next 10 years to the Aerospace Technology Institute programme, which helps the sector to manufacture newer, more efficient, electric aircraft. Recent Insider Transactions Derivative • Sep 25
Founder notifies of intention to sell stock Stephen Fitzpatrick intends to sell 2m shares in the next 90 days after lodging an Intent To Sell Form on the 24th of September. If the sale is conducted around the recent share price of US$6.30, it would amount to US$11m. Since December 2024, Stephen's direct individual holding has decreased from 15.49m shares to 10.29m. There has only been one transaction (US$36m sale) from insiders over the last 12 months. Aankondiging • Sep 09
Vertical Aerospace Prepares for Final Transition Testing After Successful Wingborne Flights Vertical Aerospace announced the successful completion of Phase 3 piloted wingborne flight testing of its VX4 prototype. The full scale VX4 has now taken off, flown, and landed like a conventional aircraft with lift generated by its wing. This quiet, low-power mode is essential for making electric air travel practical, scalable, and economically viable. The wingborne phase included flights by Chief Test Pilot Simon Davies and Test Pilot Paul Stone, switching between direct (manual) and flight (computer-assisted) control modes. The VX4 performed as modelled in the simulator, validating both the design and ease of handling. Working closely with the UK Civil Aviation Authority (CAA), which is collaborating with the European Union Aviation Safety Agency (EASA) for their concurrent validation and certification of the VX4 to the highest safety standards required for commercial use, Vertical secured approvals for flight testing in open airspace by extending its Permit to Fly following a rigorous review of safety and technical documentation. Since completing Europe’s first-ever piloted wingborne flight of a winged eVTOL in May 2025, Vertical has: Completed piloted flight tests covering 250 miles /400 km, Reached a top speed of 120 knots /222 km/h and altitude of 2,000 ft, Collected over 22 billion data points, validating aerodynamic models, acoustic levels, system reliability and performance. Vertical will now move to the final test stage: transition, proving the VX4’s ability to shift seamlessly between vertical lift (“helicopter mode”) and wingborne flight (“airplane mode”) - the defining capability of a tiltrotor eVTOL aircraft which means it can take off and land in a small space. This will be the operating mode it will use in passenger service. Vertical continues to target type certification in 2028, working concurrently with the CAA and EASA, with validation across other regulators to follow. On 3 September, Vertical also announced the appointment of Patrick Ky, former EASA Executive Director, to its Board. Patrick will join Professor Scott Galloway, Sri Tony Fernandes, founder of Air Asia Group, Lord Parker, former MI5 Director General and members of Vertical’s Executive team and Board at Vertical’s Capital Markets Day on 17 September in New York to share further updates and views on the business’ progress. Vertical’s piloted flight test programme explainer: Phase 1: Tethered: the VX4 prototype will perform stabilised hover while loosely tethered to the ground. COMPLETE12 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. COMPLETE4 February 2025. Phase 3: Wingborne: the VX4 prototype will take-off, fly and land like a conventional aircraft, with lift generated by the wing. COMPLETE5 Sept 2025. Phase 4: Transition: The VX4 prototype will transition between thrustborne and wingborne flight, and vice versa. Expected before YE 2025. Aankondiging • Sep 06
Vertical Aerospace Ltd. has filed a Follow-on Equity Offering in the amount of $100 million. Vertical Aerospace Ltd. has filed a Follow-on Equity Offering in the amount of $100 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Aankondiging • Sep 03
Vertical Aerospace Ltd. Announces the Appointment of Patrick Ky to Its Board of Directors, Effective as of 1 September 2025 Vertical Aerospace announced the appointment of Patrick Ky to its Board of Directors, strengthening the company’s regulatory expertise and leadership in certification. The appointment is effective as of 1 September 2025. Mr. Ky served as Executive Director of the European Union Aviation Safety Agency (EASA) from 2013 to 2023, where he led the agency through a decade of regulatory transformation and established EASA as a global reference point for aviation safety and innovation. Under his leadership, EASA developed the world’s first comprehensive regulatory framework for eVTOL aircraft, SC-VTOL, published in 2019, creating a pathway for the certification of electric flight. He also set new safety standards for aircraft such as the Boeing 777X and Airbus A321XLR, and oversaw the safe return to service of the 737 MAX. Prior to EASA, Mr. Ky was Executive Director of the Single European Sky Air Traffic Management Research (SESAR) Joint Undertaking, Europe’s air traffic management modernisation programme. He has also held senior leadership roles at Eurocontrol and in the French Civil Aviation Authority (DGAC). Patrick is currently Chief Executive Officer of the International Centre for Aviation Innovation (ICAI), a global hub bringing together governments, industry, and research institutions to co-develop innovative solutions for the future of air travel. Patrick’s contributions to aviation have earned him numerous accolades, including The Glen A. Gilbert Memorial Award in 2013 and Aviation Week’s Philip J. Klass Lifetime Achievement Award for his lasting contributions to aviation safety in 2025. Patrick is a graduate of École Polytechnique and the French Civil Aviation Engineering School, with additional degrees in economics from the University of Toulouse and MIT. Recent Insider Transactions • Aug 27
Founder recently sold US$36m worth of stock On the 25th of August, Stephen Fitzpatrick sold around 5m shares on-market at roughly US$6.88 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months. New Risk • Jul 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-UK£39m). Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (337% increase in shares outstanding). Revenue is less than US$1m. Aankondiging • Jul 16
Vertical Aerospace Ltd. to Report First Half, 2025 Results on Aug 05, 2025 Vertical Aerospace Ltd. announced that they will report first half, 2025 results on Aug 05, 2025 Aankondiging • Jul 10
Vertical Aerospace Ltd. has completed a Follow-on Equity Offering in the amount of $60 million. Vertical Aerospace Ltd. has completed a Follow-on Equity Offering in the amount of $60 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,000,000
Price\Range: $5
Discount Per Security: $0.189 Aankondiging • Jul 09
Vertical Aerospace Ltd. has filed a Follow-on Equity Offering in the amount of $60 million. Vertical Aerospace Ltd. has filed a Follow-on Equity Offering in the amount of $60 million.
Security Name: Ordinary Shares
Security Type: Common Stock Aankondiging • Jul 04
Vertical Aerospace Announces Executive Appointments Vertical Aerospace on July 3, 2025 announced the addition of key executives to its leadership team as the Company accelerates through its Flightpath 2030 goals. Mark Higson joins as Chief Operating Officer and is a seasoned executive with significant expertise in developing operational and commercial strategies, leading complex, global organisations through transformational change. He has over four decades of experience across international businesses, most recently serving as Chief Executive Officer of Modulaire Group, where he successfully led the sale and refinancing of the business. Originally an Aerospace Engineer, Mark started his career at British Aerospace subsequently serving in senior operational leadership roles across the industrials sector, including at Wolseley UK and the Royal Mail, and as a senior advisor to McKinsey & Company and to Advent International’s portfolio companies. Steve Vellacott joins as VP of Airworthiness & Head of Design Organisation, bringing decades of experience in structural engineering and design, including significant expertise leading electric and other complex VTOL programmes. He joins Vertical from Lilium where he was Chief Technology Officer and Head of Design, overseeing the team responsible for the design, development and certification of its eVTOL aircraft. Prior to Lilium, Steve spent over three decades at Leonardo Helicopters, holding a variety of leadership roles across its international civil and military programmes, where he worked closely with EASA around certification and compliance of the aircraft. He was elected as a Fellow of the Royal Aeronautical Society in 2018. Aankondiging • Jun 04
Vertical Aerospace Appoints Lord Andrew Parker to its Board Vertical Aerospace announced the appointment of Lord Andrew Parker to its Board of Directors, strengthening the company’s leadership in defence, national security, and government affairs. The appointment is effective as of 2 June 2025. Lord Parker brings deep experience in national security and intelligence from his distinguished career serving the UK government, most notably as the former Director General of MI5, the UK Government’s national security agency, from 2013-2020, where he also served on a range of committees, including the National Security Council. As Director General, Lord Parker focused on new technology-centred change. In 2021, Lord Parker was appointed Lord Chamberlain by Queen Elizabeth II, becoming the most senior official in the Royal Household and overseeing historic national events, including royal ceremonies and state occasions. He was knighted in 2019 and entered the House of Lords in 2021. Outside of his public sector work, Lord Parker has served as a Non-Executive Director at Babcock International Group, an international defence, aerospace and security company, since 2020. The appointment of Lord Parker follows Vertical’s recent announcement of its hybrid-electric programme, designed to unlock new applications in mission critical sectors such as defence and logistics, as well as recent hires to the Board, who bring deep capital markets expertise. Aankondiging • May 29
Vertical Aerospace Makes Aviation History with Piloted eVTOL Flight in Open Airspace Vertical Aerospace 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 Si 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 Cotswolds 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 Cotswolds 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. 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. Advancing the UK’s 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. 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. 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. New Risk • May 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£48m free cash flow). Negative equity (-UK£39m). Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (282% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Breakeven Date Change • May 16
Forecast to breakeven in 2025 The 4 analysts covering Vertical Aerospace expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of UK£317.2m in 2025. Earnings growth of 2.1% is required to achieve expected profit on schedule. Aankondiging • May 12
Vertical Aerospace Announces 1,000-Mile Hybrid-Electric VTOL Programme to Serve Defence, Logistics and Wider Commercial Markets Vertical Aerospace announced it is developing a hybrid-electric vertical-take-off-and landing (VTOL) variant of its VX4 aircraft, expanding range and payload capabilities to unlock new market opportunities within the already sizable $1TR1 total addressable urban air mobility market. Vertical's hybrid-electric strategy builds on its all-electric VX4 and Flightpath 2030 strategy, enabling new potential applications in defence, logistics and commercial sectors including air ambulance services, which require longer range and higher payload than current eVTOL platforms can deliver. Vertical's second-generation hybrid-propulsion system, which has been in development for 18 months at the Vertical Energy Centre, will be retrofitted into one of the company's VX4 full scale prototypes and is expected to commence flight testing in second quarter 2026. Key targeted capabilities of Vertical's hybrid-electric variant: Range: Up to 1,000 miles, a 10-fold increase from its all-electric aircraft. Crewed and uncrewed capabilities: Hybrid-electric technology capable of being deployed autonomously, remotely, or with a pilot. Uncrewed capabilities can be seamlessly integrated into the existing Flight Control System being developed by Honeywell. Mission resilience: Built off the VX4's redundancy and damage tolerance, boosting confidence for mission-critical operations. Best-in-class hybrid-electric potential enabled by proprietary battery technology and airframe: Vertical's proprietary battery platform, developed at its purpose-built Vertical Energy Centre, is a critical component of its hybrid-electric capability. Vertical's battery will help power the superior hybrid range and payload capabilities, enabling best-in-class performance for mission-critical use cases. Vertical's hybrid team has developed advanced control systems supporting safe operation and redundancy, meeting strict European Union Aviation Safety Agency (EASA) and UK Civil Aviation Authority (CAA) safety standards for eVTOL flight. Bench testing has already validated its hybrid-electric architecture, including the successful integration of control algorithms between the power unit and battery. 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. 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. Board Change • May 08
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Kathy Cassidy is the most experienced director on the board, commencing their role in 2021. Independent Director Ben Story was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • Apr 07
Vertical Aerospace Ltd. to Report Q1, 2025 Results on May 13, 2025 Vertical Aerospace Ltd. announced that they will report Q1, 2025 results Pre-Market on May 13, 2025 Aankondiging • Mar 31
Vertical Aerospace Adopts Universal Fast-Charging Standard to Accelerate eVTOL Deployment Vertical Aerospace announced it will adopt the Combined Charging Standard (CCS) for the VX4, joining BETA Technologies and Archer Aviation in driving a universal, fast-charging system for electric vertical take-off and landing (eVTOL) aircraft. This announcement marks a significant step towards a global, industry-wide charging infrastructure, ensuring seamless integration for OEMs, operators, and infrastructure providers while reducing costs and accelerating the adoption of electric aviation. The CCS fast-charging standard will allow Vertical's VX4 to achieve fast turnaround times, including rapid battery charging and conditioning for shuttle operations. New Risk • Mar 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£47m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£47m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-UK£499m). Shareholders have been substantially diluted in the past year (282% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (UK£97m net loss in 3 years). Aankondiging • Mar 08
Eamonn Brennan Joins Board of Vertical Aerospace Ltd Vertical Aerospace Ltd. announced that Eamonn Brennan, the former head of Eurocontrol and a non-executive director at Ryanair, has joined the board of air taxi firm Vertical Aerospace as it works towards securing certification for its VX4 aircraft in the UK by 2028. Aankondiging • Feb 04
Vertical Marks New Era of Progress with Successful Completion of Latest Piloted Testing Phase Vertical Aerospace completed the second stage of piloted thrustborne testing of its full scale VX4 prototype. The company is now preparing for a new chapter in its history, with the VX4 entering the penultimate phase of flight testing: wingborne flight. This phase will mark a defining moment in the VX4’s development, pushing beyond the limits of the secure airspace of Cotswold Airport’s airfield and into real-world operating conditions for the first time. During Phase 2, the aircraft completed over thirty piloted test flights. Flight tests included completing successful hover and low speed flight manoeuvres, as well as executing handling and performance procedures including roll, yaw, and spot-turns. Engineers were able to collect hundreds of data points to determine the reliability of the aircraft systems, as well as thrust levels, lift efficiency, and power-to-thrust ratio and control responsiveness. These piloted prototype flights experienced no system failures and exceeded expectations for stability and performance. To progress to wingborne flight, the next phase of the flight test programme, the UK Civil Aviation Authority (CAA) will first need to expand Vertical’s Permit to Fly. Once approved, the VX4 will take off, fly, and land like a conventional aircraft, with lift generated by its wings rather than its rotors. Transitioning from a tightly controlled test environment to more dynamic, scalable operations is a major leap forward on the path to full certification and commercial viability. Once the aircraft has completed wingborne flight, the aircraft will have, in effect, completed a mini-certification process with this prototype. While Vertical works with the CAA to expand its Permit to Fly it will continue to perform important system and component testing as well as progressing the development of an identical full-scale prototype which will accelerate the VX4’s flight test programme and demonstration capability. Aankondiging • Jan 16
Vertical Aerospace Ltd. Announces Resignation of Vincent Francis Casey as Director Vertical Aerospace Ltd. announced the resignation of Vincent Francis Casey as Director with effect from 15 January 2025. Aankondiging • Jan 15
Vertical Aerospace Ltd. Announces Board Changes Vertical Aerospace announced the appointment of Dómhnal Slattery as Chairman of its Board of Directors with immediate effect. Mr. Slattery brings over three decades of global aviation industry expertise to Vertical and rejoins the Board having previously served as Chairman from January 2022 to August 2023 during which time Vertical built its industry leading order-book and listed on the New York Stock Exchange. Mr. Slattery is one the world’s leading aircraft leasing and finance pioneers having founded and built Avolon and SMBC Aviation into leading industry players. Today, they are respectively ranked as the number two and three aircraft leasing companies in the world. He is also CEO and Chairman of Clahane Capital. Vertical will benefit from Mr. Slattery’s extensive leadership and capital markets expertise and, in particular, his understanding of and track record in the global aviation sector. The businesses he has founded and built have collectively raised and deployed over $75 billion in capital. Slattery has been widely recognised for his exceptional contributions to the aviation industry. He was the 2023 recipient of the International Society of Transport Aircraft Trading (ISTAT) Award and the "Outstanding Contribution to the Aviation Industry" award at the Aviation Industry Awards in 2016. He was also awarded an honorary doctorate from Dublin City University in 2022 and the NYU Lewis L Glucksman Award for Ethical Leadership in 2020 – both of which recognised his contribution to aviation and entrepreneurship. Stephen Welch, the outgoing Chairman, will continue to serve on the Vertical Board as a non-executive director. Buy Or Sell Opportunity • Jan 13
Now 29% undervalued Over the last 90 days, the stock has risen 29% to US$7.81. The fair value is estimated to be US$10.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 136% over the last 3 years. Earnings per share has grown by 57%. New Risk • Dec 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 215% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Negative equity (-UK£55m). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (215% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (UK£93m net loss in 3 years). New Risk • Nov 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-UK£42m). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (UK£98m net loss in 3 years). New Risk • Nov 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Negative equity (-UK£42m). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£98m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$97.8m market cap). Aankondiging • Oct 02
Directorate Change Appoints Vincent Francis Casey as Director Vertical Aerospace Ltd. announced the appointment of Vincent Francis Casey as director with effect from 16 September 2024. Board Change • Oct 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Founder & Executive Director Stephen Fitzpatrick is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Sep 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£45m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£45m free cash flow). Negative equity (-UK£42m). Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£98m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Aankondiging • Sep 17
Vertical Aerospace Announces 1-for-10 Reverse Share Split to Regain Compliance with the Minimum Share Price Criteria of Section 802.01C of the NYSE Listed Company Manual Vertical Aerospace Ltd. (‘Vertical’ or the ‘Company’) announced a one-for-ten (1:10) reverse share split of its issued and unissued ordinary shares (the ‘ordinary shares’) and preferred shares, par value $0.0001 per share (the ‘Reverse Share Split’). The Reverse Share Split will become effective at 4:01 p.m. Eastern Time on September 20, 2024 (the ‘Effective Date’). The Company’s ordinary shares will begin trading on a split-adjusted basis when the New York Stock Exchange (‘NYSE’) opens for trading on September 23, 2024 (i.e., the first trading day following the Effective Date) under the existing trading symbol ‘EVTL,’ but the ordinary shares will trade under a new CUSIP number, G9471C206. The Company’s outstanding public warrants will continue to be traded under the symbol ‘EVTLW’ and the CUSIP number for such public warrants will remain unchanged. The Company obtained shareholders’ approval for the Reverse Share Split at a ratio of between 1-for-5 and 1-for-20 at the Company’s annual general meeting of the shareholders held on September 16, 2024, with the final decision of whether to proceed with the Reverse Share Split, the effective time of the Reverse Share Split, and the final reverse share split ratio to be determined by the Company’s board of directors in its sole discretion. On September 16, 2024, the Company’s board of directors approved the reverse share split ratio of 1-for-10and the Effective Date for the Reverse Share Split. The Reverse Share Split is intended to increase the per share trading price of the ordinary shares to enable the Company to regain compliance with the minimum share price criteria of Section 802.01C of the NYSE Listed Company Manual. Aankondiging • Aug 19
Vertical Aerospace Ltd., Annual General Meeting, Sep 16, 2024 Vertical Aerospace Ltd., Annual General Meeting, Sep 16, 2024. Location: bristol headquarters, unit 1, camwal court, chapel st, bristol bs2 0uw, bristol United Kingdom New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-UK£50m). Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£106m net loss in 3 years). Share price has been volatile over the past 3 months (9.9% average weekly change). Aankondiging • Jul 26
Vertical Aerospace Announces its New VX4 Prototype Completes First Tethered Piloted Flight Vertical Aerospace (Vertical) has seen its latest VX4 prototype perform its first tethered piloted flight as it begins the “wheels up” phase of testing. This VX4 performed a piloted flight while loosely tethered to the ground, during which Vertical measured over 20,000 flight and system parameters to verify thrust, handling qualities and system performance. The tethered piloted flight took place after the UK Civil Aviation Authority (CAA) had issued Vertical with a Permit to Fly for its VX4 prototype, having rigorously evaluated the engineering, design, test data and aircraft, effectively conducting a “mini certification” programme of the aircraft. Vertical must submit documentation to the CAA to move through each flight phase, including extensive, detailed documentation covering every aspect from safety protocols and engineering specifications to operational procedures. Following initial tethered flights, and once it has received permission from the CAA to expand the flight envelope, the VX4 will enter the next phase of testing which will start with further thrustborne flight testing. This will see the VX4 take-off and land vertically and conduct low speed flight manoeuvres with lift generated by the propellers. Wingborne or conventional flight (CTOL) and the final critical test stage of piloted transition flight will follow, only once the CAA’s rigorous approval for this final phase of testing has been granted. In advance of today’s first tethered flight, this week, the VX4 has successfully completed extensive ground testing, including powered propulsion testing of its advanced powertrain, which features proprietary battery packs capable of delivering 1.4 MW of peak power and which has been designed and built at the state-of-the-art Vertical Energy Centre. Aankondiging • Jul 23
Vertical Aerospace Begins Testing on New Vx4 Prototype Vertical Aerospace announced that testing on its most advanced eVTOL aircraft, unveiled last week, has started with initial powered ground tests, including propeller balancing, successfully complete. Propeller balancing and spinning tests measure weight distribution of each propeller blade to ensure vibrations are minimised for smooth, stable flying. Over the coming days, the company will conduct powered, propulsion system testing of its most advanced powertrain, which includes proprietary battery packs capable of producing 1.4 MW of peak power and has been designed and built to certification safety standards at its multi-million-pound Vertical Energy Centre. These next tests involve securely anchoring the aircraft to prevent lift-off and running the engines at various power levels to measure thrust output, system integration, and structural integrity. Together, these tests will ensure the VX4 meets the highest standards of operational safety which are needed for piloted flights. The company will then move onto its "wheels up" phase with tethered flight tests before progressing to low-speed untethered flights, once it has been issued its Permit to Fly from the UK Civil Aviation Authority (CAA). This next-generation VX4 is more powerful than the previous full-scale prototype, with an impressive 20% increase in the power to weight ratio, enabling the aircraft to reach speeds of up to 150mph - the certification aircraft's intended cruise speed. The aircraft has been designed and built alongside global aerospace partners, including GKN Aerospace, Honeywell, Hanwha, Molicel, Leonardo and Syensqo. It features Vertical's next generation propellers and new proprietary battery technology, designed and manufactured at its multi-million pound Vertical Energy Centre near Bristol, the UK's most advanced aerospace battery facility. Piloted flight test programme explainer: Tethered: the VX4 will perform stabilised hover while loosely tethered to the ground. Untethered: the VX 4 will hover without a tether. Thrustbourne: the VX4 will take-off and land vertically and conduct low speed flight manoeuvres with lift generated by the propellers. Wingbourne: the VX4 will take-off, fly and land like a conventional aircraft, with lift generated by the wing. Transition: The VX4 will transition between thrustbourne and wingbourne flight, and vice versa. Board Change • Jun 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Founder & Executive Director Stephen Fitzpatrick is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Feb 22
Vertical Aerospace Receives £8 Million ($10 Million) in Grant Funding by the UK Government Vertical Aerospace announced it has been awarded £8 million ($10 million) in grant funding by the UK Government, through the Aerospace Technology Institute (ATI) Programme, to develop its next-generation propellers for use on its VX4 aircraft. The project is the fourth awarded to Vertical by the ATI Programme and brings total UK Government grant funding to £37 million ($47 million). This demonstrates a significant vote of confidence in Vertical’s potential to lead the next generation in aviation. The award puts the UK at the heart of the future global market in urban air mobility, which promises to transform how people move around and between cities, providing a clean, green and low-noise means of travel. Vertical is pioneering these efforts through the VX4, with a new, more advanced and full-scale prototype currently in production. The UK is a global leader in aerospace R&D and manufacturing, continuing its proud history in aviation. This specific project will bring together the UK’s foremost experts and technical partners to further develop Vertical’s eVTOL propeller technology and propulsion system. The final technology will be lower in weight, inertia and noise than their existing propellers, and be delivered to a higher safety standard than any model currently on the market. This award follows Vertical’s recent announcement that Stephen Fitzpatrick has committed to invest a further $50 million into the business to support the continued development of the aircraft programme. Taken together, Vertical’s announcements over the last month deliver approximately $60 million in additional committed funding. The total investment into the propeller project is almost £20 million, with Vertical having been awarded over £8 million, representing a contribution of 50% of Vertical’s eligible development costs. A further £3.5 million will be awarded to the other consortium members. The consortium, led by Vertical, includes world-leading academic institutions: the University of Glasgow, the University of Bristol and Cranfield University, and the UK’s helicopter monitoring specialists, Helitune. ATI Programme is co-ordinated and managed by the Aerospace Technology Institute, the Department for Business and Trade (DBT) and Innovate UK, part of UK Research and Innovation. Vertical has previously been awarded £26 million from the ATI Programme as well as £3m from the Future Flight Challenge. The latest ATI Programme grant brings total UK Government support to £37 million. Aankondiging • Jan 22
Vertical Aerospace Ltd. announced that it expects to receive $50 million in funding Vertical Aerospace Ltd. entered into a legally binding term sheet agreement for equity investment from CEO, Stephen Fitzpatrick for $50 million on January 22, 2024. The company will receive $25 million in first tranche which includes a mixture of ordinary shares at $10 per share and warrants with a $5 exercise price expected to close in March 2024 and second tranche of $25 million by 31 July 2024 for ordinary shares at a price per share to be determined. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£77m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-UK£3.6m). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£93m net loss in 3 years). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). New Risk • Nov 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£77m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-UK£3.6m). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£89m net loss in 3 years). Shareholders have been diluted in the past year (5.1% increase in shares outstanding). Aankondiging • Sep 02
Vertical Aerospace's VX4 Programme Moves to the Next Phase Vertical Aerospace provided an update on its overall programme. Flight Test Update: Vertical concluded its remote thrustborne flight test campaign in July 2023, as the first full-scale VX4 prototype reached its target speed of 40kts (70 kmph), demonstrating exceptional overall stability and control. Performance targets were generally exceeded by 10-30% during hover and low speed flights. The prototype performed especially well in sustained hover, typically the most challenging regime for a VTOL aircraft, where it maintained level flight for longer than anticipated. The aim of these thrustborne flight tests was to verify acceptable stability, battery efficiency and control characteristics, aerodynamics, structural loads, performance and vibration throughout this speed range – all of which were achieved. Incident Update: Vertical continued further uncrewed flight tests following the completion of the remote thrustborne flight test campaign. The purpose of these was to understand how the aircraft performed outside of its expected operating conditions before the aircraft’s planned retirement. During one of these test flights, an unexpected fault occurred causing the aircraft to enter a stable descent, before being damaged on impact with the ground. Vertical completed a swift and thorough investigation and submitted a report to the Air Accidents Investigation Branch (AAIB). Vertical’s investigation identified the root cause to be a fault with a propeller. This early generation propeller had already been redesigned prior to the incident, with the issue fully resolved ahead of the next phase of testing. Further recommendations by the investigation are being implemented by Vertical. Vertical believes transparency and openness is fundamental to the safety of aerospace. It therefore intends to provide a further full update to the industry on the incident once the AAIB’s investigation has concluded. VX4 Programme Update: Supported by the learnings from the completed thrustborne campaign, the VX4 and its certification programme remains on track with no changes to timelines. The assembly of a second significantly more advanced full-scale VX4 prototype is underway at GKN Aerospace’s Global Technology Centre. This demonstrator is expected to be ready to fly early next year. Its components will include technology from most of Vertical’s certification partners: Honeywell, GKN Aerospace, Hanwha, Solvay, Leonardo and Molicel. An additional, identical full-scale aircraft has also now been approved and is expected to be flying in the second half of 2024. These upgraded full-scale aircrafts’ structures and subsystems will be tested in line with certification standards. Both will require rigorous regulatory oversight, including a Permit to Fly from the UK Civil Aviation Authority, to progress to piloted flying. New Risk • Aug 04
New major risk - Negative shareholders equity The company has negative equity. Total equity: -UK£3.6m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£77m free cash flow). Negative equity (-UK£3.6m). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£89m net loss in 3 years). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Aankondiging • Jul 22
Vertical Aerospace Ltd. Provides Flight Test Program Update Vertical Aerospace Ltd. has continued to advance its flight test activities with progress in its thrustborne flight test campaign (including lifting, hovering, flying and landing vertically, by the thrust of the aircraft's propulsion system). The flight tests have included numerous hovers, both tethered and tethered, as well as expanding the low-speed flight envelope with the Company's first full-scale electric vertical take-off and landing (eVTOL) prototype aircraft, the VX4, reaching forward speeds of 40kts under remotely piloted conditions and powered by the Company's proprietary battery packs. Recent Insider Transactions Derivative • Jun 10
Non-Executive Director notifies of intention to sell stock Vincent Casey intends to sell 50k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of June. If the sale is conducted around the recent share price of US$2.00, it would amount to US$100k. Since September 2022, Vincent has not owned shares directly (This sale likely refers to shares that have not yet been received). There have been no trades via on-market transactions or options from company insiders in the last 12 months. Aankondiging • May 19
Vertical Aerospace Ltd. Appoints John Maloney as Interim Principal Financial Officer and Interim Principal Accounting Officer Vertical Aerospace Ltd. appointed John Maloney, the Company's Finance Director, to serve as its interim principal financial officer and interim principal accounting officer, effective as of May 19, 2023. The Companyis currently undertaking a search for a permanent Chief Financial Officer. Seeking Alpha • Jan 26
Vertical Aerospace: Not Ready For Takeoff Summary
Vertical Aerospace has a promising pre-order book for eVTOLs, but the market appears to have big questions regarding these orders.
The company just announced a pre-delivery payment from Marubeni in Japan, but the press release didn't provide any financial details.
The stock isn't investable until the company solves the cash issue with a year-ending balance of ~£125 million and 2 years to go before the VX4 enters service.
The stock of Vertical Aerospace (EVTL) has come back to earth after excitement over pre-orders in mid-2022 collapsed. The electric vertical takeoff and landing (eVTOL) manufacturer has lots of promising orders, but the company doesn't have a lot of cash. My investment thesis is Neutral on the stock trading at $2 with a lot of questions about dilution from the need to raise cash via selling stock.
Source: FinViz
Pre-Orders Hope
A lot of promising stocks that went public via SPAC are running into a stock market highly questioning order books despite all the promises in the world from eVTOLs to disrupt regional travel. From July to October last year, Vertical Aerospace soared from similar levels to now over $10. During this period, the eVTOL company announced major pre-orders, including a commitment for a pre-delivery payment from American Airlines (AAL).
In total, Vertical Aerospace lists over 1,400 aircraft pre-orders from leading airlines, such as American Airlines and Virgin Atlantic, and aircraft lessors. The pre-orders from American Airlines, Virgin Atlantic and Iberojet combine for 600 conditional orders and production for years.
Source: Vertical Aerospace Q3'22 shareholder letter
The massive 500 pre-order for the VX4 aircraft from Avolon was originally part of the excitement with Vertical Aerospace. The global aircraft leasing company has a collection of promising contracts with the likes of Japan Airlines and Air Asia to lease these eVTOLs in the future, leading to the Avolon CEO being named the Chairman of the Board.
Source: Vertical Aerospace Q3'22 shareholder letter
Cash Problems
So far, all of these pre-orders don't appear to have led to any cash payments to Vertical Aerospace. The pre-orders appear conditional and non-binding, leaving shareholders with a lot of potential orders and no cash.
The company ended Q3 with cash totaling £145 million. Vertical Aerospace forecasted burning another £20 and £25 million in cash from operations in Q4'22, leading to an end of year cash balance of ~£125 million.
The eVTOL manufacturer has limited cash burn compared to competitors due to the focus on using parts from partners. A big question in the sector will be the different models of building proprietary parts at high costs versus borrowing parts from helicopters and other aircraft, where possible, but leaving the company without proprietary technology or patents.
Vertical Aerospace has the potential to sell another £91 million worth of shares after selling 1.1 million shares during Q3 at a purchase price of nearly £9 million. Unfortunately, the company failed to sell a bunch of shares when the stock price soared to $10 last year.
A big part of the SPAC issue were the warrants issued with an exercise price lined up at $11.50 with the corporations expecting further dilution and cash flow when the stock jumped. Instead, these former SPACs that didn't raise enough cash are stuck selling stock at $2, as is the case of Vertical Aerospace.
These big pre-orders quickly become viewed as real demand with a lot of pre-delivery payments. The promising news from last week was a pre-delivery payment from Marubeni for 25 VX4 aircraft out of an original pre-order of 200 aircraft.
Though, the company didn't provide any details on the timing and size of the pre-delivery payment. Despite a similar announcement with American Airlines back in July leading to a lot of the excitement in the major stock surge, Vertical Aerospace shows no signs the pre-delivery agreement actually resulted in cash for the company.
The original statement from Vertical Aerospace was as follows:
Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering zero-emissions aviation, today announces that it has confirmed delivery slots and the commitment of associated pre-delivery payments with American Airlines (NASDAQ: AAL).
Similar to the Marubeni announcement, American Airlines has a pre-order of 250 aircraft, along with an option for another 100 aircraft. Vertical Aerospace saw the cash balance dip from £158 million at the end of Q2'22, suggesting the company didn't see any material payments from the large U.S. airline.
The deal with Marubeni clearly states Vertical Aerospace has secured a pre-delivery payment for the reservation of aircraft delivery slots. The press release leaves out the "commitment" for a pre-delivery payment included in the American Airlines announcement, but the devil will be in the details. 
