Horizon Aircraft ended its fiscal 2027 first quarter with more than $70 million in cash as it continued development of its full-scale Cavorite X7 hybrid-electric VTOL aircraft.
Management expects its liquidity to support the company’s current operating plan for at least the next 24 months.
Horizon increased research and development spending relative to general and administrative spending as it moves toward completion of the full-scale Cavorite X7 demonstrator.
The aircraft remains on track for completion around the end of the first quarter of calendar 2027.
Ground and taxi testing are expected to follow before flight testing begins.
Horizon has held multiple discussions with Transport Canada as it designs and builds the demonstrator to support an eventual certification pathway.
Development is being supported by partners including BETA Technologies, Marshall Aerospace, RAMPF Composite Solutions, and North Aircraft Industries.
Horizon has also signed letters of intent representing more than $1 billion of potential aircraft sales.
Those agreements cover as many as 200 aircraft purchases and five aircraft leases.
The company is developing the Cavorite X7 as a hybrid-electric VTOL aircraft designed to spend most of its missions in traditional wing-borne flight.
Horizon is targeting regional aviation, emergency services, and military applications.
KEY QUOTES:
“Strategic capital allocation and consistent financial discipline are keeping us on track to complete the full-scale demonstrator around the end of the first quarter of calendar 2027, followed by ground testing and then flight testing.”
“We’re not just building a demonstrator. We are investing early in the engineering, systems integration, and flight-control architecture needed to support a disciplined program with a foundation built for certification.”
Brandon Robinson, CEO of Horizon Aircraft
