Advancing Flightpath 2030 with Strong Momentum

Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering electric aviation, today, released its 2024 Annual Report, including its FY24 full year financial results, as it continues to make strong progress on its Flightpath 2030 strategy. Vertical’s Annual Report is accessible on the Company’s investor relations website and on the SEC’s website at www.sec.gov.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250311778669/en/

Vertical’s full-scale VX4 prototype completes piloted Thurstborne manoeuvres at its Flight Test Centre. (Photo: Business Wire)

Vertical will host a webcast at 08:30 ET (12:30 GMT) today to discuss the 2024 Annual Report. The call will be hosted by Stuart Simpson, Vertical’s CEO and he will be joined by Simon Davies, Vertical’s Chief Test Pilot.

To access the webcast, visit Vertical’s Investor Relations website.

Commenting ahead of the earnings call, Stuart Simpson, CEO of Vertical Aerospace, said:

“2024 was a year of major progress for Vertical, launching our Flightpath 2030 strategy, advancing piloted flight testing, and strengthening our financial position. With our latest prototype surpassing performance expectations and key regulatory milestones bringing us closer to certification, we are reinforcing our position as Europe’s leading eVTOL company.”

“We will deliver the safest and most versatile aircraft in this space. At the core to achieving this is our collaboration with world-class aerospace partners and flying a full-scale prototype with a pilot on board. The momentum is building, and we’re all hugely excited for the year ahead.”

The Annual Report outlines Vertical’s progress in 2024 and recent updates, including:

Business Strategy & Funding:

• Flightpath 2030 launched - a clear strategy for achieving certification, production, and financial milestones to secure market leadership by 2030.
• Balance sheet restructured - $130M of debt converted to equity through an investment agreement with Mudrick Capital, with a fixed conversion rate for the remainder.
• $90 million upsized raise complete - including over $60 million from new investors and $25 million from Mudrick Capital.
• Leadership strengthened - Dómhnal Slattery re-appointed as Chair and Eamonn Brennan, former Director General of Eurocontrol, appointed Board Adviser to enhance regulatory expertise.

Full-scale prototype development: