The third quarter results season continues with Vertical Aerospace’s letter to its shareholders revealing that the company aims to be back in the air in early 2024 with its second prototype, which it says will be a more sophisticated prototype including the next-generation propeller design and proprietary battery packs. It has also revealed an ambitious flight test and demonstration programme for the coming year.
Meanwhile, the company said that it had completed familiarisation sessions with the UKCAA, FAA and EASA, where it presented the aircraft, its systems and structures. Additionally, it said it has continued work on the certification process and is still targeting certification in 2026.
Financially, the company has recorded a loss of GB£21.951 million for Q3 compared with £18.629m for the same period in 2022. The nine-month picture reveals more stability in the loss rate, with the company’s losses in the first nine months of this year slightly lower at £57.915m versus £58.084m in 2022. Looking ahead, Vertical expects to expend around £80m on continued development, testing, and other costs in the coming 12 months. That is set against on-hand cash and other reserves of £74m.
