Vertical Aerospace has reported a net operating loss of £23 million for the first quarter of 2023.
The loss was a widening of the £18 million in Q1 2022 and reflected "investments in the advancement of our electric battery technology at our recently opened Vertical Energy Centre; achievement of eVTOL Design Organisation Approval with the UK Civil Aviation Authority (CAA)", the British manufacturer said.
The end of Q1 2023 left Vertical with cash and cash equivalents of £104 million, which it said "will be invested in the development of the company’s design, test and certification activities; as well as in the people, systems and processes that support the company".
“We have achieved so much in this first quarter. I am so proud of the team as we were granted our Design Organisation Approval from the CAA affirming our home regulator’s confidence in our capabilities," said Stephen Fitzpatrick, founder and chief executive.
The aim is to attain certification for its eVTOL by 2026, the company said in its report.
"While we have revised our target certification date, the diligence and precision of the scoping work gives us ever more confidence that our strategy is the right one, and that we will be one of the first movers in the eVTOL market", Fitzpatrick added.