Vertical Aerospace Ltd (EVTL)

[Opti Mist]

Press Release: Vertical Aerospace Provides First Quarter 2025 Operating Update, Demonstrating Momentum Towards Certification and Commercialisation
7:12 AM ET 5/13/25 | Dow Jones
Vertical Aerospace Provides First Quarter 2025 Operating Update, Demonstrating Momentum Towards Certification and Commercialisation
-- On pace to achieve full-scale, piloted wingborne flight with all-electric
prototype in Q2

-- Announces 1,000-mile hybrid-electric VTOL programme to serve defence,
logistics and wider commercial applications

-- Signs new long-term partnership with Honeywell to certify and produce
critical elements of the VX4's flight control and aircraft management
systems

-- Board strengthened with three new directors with deep capital markets
expertise

-- Maintains industry-leading capital efficiency1

-- Q1 2025 results call today at 08:30 am ET (13:30 BST)
LONDON & NEW YORK--(BUSINESS WIRE)--May 13, 2025--

Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering electric aviation, today provided an operating update and released financial results for the first quarter ended March 31, 2025. The first quarter 2025 results filing is accessible on the Company's investor relations website.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250513053119/en/

Vertical continues to advance its piloted flight test programme at its Flight Test Centre

Stuart Simpson, CEO at Vertical, said: "2025 is on pace to be a transformational year for Vertical as we advance our piloted flight test programme and move into the final flight test phases. With the announcement of our hybrid-electric programme - opening up new high-value markets - and the expansion of our partnership with Honeywell to certify critical flight systems, we are deepening our technical and commercial edge. With growing regulatory confidence in the VX4 and a strong team behind us, we're well positioned to deliver a scalable, certifiable aircraft to the global market."

Recent Highlights

Advancing Our Best-in-Class Aircraft:
-- Entered into new long-term agreement with Honeywell to certify critical
aircraft management and flight controls systems for the production
version of the VX4. The agreement also includes new Honeywell inceptors
to make the VX4 easier and safer for pilots to fly.
-- Announced the development of a long range 1,000 mile hybrid-electric
vertical-take-off-and landing (VTOL) variant of its VX4 aircraft to
unlock new market opportunities in defence, logistics and wider
commercial applications.
-- Doubled flight testing capabilities with the delivery of the third
full-scale VX4 prototype to Vertical's Flight Test Center, where assembly
will be completed.

-- Expanded Vertical's test pilot team with the appointment of Paul Stone,
former Volocopter Chief Test Pilot, becoming one of the few eVTOL
companies to have two test pilots with experience flying full-scale eVTOL
aircraft.

-- Supported the acceleration of global, industry-wide charging
infrastructure by adopting the Combined Charging Standard (CCS) for the
VX4.

Moving at Pace Towards Certification and Industrialisation:
-- In Q2 we anticipate receiving approval from the UK Civil Aviation
Authority (CAA) to start piloted wingborne flight tests, another
significant step in the expansion of our flight test programme.
-- Scheduled to complete piloted transition flight, the final stage of
Vertical's flight test programme, in the second half of 2025.
-- Appointed three new Board members, James Keith (JK) Brown, Kris Haber,
and Carsten Stendevad, bringing business development expertise, a deep
understanding of capital markets, and experience scaling growth-stage
companies.

Financial Outlook:
-- Maintained industry-leading capital efficiency2; and as of March 31,
2025, cash and cash equivalents totaled GBP69 million ($89 million),
expected to provide sufficient funding to support operations into the
fourth quarter of 2025.

-- No change to expectations for FY 2025 net operating cash outflows of
approximately GBP90 million to GBP100 million ($110 million to $125
million).

-- Expected net cash outflows from operating activities for the next 12
months of approximately GBP90 million ($120 million), which will be used
primarily to continue funding the assembly and testing of the VX4.