Vertical Aerospace Ltd.

Vertical Aerospace provided a H1 2026 business update, highlighting significant operational and financial progress. The company secured approximately $100 million in financing commitments and achieved key flight test milestones, including piloted transition flights and public demonstrations at Farnborough. Despite these advancements and a strengthened cash position of £99 million, the company continues to incur significant operating losses and faces a material uncertainty regarding its ability to continue as a going concern without additional funding.

Vertical Aerospace Ltd. entered into an amended and restated convertible note purchase agreement with Mudrick Capital Management, L.P., securing a commitment for an additional $35 million in 10.00% / 12.00% Convertible Senior Secured PIK Toggle Notes due 2030. A significant amendment fixed the conversion price for all notes at US$1.30 per ordinary share. Concurrently, a shareholder agreement was established, granting Mudrick Capital board nomination rights and increasing the board size to nine directors, reflecting a notable shift in governance and capital structure.

Vertical Aerospace Ltd. announced two capital raises: a registered direct equity offering of approximately $35 million and the issuance of $24 million in Series A Convertible Preferred Shares. The equity offering involved units priced at $1.05, yielding estimated net proceeds of $32.55 million. The preferred shares were issued to Yorkville at $960 per share, with a fixed conversion price of $1.26. The company intends to use the combined net proceeds to fund research and development, expand testing, manufacturing, and certification capacities, and for general working capital.

Vertical Aerospace Ltd. has secured a comprehensive $100 million financing package. This includes $35 million in Convertible Secured Notes from Mudrick Capital, $25 million in Series A Convertible Preferred Shares from Yorkville Advisors Global, and an offering of approximately $35 million in new Ordinary Shares. The financing also entails significant corporate governance changes, granting Mudrick Capital board nomination rights and potential chairman designation, alongside adjustments to employee and management stock option plans.

Vertical Aerospace provided a business update, announcing that Type Certification for its Valo aircraft is now expected in 2029, a delay from the previously targeted 2028 timeline. The company received an expanded Permit to Fly from the UK CAA for public demonstration flights and successfully conducted multiple piloted transition flights. Vertical Aerospace also progressed its hybrid-electric variant, plans to complete Critical Design Review by end of 2026, and has secured approximately 1,500 conditional pre-orders valued at $6 billion.

Vertical Aerospace Ltd. announced a new long-term agreement with Astronics Corporation, effective June 26, 2026. Under this partnership, Astronics will supply its lightweight Modular Conversion and Distribution Unit (MCDU) and Secondary Power Distribution Unit (SPDU) for Vertical's Valo electric vertical take-off and landing (eVTOL) aircraft. This agreement secures the low-voltage power distribution system for Valo, converting high-voltage power for critical aircraft systems and strengthening Vertical's supply chain as it progresses towards certification and commercial production.

Vertical Aerospace announced a long-term partnership with Hyundai WIA, a subsidiary of Hyundai Corporation, to supply the landing gear system for its Valo eVTOL aircraft. Under the agreement, Hyundai WIA will be responsible for the end-to-end design and production of a lightweight landing gear solution, with support from UK-based Stirling Dynamics as a key design partner. This collaboration further strengthens Vertical's supplier ecosystem as the company advances toward certification and commercialization of Valo, following its successful completion of two-way piloted transition flight and progression toward Critical Design Review.

Vertical Aerospace Ltd. announced that Dómhnal Slattery resigned as Chairman and a member of the Board of Directors, effective May 12, 2026. Mr. Slattery cited a desire to focus on other business interests after overseeing significant company milestones, including a historic piloted transition flight and securing up to $850 million in financing. The Board has appointed Ben Story, who has served on the Board since April 2024, as interim Chairman.

Vertical Aerospace announced significant progress in Q1 2026, including the completion of its piloted two-way transition flight, a critical technical milestone, and securing a financing package of up to $850 million. The company also reported an increased operating loss of £34.3 million and higher cash outflows from operations. Despite a net profit of £60.8 million, largely influenced by non-cash finance income, the company highlighted a material uncertainty regarding its ability to continue as a going concern, projecting a breach of its minimum cash covenant by Q1 2027 without further funding.