Vertical Aerospace’s third VX4 eVTOL prototype is now being assembled at GKN Aerospace’s Global Technology Centre in the UK. This aircraft is expected to join the second prototype in piloted flight testing later this year as part of the Flightpath 2030 strategy it hopes will lead to type certification for the four-passenger model in 2028.

Announcing its 2024 financial results on March 11, Vertical’s CEO, Stuart Simpson, said the second prototype, which started flying in July 2024, is exceeding performance expectations in thrustborne flights. The company is stepping up work to bring the VX4 to market after lining up additional funding to sustain the program.

The $90 million capital injection agreed by shareholders in late January included $60 million from new investors and $25 million from existing backer Mudrick Capital. Vertical reported net cash expenditure last year of $58 million, which included a $34 million cash settlement from Rolls-Royce as a result of its withdrawal as supplier of the VX4’s electric propulsion system. Vertical has not said who is now supplying electric motors for the aircraft's eight sets of propellers, four of which tilt.

GKN Aerospace is one of Vertical's main program partners, and is responsible for building wings and integrating wiring. Other key partners include Honeywell, which is providing fly-by-wire flight controls, the aerostructures division of Leonardo and battery specialist Molicel.

As of December 31, cash and cash equivalents stood at around $28 million, not including the latest capital injection and the conversion of $130 million of debt into equity. The company said it expects net cash outflow for the program to be between $110 million and $125 million in 2025. It acknowledged that it will need to raise further funding to support efforts during 2026 and 2027 to bring the VX4 to market.

Subject to a further extension of its permit to fly from the UK Civil Aviation Authority, Vertical is aiming to progress to wingborne flight with the VX4 prototypes. In over 30 flights conducted so far, it has focused on hover and low-speed maneuvers, including roll, yaw, and spot-turns.