Financial Data and Key Metrics Changes - Net cash used in operating activities for Q1 2025 was approximately $30 million, with guidance for the year unchanged at approximately $110 to $125 million [42][48] - The company closed the quarter with approximately $90 million in cash and cash equivalents [43] Business Line Data and Key Metrics Changes - The hybrid aircraft program represents a significant market opportunity, with a range of over 1,000 miles, targeting defense and commercial operations [6][22] - The battery systems are expected to generate a 50/50 revenue split between aircraft and battery sales by the 2030s, with a gross margin of over 40% for batteries [23][80] Market Data and Key Metrics Changes - The company is positioned to serve the full global market by certifying to the highest aviation standards, with ongoing discussions for certification in the US, Middle East, and Asia [87][88] - The hybrid aircraft's capabilities are expected to open up new opportunities in regional air mobility, with a payload capability of over 1,100 kilograms [70] Company Strategy and Development Direction - The company launched its Flight Path 2030 business strategy, aiming to lead the eVTOL sector by the end of the decade with a clear roadmap and certification timetable [7][8] - Partnerships with Honeywell for flight controls and aircraft management systems are expected to enhance production efficiency and safety [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving certification goals by 2028, with significant progress in flight testing and regulatory approvals [41][44] - The company emphasized the importance of safety and compliance with rigorous certification standards, which are seen as critical to market acceptance [86][99] Other Important Information - The company announced the addition of three new directors to strengthen governance and strategic leadership [21] - The hybrid powertrain will be integrated into the existing airframe, with flight testing planned for Q2 2026 [60] Q&A Session Summary Question: Impact on cash spend and cash burn due to hybrid announcement - Management indicated that the development of the hybrid powertrain was already included in previous cash spend projections, with no change to guidance for the year [47][48] Question: Certification requirements for hybrid VTOL - The hybrid product will be certified as a separate aircraft, likely around the same time as the electric VX4, with a full-scale piloted hybrid aircraft expected to fly in Q2 next year [52][53] Question: Integration of hybrid powertrain into existing airframes - The hybrid powertrain will be integrated into an existing airframe currently under construction, with initial flights as an all-electric aircraft [59][60] Question: Expectations for wing-borne testing - Wing-borne testing is expected to begin in Q2 2025, marking a significant milestone for the company [68] Question: Commercial opportunities with hybrid propulsion - The hybrid aircraft is expected to expand capabilities into regional air mobility, with potential interest from airlines for short regional flights [70] Question: Battery business model and revenue generation timeline - The battery business is expected to follow a razor-razor blade model, with significant revenue from battery sales anticipated within a few years after launch [80][81]

Financial Data and Key Metrics Changes - Net cash used in operating activities for Q1 2025 was approximately $30 million, with guidance for the year unchanged at approximately $110 million to $125 million [43][50] - The company closed the quarter with approximately $90 million in cash and cash equivalents [44] Business Line Data and Key Metrics Changes - The hybrid aircraft program was announced, which has a range of over a thousand miles and opens up additional market opportunities in defense and commercial operations [6][22] - The battery systems are expected to generate a 50/50 revenue split with aircraft sales by the 2030s, with a gross margin of over 40% for batteries [23][80] Market Data and Key Metrics Changes - The company is positioned to serve the full global market by certifying to the highest aviation standards, with ongoing discussions for potential customers in various sectors [7][89] - The hybrid powertrain will allow for expansion into regional air mobility, with capabilities for airlines to use the aircraft for short regional flights [70] Company Strategy and Development Direction - The company launched its Flight Path 2030 business strategy, aiming to lead the eVTOL sector by the end of the decade with a clear roadmap and certification timetable [7][8] - Partnerships with Honeywell have been formalized to enhance flight controls and aircraft management systems, valued at approximately $1 billion over the next ten years [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving certification goals by 2028 and highlighted the importance of safety in their aircraft design [85][99] - The company is excited about the upcoming piloted wing-borne flight tests, which are expected to begin in Q2 2025, marking a significant milestone [68][107] Other Important Information - The company has appointed three new directors to strengthen governance and strategic leadership [21] - The hybrid aircraft will be integrated into existing airframes, with testing planned for Q2 2026 [60][61] Q&A Session Summary Question: What is the impact on cash spend and cash burn going forward given the hybrid announcement? - Management stated that the development of the hybrid powertrain was already included in previous cash spend guidance, with no changes to the projected cash spend for the year [49][50] Question: Is the hybrid product a supplemental type certification or a new certification with EASA? - The hybrid product will be certified as a separate aircraft, likely around the same time as the electric VX4, with a full-scale piloted hybrid aircraft expected to fly in Q2 next year [52][53] Question: Will the hybrid powertrain be integrated into existing airframes for testing? - The hybrid will be integrated into an existing airframe that is currently under construction, with plans to retrofit the hybrid powertrain after initial all-electric flights [60][61] Question: How does the introduction of a hybrid electric propulsion system expand capabilities? - The hybrid aircraft will have a range of over a thousand miles and a payload capability of over 1,100 kilograms, allowing for expanded opportunities in defense and regional air mobility [70][71] Question: What is the business model for the battery systems? - The battery business is expected to follow a razor-razor blade model, with significant margins and recurring revenue from battery sales alongside airframe sales [80][81]

Financial Performance & Outlook - Vertical Aerospace reported cash and cash equivalents of £69 million (approximately $90 million) as of March 31, 2025, following a January 2025 raise of £74 million (approximately $90 million) in gross proceeds, compared to £23 million (approximately $28 million) in FY 2024 [65] - The company experienced a non-cash P&L finance credit of £396 million due to convertible loan notes revaluation, with the valuation decreasing from £524 million at a share price of $12.58 on December 31, 2024, to £122 million at a share price of $3.36 on March 31, 2025 [66] - Vertical Aerospace is fully funded through 2025, demonstrating industry-leading capital efficiency [65] Operational Milestones & Progress - Vertical Aerospace is progressing with its 2025 piloted prototype flight test campaign, serving as a mini-certification process [20] - The company has defined operational milestones for 2025 and beyond, including flying full-scale piloted transition and wingborne flights, building and flying a third full-scale VX4 prototype, and initiating long-range parts purchasing [22, 23, 24] - Vertical Aerospace aims to achieve a manufacturing run-rate of over 200 units per annum, moving towards a 40% gross margin as production scales, and targeting zero accidents [16] Strategic Partnerships & Technology - Vertical Aerospace and Honeywell expanded their partnership, with a projected contract value of $1 billion over the next decade [30] - Honeywell's Anthem Integrated Flight Deck will be integrated into the VX4, promoting safer and more connected operations [30] - Vertical Aerospace is developing proprietary battery technology with a dedicated Vertical Energy Center spanning 15,000 sq ft and employing approximately 50 aviation battery engineers [50] Future Opportunities - Vertical Aerospace is exploring hybrid propulsion platforms for defense applications, potentially enabling a range of 1,000+ miles with a 500kg to 1,100kg payload [48] - The company anticipates a long-term revenue mix of approximately 50/50 between aircraft and battery sales [49]

Group 1 - The core viewpoint is that Vertical Aerospace Ltd. (EVTL) is positioned as a leading player in the competitive eVTOL aircraft market, with a Buy rating and a price forecast of $15 by D. Boral Capital analyst Jesse Sobelson [1] - EVTL has secured strategic investments and provided an updated long-term roadmap, which enhances its financial stability compared to some European competitors [2] - The company's proactive collaboration with regulators and advanced certification process positions it well to achieve key milestones in its Flightpath 2030 strategy [2] Group 2 - EVTL's strategic partnerships with major companies like Honeywell, Leonardo, and GKN Aerospace, along with a strong IP portfolio, bolster its market position [3] - The projected total addressable market for the eVTOL sector is estimated at $1 trillion by 2040, indicating significant growth potential for EVTL [3] - The analyst estimates earnings per share (EPS) of £(1.24) for 2025 and £(1.07) for 2026, reflecting the company's financial outlook [3] Group 3 - EVTL shares experienced a slight increase of 0.71%, trading at $3.656 [4]

Financial Data and Key Metrics Changes - The net cash used in operating activities for the year was approximately $100 million, with an expected increase to between $110 million and $125 million in 2025 [42][43] - A significant non-cash financing cost of £688 million was reported due to the restructuring of convertible loan notes, which is highly volatile and driven by stock price calculations [42][43] Business Line Data and Key Metrics Changes - The company is focused on developing a best-in-class aircraft with a target for certification in 2028, emphasizing safety and capacity for both passengers and luggage [14][43] - The business model includes battery as a service, which is expected to provide high margins and predictable long-term revenue [20][43] Market Data and Key Metrics Changes - The company has a diverse customer base with a third of orders from The Americas, a third from Europe, and a third from Asia, reducing regional concentration risk [108] - The collaboration with the CAA and EASA is expected to streamline the certification process, allowing for concurrent sales in multiple markets [50][112] Company Strategy and Development Direction - The company has relaunched its strategy, Flight Path 02/1930, aiming to lead the sector by the end of the decade with clear operational goals [6][23] - The focus is on maintaining capital efficiency while ramping up spending towards certification, with a commitment to spend significantly less than competitors [22][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the certification timeline due to clear and transparent regulations, which are expected to result in a safer product than competitors [48][49] - The company anticipates a gradual ramp-up in spending as it approaches certification, with a focus on derisking the timeline [70][72] Other Important Information - The company has secured funding through 2025, including £220 million from refinancing activities and $90 million from existing investors [23][24] - A new majority owner, Mudrick Capital, has been established, bringing additional industry experience to the company [24] Q&A Session Summary Question: What is the path to certification and confidence in timelines? - The company is working under SCVTOL regulations with a clear plan, aiming for certification in 2028, which is supported by a collaboration agreement with EASA [47][50] Question: What are the funding needs to get to certification? - The company is fully funded for 2025 and expects to be the most efficient in terms of spending towards certification [51][52] Question: Can you discuss the timing of spending increases? - Spending is expected to ramp up to between $110 million and $125 million, with a focus on derisking the certification timeline [56][57] Question: How does the company address concerns about downwash and outwash? - The company acknowledges industry concerns but is not overly worried, citing real-world experience with their full-scale aircraft [60][62] Question: What is the geographic concentration of the order book? - The order book is evenly distributed across The Americas, Europe, and Asia, reducing regional risk [108] Question: Will the company sell to high net worth individuals post-certification? - Yes, the company plans to sell to high net worth individuals once certification is achieved, with no additional regulatory hurdles [81][103]

Exhibit 99.1 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, ...

Financial Performance and Capital Needs - The company has incurred net losses since inception and has not generated any revenue from the design, development, manufacturing, engineering, and sale or distribution of electric aircraft[117] - The company expects net cash outflows from operating activities to be approximately £100 million over the next 12 months, after accounting for expected R&D tax receipts and grants of approximately £20 million[118] - The company completed a public offering for aggregate gross proceeds of $90 million, which is expected to support operational targets for 2025[108] - The company completed a public offering for aggregate gross proceeds of $90 million, indicating a need for additional capital to continue operations and execute its business plan[121] - The company anticipates significant capital expenditures as it expands its business, with future capital needs likely requiring additional equity or debt securities[108] - A failure to raise additional capital in a timely manner could impair the company's ability to retain key staff and execute its business strategy[169] - The company issued $200 million principal amount of Convertible Senior Secured Notes, which may impact financial results and shareholder dilution[196] - The interest rate for the Convertible Senior Secured Notes was increased to 10.00% for cash interest and 12.00% for PIK interest, with a maturity date extended to December 15, 2028[198] - Following a partial conversion, approximately $130 million in principal amount of the Convertible Senior Secured Notes was converted into 47,343,585 ordinary shares[198] Cash and Liquidity - As of December 31, 2024, the company had £22.5 million in cash and cash equivalents on hand[117] - The company faces material uncertainty regarding its ability to continue as a going concern due to limited cash, recurring losses, and dependency on raising additional capital[117] - There is significant doubt about the company's ability to continue as a going concern, which may adversely affect the price per share and limit financing opportunities[122] Business Operations and Regulatory Challenges - The company has a limited operating history and has not yet manufactured any non-prototype aircraft or sold any eVTOL aircraft to customers[99] - The company faces challenges in obtaining necessary regulatory approvals for aircraft certification, which could delay sales and impact customer relationships[129] - The company must overcome significant barriers to mass production of aircraft, including capital requirements and regulatory challenges[126] - The company anticipates that regulatory approvals for its aircraft may be delayed, which could adversely affect customer relationships and reputation[245] - The company may face challenges in obtaining necessary regulatory approvals for customers to operate its aircraft, affecting demand[246] Market and Competitive Landscape - The market for eVTOL aircraft is still in early stages, and the company's success depends on public perception and adoption of advanced air mobility[143] - The company anticipates that demand for its aircraft may be impacted by public perception and safety issues related to eVTOL aircraft[151] - The company may face stronger market resistance during international expansion due to established competitors and regulatory conditions[191] Supply Chain and Production Risks - The company relies on suppliers for parts and components, and any disruptions or delays could adversely affect its business and operations[144] - Any disruptions in the supply chain could lead to significant delays in aircraft production, adversely affecting the company's financial condition and operating results[147] - The company is in advanced negotiations with potential replacement suppliers following Rolls-Royce's decision to exit the advanced air mobility market, but there is no guarantee of favorable terms[148] Human Resources and Talent Acquisition - The company plans to expand operations significantly, including hiring new staff and expanding the management team, to support commercial production[163] - Competition for skilled personnel in the eVTOL industry is intense, which may hinder the company's ability to attract and retain qualified staff[168] - The company plans to continue hiring additional staff with technical expertise, including battery and electrical engineers, to support the development of eVTOL aircraft[165] - There is a shortage of qualified pilots and mechanics, which could reduce the company's ability to sell aircraft at scale[181] Environmental and Regulatory Compliance - The company is exposed to risks associated with climate change, which could incur significant costs to improve climate resiliency of aircraft[189] - Increased public focus on environmental sustainability may lead to higher costs and pressure to meet sustainability goals, potentially impacting financial results[237] - The company is subject to stringent export and import control laws, which could materially affect operations if compliance is not maintained[252] Cybersecurity and Data Protection - The company may face significant costs related to cybersecurity threats, which could adversely affect its operations and financial results[215] - The company does not maintain insurance policies covering losses related to cybersecurity incidents, increasing potential risks from such events[217] - The company relies on standard contractual clauses for transferring personal data outside the EEA and U.K., amid ongoing legal complexities regarding international data transfers[262] - The company anticipates increased scrutiny from regulators regarding international data transfers, which may lead to additional costs and operational changes[262] Financial Reporting and Compliance Risks - The Company has identified material weaknesses in its internal control over financial reporting, which may affect the accuracy of financial results[288] - The Company anticipates significant costs associated with compliance as a public company, which are expected to increase after it is no longer classified as an "emerging growth company"[287] - The Company may not be able to remediate identified material weaknesses in internal controls, which could lead to future reporting issues[290] - Any failure in accurate and timely reporting could lead to material misstatements in financial statements[291] Legal and Regulatory Risks - The company received a warning letter from the U.S. Commerce Department's Office of Export Enforcement regarding a violation of the Export Control Reform Act of 2018, but no criminal or administrative prosecution was pursued[253] - Fines for breaches of the GDPR or U.K. GDPR can reach up to €20 million or 4% of total global annual turnover, whichever is greater[263] - The company is subject to various anti-corruption and trade sanctions laws, which could result in significant penalties and reputational harm if violated[256] - Legal proceedings and claims could increase costs and divert management's attention, potentially harming the company's reputation and financial condition[233] Shareholder and Market Considerations - The trading price of the company's ordinary shares and warrants may be volatile, influenced by various factors including financial performance and market conditions[266] - The company is at risk of not sustaining an active trading market for its ordinary shares and warrants, which could adversely affect liquidity[270] - The Company does not intend to pay dividends for the foreseeable future, relying on share price appreciation for returns on investment[275] - The Company expects to issue additional share capital in the future, which will result in dilution for existing shareholders[273]

Company Overview - Proactive is a financial news and online broadcast provider delivering fast, accessible, and actionable business and finance news to a global investment audience [1] - The company operates in key finance and investing hubs worldwide, including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [2] Industry Coverage - The company provides news and unique insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive has reported on energy companies during global crises, aviation and airlines recovering from the pandemic, and economic, social, and governance issues [1] Technology and Content Production - Proactive is a forward-looking technology adopter, equipping its human content creators with decades of expertise and experience [4] - The company occasionally uses automation and software tools, including generative AI, but all content is edited and authored by humans in line with best practices for content production and SEO [5]

Share Capital and Structure - The authorized share capital of Vertical Aerospace Ltd. is US$110,000, divided into 100,000,000 ordinary shares and 10,000,000 preferred shares, each with a par value of US$0.001[6]. - The company has the power to register as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands[6]. - The liability of each member is limited to the amount unpaid on their shares[6]. - The company may issue rights, options, warrants, or convertible securities as determined by the Directors[19]. - Ordinary shares are entitled to dividends and one vote per share at general meetings[4]. - Preferred shares may be issued in one or more series with specific voting powers and rights as determined by the Directors[5]. - The Company has established a dividend rate for its Preferred Shares, with specific payment dates and cumulative dividend provisions[8]. - Preferred Shares may be convertible or exchangeable into other classes of Shares, with defined conversion prices and adjustments[8]. - In the event of winding up, the Company will distribute assets among holders of Preferred Shares rateably based on their preferential amounts[8]. - The Company may redeem or purchase its own Shares, including Treasury Shares, without further Member approval[10]. - The company may increase its share capital by an amount determined by an Ordinary Resolution[18.1]. - The company can consolidate and divide its share capital into larger shares, with Directors having discretion over any resulting fractions[18.2(a)]. - The company may subdivide existing shares into smaller amounts while maintaining the same proportion of paid and unpaid amounts[18.2(b)]. - The company can cancel any shares that have not been taken or agreed to be taken, thereby reducing its share capital[18.4(d)]. Meetings and Voting - The company must hold an annual general meeting each fiscal year, specifying the meeting in the notices[20.2]. - Extraordinary general meetings can be called by a majority of Directors or by Members holding over 10% of the Ordinary Shares[20.3]. - A requisition for an extraordinary general meeting must state the general nature of the business to be dealt with[20.3(a)]. - The Board can refuse to call an extraordinary general meeting if the proposed resolution is contrary to Applicable Law[20.4]. - A person may participate in a general meeting via conference telephone or other communication equipment[20.6]. - Business must be properly brought before a general meeting according to specified procedures outlined in the Articles[21.1]. - No business shall be conducted at the annual general meeting that is not properly brought before the meeting[52]. - The presiding officer has the authority to determine if business was not properly brought before the meeting[52]. - No business shall be transacted at any general meeting unless a quorum of Members holding a simple majority of voting share capital is present[62]. - Members may participate in a general meeting via conference telephone or other communication equipment, treated as presence in person[62]. - The chairman of the Board presides over every general meeting, and if absent, the Directors present shall elect a chairman[64]. - A resolution put to the vote at a general meeting shall be decided on a poll, with results deemed the resolution of the meeting[64]. - Every Member present in person or by proxy has one vote for each share registered in their name[66]. - Shares beneficially owned by the Company shall not be voted at any meeting and shall not count towards the total number of outstanding shares[68]. - A proxy may be appointed in writing and must be received not less than 48 hours before the meeting[66]. Board of Directors - The Board shall consist of up to seven Directors, including the required number of independent directors as per listing rules[68]. - Directors may receive remuneration and be reimbursed for reasonable expenses incurred while performing their duties[31]. - The business of the Company shall be managed by the Board, which may delegate powers to committees[32]. - The Audit Committee must comprise only Independent Directors, ensuring compliance with regulatory requirements[32]. - Directors may establish advisory committees and appoint members, with the ability to delegate powers as deemed fit[32]. - A Director's office may be vacated under specific conditions, including bankruptcy or absence from meetings[33]. - Directors may meet at designated locations, with meetings requiring a 24-hour notice unless waived[34]. - Directors must declare any interest in contracts with the Company at meetings, and a general notice suffices for future contracts[34]. - The Directors may participate in meetings via telephone or similar communication equipment, which is deemed as presence in person[34]. - A majority of the authorized number of Directors constitutes a quorum for meetings, with a sole Director requiring only one for quorum[34]. Nominations and Elections - Members must own more than 10.0% of the Ordinary Shares to nominate a candidate for election to the Board[51]. - Nominations must be submitted in writing and in proper form to the Secretary of the Company, including required information and agreements[52]. - A Member's notification for nominations must be updated to ensure accuracy as of the record date for Members entitled to vote[53]. - Candidates for election as directors must complete a written questionnaire regarding their background, qualifications, and share ownership[56]. - The Board may require additional information from proposed candidates to determine their eligibility as independent directors[56]. - The Company must comply with all applicable requirements of the Exchange Act regarding nominations[53]. - The Company must send out notice for an extraordinary general meeting within seven days of receiving a valid requisition from Members[57]. - A candidate for nomination as a director must update and supplement their materials to ensure accuracy as of the record date[57]. - SF may propose up to four individuals to sit on the Board if it owns greater than 50% of the Company's Ordinary Shares[30]. - SF has the right to propose individuals to fill vacancies resulting from the removal of Appointed Directors[30]. - The Nominating and Corporate Governance Committee must recommend candidates proposed by SF for election[30]. - Directors may adopt and amend corporate governance policies as determined by resolution[30]. Financial Management and Reporting - Dividends may be declared and paid from profits or the share premium account, with unclaimed dividends reverting to the Company after six years[36]. - The Company may set aside funds as reserves before declaring dividends, which can be used for contingencies or equalizing dividends[36]. - The books of account must be kept in a manner determined by the Directors and are open for inspection by Directors[37]. - Auditors have the right to access the Company's books and accounts at all times and must report on the accounts at the next annual general meeting[38]. - The Company must maintain a register of Directors and Officers, including their names and addresses, and notify the Registrar of any changes[41]. - The Company may capitalize any sum from its reserve accounts or profit and loss account for distribution among Members[94]. - The financial year of the Company ends on December 31 each year unless otherwise prescribed by the Directors[102]. Corporate Governance and Indemnification - The Company may indemnify directors and officers against liabilities incurred in their capacity as such, to the fullest extent permitted by law[45]. - The Company has the power to release or disclose information regarding its affairs to Members, including information in the Register of Members[44]. - Notices to Members can be served via email, post, or electronic means, provided prior consent is obtained[43]. - The Directors may authorize any person to enter into agreements on behalf of Members for capitalizations and related matters[94]. - The Company renounces any interest in corporate opportunities for Directors not employed by the Company or its subsidiaries[112]. - Directors not employed by the Company have no duty to communicate corporate opportunities to the Company[112]. - Corporate opportunities are not deemed to belong to the Company if it is financially or legally unable to undertake them[112]. - The Company waives any claims related to activities concerning renounced corporate opportunities[112]. - The provisions regarding corporate opportunities apply to both past and future activities[112]. Mergers and Changes - The Company can merge or consolidate with other companies upon approval of a Special Resolution[109]. - Any changes to the Company's name or alterations to the Articles require a Special Resolution[110].

LONDON & NEW YORK--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering zero-emissions aviation, announces today that it has released its full year 2023 Annual Report, including its financial results, alongside its latest Shareholder Letter. Vertical’s Annual Report is accessible on the Company’s investor relations website and on the SEC’s website at www.sec.gov while the Shareholder Letter can be accessed here. Commenting on the Annual ...