Vertical Aerospace has confirmed that it expects to need at least an additional 12 months to achieve type certifications for its VX-4 eVTOL aircraft. In a letter to shareholders marking the end of the first quarter of 2023, the UK-based public company said that a review of the program timeline has resulted in a decision by the management team to target certification by the end of 2026. Vertical had previously indicated the four-passenger vehicle could be approved in 2025.
Insofar as the company has explained the reasons for the delay, it has mainly been in terms of technical issues relating to the certification process. However, reporting on its first-quarter balance sheet, the company said that as of March 31, it had cash reserves totaling £104 million ($131 million), which is markedly less than several other front runners in the race, to bring an eVTOL aircraft to market. The operating loss for the first quarter was £23 million.
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