Air taxi firm Vertical Aerospace posts loss as company builds latest prototype
UK electric aviation firm Vertical Aerospace has posted a half-year loss of £39m, up from last year’s £22m, due to its pre-revenue status.
Costs increased as the company completed building its aerial taxi prototype which, after a series of ground testing, is expected to begin flying this summer.
“I am grateful for the efforts of our amazing team, and for our outstanding partners that have got us to this point as we continue to leverage their deep sector expertise to build, fly and industrialise our aircraft to revolutionise the way we travel,” chief executive Stephen Fitzpatrick commented.
Vertical Aerospace – which debuted on the New York Stock Exchange in December after six months of planning – reported cash and cash equivalent worth £158m.
This will help fund its operating expenses and expenditure requirements over the next year.
Following a surge in demand for aerial taxis, the start-up maintained its forecast for the year, with net cash outflows expected to be between £40m and £50m.
In the second quarter of the year, the company expanded its pre-order book with more than 1,400 requests.
In addition to securing 50 new pre-orders from business aviation operator Flyinggroup, the company was given a commitment from legacy carrier American Airlines to pre-pay for 50 flying taxis.
Under the deal, secured in June of last year, the US airline agreed to pre-order up to 350 aircraft.
“The outlook for electric vertical take-off and landing aircraft (eVTOLs) and Vertical has never looked better, and we look forward to providing our shareholders with more news on our piloted flight,” chief Fitzpatrick added.
Backed by the likes of Rolls-Royce, Virgin Atlantic and American Airlines, Vertical Aerospace made the headlines late last year when it called on the UK Government to deliver electric intercity flights by 2025, City PM reported.