"It's become clear since the IPO that the company is going in a different direction to my vision," he said. "I haven't left the company - the company has left me."
In a parting shot, Martin issued a public statement that included some strong advice for those now in charge of the business he began.
"Deliver the dream that people want, not the product that is easiest to build. Now don't f*** it up!"
Grant Williamson, of sharebrokers Hamilton Hindin Greene, said investors would be cautious about what was always a high-risk investment after Martin's unexpected departure.
"It's never good when the founder leaves the company so soon after an IPO," Williamson said. "That will frighten a few shareholders out of the stock."
Martin Aircraft shares fell 3.8 per cent yesterday, before recovering some ground to close down 1.9 per cent at A76.5c last night.
The Christchurch-based company raised more than A$27 million through its oversubscribed IPO, which will primarily be used to commercialise its flying machine.
Its shares listed on the ASX at A40c in February and traded at a record high of A$3.15 on March 3.
Speaking from the Chinese city of Shenzhen, where a board meeting had been held, chairman Jon Mayson said that while the company was sorry to see Martin go, it had a bright future.
"He's made a decision and that's it as far as we're concerned," Mayson said. "It is what it is and I just have to accept the fact that he wants to stand aside and respect that."
Martin Aircraft's largest shareholder, KuangChi Science, is based in Shenzhen.
Martin said a decision not to take the jetpack to the Oshkosh air show in the United States, and instead exhibit the technology at the more corporate Paris Air Show this month, had contributed to his decision.
"I'm not a corporate beast - I'm an inventor of a jetpack ... that people want to fly around in," he said. "It wasn't any fun for me any more."
The company said in February that it expected to begin deliveries of its First Responder aircraft - developed for police, search and rescue and other government uses - during the second half of next year.
Last year the firm was claiming 40 pre-orders worth $6 million for its jetpacks. The aircraft, which will come equipped with a ballistic parachute, can fly for more than 30 minutes at up to 74km/h.
The firm, which made a net loss of $3 million in its last financial year, is targeting a sale price of US$150,000 for the recreational version of the jetpack.
Martin, who has retained a 15.9 per cent stake in the company, said he still hoped the business would be "dramatically successful".
"I own a lot of shares in the company so the more successful they are the better it is for me."
Martin said he would like to take a holiday, while he also had longer-term plans to develop new inventions, the details of which he declined to reveal. "I've still got a few more years, hopefully, of sanity and continence left to have some fun."
Asked if he regretted relinquishing control of the company, Martin said he never had a choice. "Doing this was always going to be expensive and I never had the money to do that."
He said the company was in a good position, with great facilities, more than 25 staff and tens of millions of dollars in the bank.
See how the company announced its founder's resignation to the ASX in this release:
Martin Aircraft
• 1981 Glenn Martin starts research on a personal jetpack that could fly longer than 30 seconds.
• 1997 First takeoff of a piloted jetpack (tethered) by Martin's wife, Vanessa.
• 2008 Jetpack's public unveiling at the Oshkosh air show in the US and firm renamed the Martin Aircraft Company.
• 2010 First manned flight over five minutes in duration.
• 2013 Prototype gains authorisation from New Zealand Civil Aviation Authority for manned test flights.
• 2015 IPO and listing on Australia's ASX.
