eVTOL developer Vertical Aerospace Ltd has released its financial results for the third quarter ended 30 September 2022. The company has also issued a shareholder letter discussing its operating results and management commentary.
The operating results indicated a loss of GB£14 million, which compares with £8m for the same period last year. The company says that this reflects its increased activities, notably in the flight test programme and remains in line with its forecast. The company also revealed that it has reserve funds of £145m on hand and has also secured an equity subscription line of credit with Nomura valued at a further £100m.