Vertical Aerospace Ltd Stock Price, News & Analysis

Vertical Aerospace (NYSE: EVTL) has released its 2024 Annual Report highlighting significant progress in its Flightpath 2030 strategy. The company secured $220M in re-financing, including a balance sheet restructure and a $90M public offering, ensuring operations through 2025.

Key achievements include: completion of piloted thrustborne testing with their second full-scale VX4 prototype, making them the second company globally to achieve this milestone with a vectored thrust eVTOL. Over 30 piloted test flights were conducted, gathering 5 million data points. The company is now preparing for piloted wingborne flight.

Financial highlights show FY 2024 net cash used in operating activities of $58 million. As of December 2024, cash reserves were $28 million, with post-offering cash totaling $99 million. FY 2025 expected net cash outflows are projected between $110-125 million.

Vertical Aerospace [NYSE: EVTL] has appointed Eamonn Brennan, former Director General of Eurocontrol, as an adviser to its Board. Brennan brings 35 years of aviation experience, having served as Eurocontrol's Director General (2018-2022) and CEO of the Irish Aviation Authority (2003-2017).

The appointment comes at a important time as Vertical advances its VX4 aircraft certification. The company has recently completed piloted thrustborne testing and is working with the CAA to expand its flight envelope ahead of wingborne flight. This development represents a significant step toward full certification and commercial viability.

Vertical has active certification validation projects with five regulators, including the FAA, EASA, CAA, ANAC, and JCAB. The appointment follows the company's recent $90m underwritten public offering and launch of its Flightpath 2030 strategy.

Vertical Aerospace [NYSE: EVTL] has successfully completed Phase 2 of piloted thrustborne testing for its full-scale VX4 prototype, with the aircraft exceeding stability and performance expectations. During this phase, the VX4 completed over thirty piloted test flights, demonstrating hover capabilities, low-speed flight maneuvers, and handling procedures.

The testing provided hundreds of data points on aircraft systems, thrust levels, lift efficiency, and control responsiveness, with no system failures reported. The company is now preparing for the next important phase - wingborne flight testing - which will require UK Civil Aviation Authority approval to expand its Permit to Fly.

This progress comes alongside other recent developments, including the appointment of Dómhnal Slattery as Chair and the completion of an upsized $90 million underwritten public offering. The company is also developing an identical full-scale prototype to accelerate the flight test program.

Vertical Aerospace (NYSE: EVTL) has successfully closed its upsized public offering, raising $90 million in gross proceeds, exceeding the initial target of $75 million. The offering included over $60 million from new investors and $25 million from Mudrick Capital, following a December 2024 Investment Agreement that also converted $130 million of debt into equity.

The company sold 15 million units at $6.00 per unit, each comprising one ordinary share and two half-warrants. If exercised, the warrants could generate additional proceeds of approximately $101 million. The funds will support VX4 development, testing, and certification expenses, targeting certification in 2028.

In January 2025, Vertical became the second company globally to achieve piloted thrustborne flight maneuvers with a full-scale vectored thrust eVTOL aircraft. The company's total outstanding shares post-offering are 84,552,721, with cash and equivalents of £22.5 million ($28 million) as of December 31, 2024.

Vertical Aerospace (NYSE: EVTL) has announced the pricing of its upsized underwritten public offering of $90 million of units at $6.00 per unit. Each unit includes one ordinary share and two warrant components: one-half Tranche A warrant and one-half Tranche B warrant.

The Tranche A warrants, exercisable at $6.00 per share, will expire either 30 days after successful VX4 wing-borne flight demonstration and meeting specific price conditions, or after five years. Tranche B warrants, exercisable at $7.50 per share, have a five-year expiration.

The offering, expected to close around January 24, 2025, will be led by William Blair as lead bookrunner and Canaccord Genuity as joint bookrunner. Proceeds will fund VX4 development, testing and certification expansion, and general corporate purposes.

Vertical Aerospace (NYSE: EVTL) has announced the launch of a $75 million underwritten public offering of units. Each unit will consist of one ordinary share and two warrant components: one-half of a Tranche A warrant and one-half of a Tranche B warrant. The units' components will be issued separately, with ordinary shares trading on NYSE under 'EVTL', while the warrants will not be listed on any exchange.

William Blair will serve as lead bookrunner, with Canaccord Genuity as joint bookrunner. The company plans to use the proceeds to fund research and development of the VX4, expand testing and certification capabilities, and support general working capital needs. The offering will be made through a preliminary prospectus supplement to the company's Form F-3 registration statement.

Vertical Aerospace [NYSE: EVTL] has appointed aviation industry veteran Dómhnal Slattery as Chairman of its Board of Directors, effective immediately. Slattery, who previously served as Chairman from January 2022 to August 2023, brings over three decades of aviation expertise, including founding Avolon and SMBC Aviation, now ranked as the second and third largest aircraft leasing companies globally.

The appointment follows significant company progress, including a recent $180 million balance sheet strengthening with $50 million in new committed funding. Vertical has also achieved piloted thrustborne flight with a full-scale vectored thrust eVTOL aircraft, becoming the second company worldwide to reach this milestone. Stephen Welch, the outgoing Chairman, will remain on the Board as a non-executive director.

Vertical Aerospace (NYSE: EVTL) has achieved a significant milestone by completing its first piloted thrustborne flight manoeuvres, becoming only the second company worldwide to accomplish this with a full-scale vectored thrust eVTOL aircraft. The achievement follows approval from the UK Civil Aviation Authority (CAA) to expand its Permit to Fly.

The latest flight, conducted by Chief Test Pilot Simon Davies, included roll, yaw and spot turn manoeuvres. The company is progressing through its testing phases, with thrustborne flights designed to assess aircraft stability, battery efficiency, control characteristics, and performance across different speeds.

To strengthen its flight test program, Vertical has appointed Tim Eldridge as test pilot, bringing over two decades of Royal Navy flight test experience. The company is now preparing for Phase 3 wingborne flight tests, which will serve as a mini-certification of the prototype, following the completion of Phase 1 (tethered) and ongoing Phase 2 (thrustborne) testing.

Vertical Aerospace (NYSE: EVTL) has finalized a significant investment agreement with Mudrick Capital Management, securing up to $50 million in new funding. The deal includes $25 million in upfront funding and an additional $25 million backstop. As part of the transaction, Mudrick Capital has converted $130 million of debt into equity at $2.75 per share, with the remaining $130 million set for conversion at $3.50 per share.

The agreement strengthens Vertical's balance sheet by approximately $180 million and extends loan repayment to December 2028. Shareholders have approved new governance arrangements, including establishing a majority of independent directors and increasing the company's authorized share capital from $110,000 to $210,000.