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Vertical Aerospace announces FY24 earnings
On 11th March, Vertical Aerospace provided the market with its FY2024 earnings and highlighted the eVTOL manufacturer’s progress and future for the VX4 platform, commenting on its winged-tiltrotor design as a key advantage.
Led by Vertical’s CEO, Stuart Simpson, with the company’s Chief Test Pilot, Simon Davies, the team confirmed that Vertical is globally “one of only two companies to achieve piloted thrust borne flight… where the rotors provide both lift and thrust.”
The next stage for the aircraft is to achieve piloted wing borne flight in the next 3-6 months. This development, Stuart explained, was supported by the proprietary battery that has completed millions of hours and hundreds of years of combined testing.
Furthermore, a third full-scale prototype is being built to drive test flight progress alongside aircraft two.
According to Stuart, “for every hour the aircraft is flying, we generate double the amount of data within Wikipedia.”
Stuart emphasised the importance of being industry-leading safety when it comes to Vertical’s technology. He shared further that he anticipates aircraft certification taking place in three years’ time, in 2028, for the six-passenger VX4.
Within a release ahead of the call, Stuart stated: “2024 was a year of major progress for Vertical, launching our Flightpath 2030 strategy, advancing piloted flight testing, and strengthening our financial position. With our latest prototype surpassing performance expectations and key regulatory milestones bringing us closer to certification, we are reinforcing our position as Europe’s leading eVTOL company.
“We will deliver the safest and most versatile aircraft in this space. At the core to achieving this is our collaboration with world-class aerospace partners and flying a full-scale prototype with a pilot on board. The momentum is building, and we’re all hugely excited for the year ahead.”
Vertical noted that recent funding of $90 million was raised, plus $25 million follow-on from current investors, and more than $60 million from new investors thus securing the company’s operation through 2025.
For further information: Vertical Aerospace · Pioneering Electric Aviation