Electrical vertical takeoff and landing (eVTOL) developer Vertical Aerospace reported its third quarter 2024 financial results.
The developer reported research and development expenses totalling £45.1 million and administrative expenses of £32.2 million, up 5% and down 6%, respectively, on the same period last year. Other operating income totalled £34.4 million, down 42% from third quarter 2023. Operating loss for the period was £42.9 million and a net loss of £45.7 million for the period, down 42% and up 9%, respectively, from third quarter last year.
The company signed an investment agreement on December 20, 2024, with Mudrick Capital — its primary creditor — and majority shareholder Stephen Fitzpatrick for up to $50 million in new committed funding as part of a transaction that will strengthen the company's balance sheet by $180 million.
“This has been a momentous quarter for the business," said Vertical CEO Stuart Simpson. "We have shared our strategic plan to lead the market by the end of the decade, begun what few in the industry have achieved with our piloted flight test programme, and signed a significant investment agreement that strengthens our balance sheet and funds us towards the end of next year.”
The company held cash and cash equivalents of £42.8 million as of September 30, 2024. As of the date of the report on December 20, 2024, it held £25 million of cash and cash equivalents. A new round of funding is expected to close in the first quarter of next year.