New Horizon Aircraft (HOVR) Investor update summary

Technology and product development

• Developing a hybrid-electric VTOL aircraft with patented HOVR Wing technology, offering vertical takeoff/landing and conventional flight modes.

• Aircraft is faster, quieter, and up to 75% cheaper per mile than traditional helicopters, with a 500-mile range and no need for charging infrastructure.

• Full-scale prototype rollout and flight testing are planned within the next 9-12 months.

• Aircraft can operate in adverse weather, including icing conditions, and is designed for high safety and operational flexibility.

• Multiple aircraft variants (CTOL and VTOL) are being built for efficient flight testing and certification.

Market positioning and use cases

• Targeting B2B markets such as EMS, cargo, and disaster relief, with initial revenue expected from medevac and critical cargo missions.

• Aircraft's economics and operational advantages appeal to operators needing speed, range, and reliability, especially in remote or challenging environments.

• Business travel and defense applications are also key future markets, with ongoing discussions with defense contractors.

• The hybrid-electric design allows for immediate deployment without waiting for new infrastructure.

Financial status and capital strategy

• Recently raised $45 million, with over CAD 75 million in cash, providing more than two years of runway.

• Current burn rate is CAD 3-4 million per quarter, expected to rise as development accelerates.

• Total certification and initial production costs are projected in the hundreds of millions, not billions, with manufacturing partnerships potentially reducing costs.

• Focused on minimizing dilution and responsible capital management; all employees are shareholders.