(Bloomberg) -- Vertical Aerospace Ltd outlined a longterm plan to ramp up deliveries and achieve profitability by the end of the decade, even as it looks to secure funding into next year.
Bristol-based Vertical expects to deliver at least 150 VX4 aircraft to its customers by 2030 and achieve annual production exceeding 200 aircraft by that year, it said in a statement on Tuesday. The company also expects to break even by the end of the decade and achieve more than 40% gross margins in the following years.
The startup has struggled to find funding to continue the testing and development of the VX4 after founder Stephen Fitzpatrick missed a previously agreed deadline to inject $25 million he was due to put in by August. Vertical has since said it is pursuing “potential third party investment” to secure funding into 2025.
Bloomberg News reported in September that without additional funding, Vertical would risk running out of cash by March 2025. The company had $57.4 million in cash at the end of September, down from $84 million at the end of June. Cash burn is expected to increase as the aircraft nears certification and production.
The electrically powered VX4 aims to fly four passengers and a pilot distances of up to 100 miles. Vertical, which went public via the SPAC route in 2021, has lost 95% of its market value since listing.
The company also said it’s begun untethered hover tests with a piloted prototype, an important milestone to achieve certification.
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