Vertical Aerospace reports Q1 2023 loss

Vertical Aerospace has reported a net operating loss of £23 million for the first quarter of 2023. The loss was a widening of the £18 million in Q1 2022 and reflected “investments in the advancement of our electric battery technology at our recently opened Vertical Energy Centre; achievement of eVTOL Design Organisation Approval with the UK Civil Aviation Authority (CAA)”, the British manufacturer said. The end of Q1 2023 left Vertical with cash and cash equivalents of £104 million, which it said “will be invested in the development of the company’s design, test and certification activities; as well as in