Bullish indicating open at $55-$60, IPO prices at $37
LONDON & NEW YORK - Vertical Aerospace [NYSE: EVTL], an innovator in electric aviation, has announced the appointment of seasoned test pilot Paul Stone to its team. Stone, with over 28 years of flight test experience, notably as the Chief Test Pilot for Volocopter, brings a wealth of expertise to Vertical, particularly in experimental and developmental flight testing.
The hiring of Stone places Vertical among a select group of eVTOL (electric Vertical Take-Off and Landing) companies with multiple test pilots experienced in full-scale, piloted eVTOL aircraft. This move comes as Vertical intensifies its piloted flight test program and begins the assembly of its third full-scale VX4 prototype, aiming to bolster its flight test capabilities. The company’s stock has faced significant headwinds, with a year-to-date decline of over 71%. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with 13 additional exclusive insights available to subscribers.
Stone’s career includes a 20-year tenure with the Royal Navy and significant roles in the private defence sector, including positions at BAE Systems. His experience spans over 4,800 flight hours and more than 200 aircraft types. His expertise in Short/Vertical Take-Off and Landing (SVTOL/VTOL) aircraft and digital flight control systems is expected to contribute meaningfully to Vertical’s flight test program.
Vertical’s CEO, Stuart Simpson, emphasized the significance of Stone’s appointment, noting the company’s progress in piloted eVTOL testing and expressing anticipation for Stone’s contributions to their VX4 prototype tests. Despite operational challenges, the company maintains a healthy current ratio of 2.56, indicating adequate liquidity to meet short-term obligations.
Recently, Vertical completed piloted thrustborne testing for the VX4 and is collaborating with the UK Civil Aviation Authority (CAA) to further expand its flight envelope. The company is working towards achieving wingborne flight with the VX4, which it believes would be a world-first for this type of aircraft.
Vertical Aerospace’s VX4 is a piloted, four-passenger eVTOL aircraft with zero operating emissions. The company has approximately 1,500 pre-orders for the VX4 from customers worldwide, including American Airlines and Japan Airlines. Vertical’s leadership team boasts experience from top-tier automotive and aerospace companies, underlining its commitment to pioneering electric aviation. For detailed analysis of Vertical Aerospace’s financial health and growth prospects, investors can access comprehensive research reports and exclusive metrics through InvestingPro, which covers over 1,400 US equities with in-depth Pro Research Reports.
The company’s recent FY24 earnings announcement highlighted the commencement of assembly for the third VX4 prototype at GKN Aerospace’s Global Technology Centre, marking another step forward in its development timeline.
This news is based on a press release statement from Vertical Aerospace.
In other recent news, Vertical Aerospace Ltd shared its financial and strategic plans during the Q4 2024 earnings call, highlighting a net cash usage of approximately $100 million for the year, with projections of $110-$125 million for 2025. The company has secured $90 million from current investors and an additional $60 million from new investors, ensuring funding through 2025. Vertical Aerospace is advancing its VX4 eVTOL aircraft development, with certification targeted for 2028, and plans to open its order book in 2025. The company aims to diversify its revenue streams by exploring military and defense applications, alongside a potential battery-as-a-service model. Furthermore, the restructuring of convertible loan notes resulted in a non-cash financing cost of £688 million. Analyst firms such as Raymond James and Canaccord Genuity have engaged in discussions regarding the company’s financial strategies and market positioning. Vertical Aerospace’s strategic initiatives and funding efforts underline its commitment to innovation and market expansion in the eVTOL industry.
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