• Joby Aviation, but specializing in hybrid electric VTOL aircraft.
• The Tesla of hybrid electric air taxis.

• Hybrid Electric Vertical Takeoff and Landing (eVTOL) Aircraft: Aircraft under development that combine electric and traditional propulsion systems, capable of vertical takeoffs and landings.

New Horizon Aircraft (HOVR) develops hybrid electric vertical takeoff and landing (eVTOL) aircraft. Given the nature of its sophisticated and high-value product, the company primarily sells to other companies and organizations rather than individual consumers.

As an aerospace engineering company in the development phase, New Horizon Aircraft has secured Letters of Intent (LOIs) from several operators for its Cavorite X7 eVTOL aircraft. These represent its major prospective customers:

• JetSetGo: A private aviation company based in India.
• FLYINGGROUP: A European business jet operator.
• Global Air Mobility Inc. (GAM): An Advanced Air Mobility (AAM) company in North America.

As of the current information, these key customers are private companies and therefore do not have public stock symbols.

• P&E AEROSPACE INC.
• Global Aerospace Design Corporation

E. Brandon Robinson, Co-Founder and Chief Executive Officer

Brandon Robinson is a co-founder of Horizon Aircraft, established in 2013. He served as a fighter pilot in the Royal Canadian Air Force for two decades, where he managed capital projects up to $4 billion, including the F-35 acquisition. Robinson is also a co-author of several successful aerospace patents. The concept for Horizon Aircraft arose from his collaboration with his father, Brian Robinson, on electrification within his father's aerospace business.

Brian Merker, Chief Financial Officer

Brian Merker brings over 20 years of experience in senior financial management, including 10 years in the aviation sector. His background includes extensive experience in public and private markets, with strong technical capabilities in US GAAP/IFRS/ASPE and reporting expertise in heavily regulated environments. Merker has overseen successful integrations and acquisitions and has experience in highly-leveraged private equity environments. He previously served as Chief Financial Officer of Skyservice Business Aviation and as Vice President of Finance at Discovery Air, a publicly traded company.

Jason O'Neill, Chief Operating Officer

Jason O'Neill is a co-founder of Horizon Aircraft. He possesses over 20 years of experience in high-growth start-ups and is adept at managing mission-critical systems. His expertise includes navigating fundraising, cross-border mergers and acquisitions, and enterprise strategy within the highly regulated air transportation industry.

E. Brian Robinson, Founder and Chief Engineer

E. Brian Robinson founded Horizon Aircraft in 2013. He is credited with providing significant technical skill and aircraft thought leadership to the company. A licensed pilot since age 17, he has over 55 years of experience owning, operating, modifying, and maintaining various aircraft, and holds multiple aviation patents. His career includes founding a Transport Canada-approved Aircraft Maintenance Operation and holding several C-Suite positions in design and manufacturing.

Tom Brassington, Chief Technical Officer

As Chief Technical Officer, Tom Brassington leads the development of Horizon Aircraft's groundbreaking technologies, including the Cavorite X7 eVTOL. He has over 18 years of experience in aerospace engineering and oversees a multidisciplinary team focused on achieving technical excellence and operational scalability.

1. Financial Stability and Funding: New Horizon Aircraft is a pre-revenue company that has experienced negative operating cash flow, necessitating continuous capital raises. The company has faced concerns regarding shareholder dilution due to frequent equity offerings. As of September 2024, New Horizon Aircraft was notified of potential delisting from the Nasdaq Stock Market because it did not meet the required net income, market value of listed securities, or equity standards. The company was given until October 2024 to submit a compliance plan.
2. Development, Certification, and Commercialization Delays: As an aerospace company developing a new hybrid electric vertical takeoff and landing (eVTOL) aircraft, the business heavily relies on the successful and timely development, certification, and commercialization of its Cavorite X7 prototype. Any delays or complications in the design, certification, manufacture, or production of its aircraft and related technology could adversely impact its business, financial condition, and operational results. The regulatory standards and certification processes for eVTOL aircraft are still evolving and present significant hurdles. The company aims to have the Cavorite X7 certified and flying before 2030.
3. Market Acceptance and Insurance Challenges: The commercial success of eVTOL aircraft depends heavily on public acceptance, which is influenced by perceptions of safety and noise. A significant challenge for eVTOL manufacturers and operators, including New Horizon Aircraft, is securing affordable insurance. This difficulty stems from a lack of sufficient operational data for underwriters to assess risks, coupled with limited competition and flexibility in the aviation insurance market. The commercial viability of eVTOLs also relies on achieving high utilization rates and broad customer acceptance.

The primary emerging threat to New Horizon Aircraft is the potential dominance of pure-electric eVTOL aircraft, driven by rapid advancements in battery technology and electric propulsion systems. If pure-electric eVTOLs can achieve sufficient range, payload capacity, and economic viability for most intended missions, they could negate the competitive advantages of hybrid-electric designs (such as potentially longer range or higher payload). This would render hybrid-electric solutions less attractive due to their inherent complexity, higher maintenance requirements, and potentially greater environmental footprint compared to fully electric alternatives, thereby marginalizing companies focused on hybrid models.

New Horizon Aircraft Ltd. (NASDAQ: HOVR), an aerospace engineering company developing hybrid electric vertical takeoff and landing (eVTOL) aircraft, operates within several addressable markets related to advanced air mobility.

The global eVTOL aircraft market, which encompasses New Horizon Aircraft's core product area, was estimated at USD 1.35 billion in 2023 and is projected to reach USD 28.6 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 54.9% from 2024 to 2030. Another estimate places the global eVTOL aircraft market size at USD 3.31 billion in 2025, with a projection to surpass USD 216.02 billion by 2035 at a CAGR of 51.87% between 2026 and 2035. The hybrid electric segment within the broader eVTOL aircraft market is expected to experience particularly fast growth.

More specifically, the global hybrid electric aircraft market was valued at USD 3.90 billion in 2025 and is projected to grow to USD 465.60 billion by 2050, with a CAGR of 21.7% during that forecast period. North America held a significant share of this market, dominating the hybrid electric aircraft market with a 36.90% share in 2025.

New Horizon Aircraft's Cavorite X7 aircraft is designed for various applications, including critical medical supplies to remote areas, emergency response, business travel, and regional shuttle services. The company views the regional helicopter travel market as a significant opportunity for disruption. This market alone in North America was valued at over $19 billion in 2025.

New Horizon Aircraft (NASDAQ: HOVR) is an aerospace engineering company currently developing its hybrid-electric vertical takeoff and landing (eVTOL) aircraft, the Cavorite X7. As the company is pre-revenue, future revenue growth over the next 2-3 years is expected to be driven primarily by the following factors:

1. Successful Testing, Certification, and Production of the Cavorite X7: The foundational driver for New Horizon Aircraft's revenue growth is the successful completion of testing and certification of its full-scale Cavorite X7 aircraft. The assembly of the first full-scale prototype is anticipated in 2026, with initial testing projected to commence in early 2027. Upon successful validation and regulatory approval, the company intends to scale unit production to meet expected market demand.
2. Expansion into Target Markets: New Horizon Aircraft plans to target various sectors, including regional operators, emergency service providers, and military customers. The Cavorite X7 is designed for regional air mobility, focusing on city-to-city travel, and is positioned for potential use in military operations, cargo transport, and medevac services.
3. Strategic Partnerships and Orders: A key indicator of future revenue is the company's ability to secure strategic partnerships and firm orders or Letters of Intent (LOIs). In April 2024, New Horizon Aircraft signed an LOI with JetSetGo, an Indian regional aviation fleet operator, for an initial purchase of 50 Cavorite X7 aircraft, with an option for an additional 50, totaling nearly USD 500 million. Further strategic partnerships, such as those for manufacturing components like wings and fuselages, are also underway.
4. Competitive Advantages of the Cavorite X7: The Cavorite X7's design emphasizes operational efficiency and performance, which are expected to drive customer adoption. The aircraft is projected to operate up to 75% more cost-efficiently than conventional helicopters on a cost per available seat mile basis. Additionally, its hybrid architecture and patented fan-in-wing design offer advantages in redundancy, speed, range, and higher aircraft utilization, coupled with all-weather capability and low maintenance requirements. The company is targeting certification for Instrument Flight Rules (IFR) and Flight Into Known Icing (FIKI), which would enable consistent, year-round availability.

Share Issuance

• New Horizon Aircraft closed an underwritten public offering on August 21, 2024, raising approximately $2.9 million in gross proceeds from the sale of Class A ordinary shares and warrants. If all warrants are exercised, the total gross proceeds could reach $7.25 million.
• As of January 15, 2026, the company sold an additional 2.6 million shares, resulting in net proceeds of roughly CAD 10.8 million, which contributed to a total share count of 44.3 million.
• On January 15, 2025, the company secured approximately USD $6.0 million from a financing deal (Canso Financing) to bolster its financial position.

Inbound Investments

• New Horizon Aircraft received approximately USD $6.0 million from a financing deal, known as the Canso Financing, on January 15, 2025.
• The company has attracted significant institutional investment, with 26 institutional owners and shareholders, including Renaissance Technologies Llc, Jane Street Group, Llc, and Marshall Wace, Llp, collectively holding 1,247,604 shares.

Capital Expenditures

• In the trailing twelve months leading up to March 2026, capital expenditures amounted to -$578,357.
• New Horizon Aircraft's average Capital Expenditures Margin over the past three and five years has been 0%.
• Increased research and development (R&D) investments have been identified as a key part of the company's progress towards its 2026 milestones.