Vertical Aerospace’s Q1

Electric vertical take-off and landing (eVTOL) specialist Vertical Aerospace has reported a net operating loss of £23 mn for the three months ended 31 March 2023, compared to a net operating loss of £18 mn for the same period in 2022.

“We have achieved so much in this first quarter,” said Stephen Fitzpatrick, founder and CEO. “I am so proud of the team as we were granted our design organisation approval from the CAA [Uk Civil Aviation Authority] affirming our home regulator’s confidence in our capabilities. 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.”

The company is reportedly the first listed eVTOL company to receive the approval and now plans to achieve additional certification by the end of 2026.