Vertical Aerospace has published its first annual report and shareholder letter since the eVTOL aircraft developer became a public company in December 2021 through a business combination with Broadstone Acquisition and the resulting New York Stock Exchange flotation. Generally speaking, the balance sheet presented for 2021 seems pretty consistent with what might be expected from an ambitious, well-funded start-up still three years away from a sustained revenue flow, with its four-passenger VX4 vehicle planned to enter commercial service in 2025.
Predictably, in the face of rising research and development costs of £24.3 million ($30.4 million) and expenses associated with ramping up the business, UK-based Vertical sustained a net loss of just over £245 million last year. Cash flow was bolstered by the proceeds from the business combination and the public investment in private equity backed by several leading investors, including Honeywell, Rolls-Royce, and Microsoft. As of December 31, the company had £212.7 million in cash, having started 2021 with just £839,000.
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