Vertical Aerospace: FY23 cash used $92.9M, new VX4 prototype ‘in coming weeks’

Vertical Aerospace announces that it has released its full-year 2023 Annual Report, including its financial results, alongside its latest Shareholder Letter. …Stephen Fitzpatrick, founder and CEO of Vertical Aerospace commented: “I have never been more confident in Vertical, in our team and our technology. We will soon be unveiling our next-generation VX4 prototype, which comprises 70% new components compared to the previous one, including our more advanced propellers and proprietary battery technology. …” Vertical expects to complete final assembly of second, more advanced full-scale VX4 prototype in coming weeks; on track to begin flight test programme ahead of intended public demonstrations at Farnborough and Heathrow. The latest VX4 includes more than 60% components from aerospace technology partners and Vertical’s second-generation propellers and proprietary battery packs. FY23 net cash used in operating activities was GBP 74.7M / $92.9 M maintaining Vertical’s disciplined approach to spend management… “$25M received from Stephen Fitzpatrick on 13 March 2024; a further $25 million committed on 31st July 2024” .