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Vertical Aerospace Announces Third Quarter Results

by jeremy@globalsky.media
Vertical Aerospace Announces Third Quarter Results

UK-based aerospace company Vertical Aerospace announced its financial results for the third quarter of the year on September 30, 2022. 

The announcement also included the company’s operational highlights for the third quarter.

As for third-quarter financials, the company reported a net operating loss of £19 million for the months of July to September, compared to the £8 million seen in the previous period in 2021. Net operating loss is a loss taken in a period where allowable tax deductions are greater than taxable income, resulting in a negative taxable income.

It also reported £145 million in cash at bank and short-term deposits, which the company notes will be invested in the development of the company’s test and certification activities, as well as the people, systems, and processes that support the business. 

Vertical Aerospace, which listed on the New York Stock Exchange in December 2021 by merging with a special purpose acquisition company, also reported that it received a permit from the UK’s Civil Aviation Authority on September 22 to fly its eVTOL, dubbed the VX4, and successfully performed a tethered manned test flight of its aircraft on September 24. 

The company has since completed 14 piloted test flights and 5.5 hours of continuous propeller turning test operations. 

“We recently celebrated ‘wheels up’ with our VX4 aircraft a few weeks ago which was an incredibly proud moment for the whole team,” said Stephen Fitzpatrick, Founder and Chief Executive Officer of Vertical Aerospace. “As we ramp up our flight test program, with a close eye on capital spend, we are moving onwards and upwards. I look forward to sharing more news about our flight test program in the coming months.”

Vertical Aerospace also forecasts its capital plan for the rest of the year to remain on track, with the company noting that net cash outflows to be allocated in operating activities during the last quarter to be between £20 million and £25 million.

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