Vertical CEO Defends Progress As Financial Pressures Mount

Vertical Aerospace CEO Stuart Simpson believes the stock market is overlooking the company's technical progress, even as financial difficulties raise questions about whether it can sustain the long road toward certification of its Valo electric vertical-takeoff-and-landing (eVTOL) air taxi.

In an interview with Aviation Week, Simpson highlighted piloted transition flights at July's Farnborough International Airshow, an approaching critical design review (CDR), and the appointment of former Airbus executive Fabrice Bregier as board chair as evidence of positive momentum.

“Everything we've said we'd do, we've done,” Simpson said. “We hit every milestone, and we've spent less money than we said. We will keep delivering on all our milestones.”

The path forward will not be easy. Vertical warned in an August interim financial filing of material uncertainty over its ability to continue as a going concern.

Without additional capital, the company expects existing liquidity and financing facilities to support operations through the third quarter of 2027, falling well short of a planned 2029 certification target.

The company said in September it has retained Jefferies to explore “strategic alternatives,” including potential partnerships.

On Oct. 2, Vertical also disclosed it had received a warning from the New York Stock Exchange after its shares fell below the $1-per-share minimum average closing price requirement. It has six months to regain compliance.

Since then, the stock has continued to nosedive, sinking below 50 cents for the first time on Oct. 13.

While Vertical has financing commitments, Simpson conceded the company is reluctant to draw heavily on its equity facilities at the currently depressed share price.

“We can realistically access as many as we want because it's there, it's committed," Simpson said. "The issue is more about dilution. Like, do we really want to access at this point?”