New Horizon Aircraft (HOVR) Investor update summary

Aircraft design and performance

• Hybrid-electric VTOL uses a Pratt & Whitney PT6 turbine and generator; seven seats, up to 250 mph, 500 mi range at mid loads, and up to 1,500 lb useful load.

• Lift fans provide vertical takeoff and landing; wings deploy for forward flight, where the aircraft flies 98% of its mission as a turboprop.

• Designed for longer, intercity routes and adverse-weather operations; FIKI capability is a target, with IFR flight in clouds anticipated.

• Management claims 3–5 dB lower hover noise and up to 20 dB lower overflight noise than a helicopter; no direct comparison with all-electric eVTOLs was offered.

Development and certification

• Large-scale X5 prototype, with a 22 ft wingspan, completed flight testing; full-scale aircraft is under construction, with rollout and flight testing expected in the coming months.

• Management plans milestone-led technical updates, potentially covering Iron Bird flight-control and electrical testing, simulator work, and strategic partnerships.

• Type certification is targeted for early 2030; management cited Transport Canada and FAA certification standards and said the aircraft flies like a conventional airplane for most of its mission.

• Military certification could precede commercial certification, as military governance may accept more risk and offer a more streamlined process.

• BETA Technologies is supporting flight-control development; its ALIA aircraft has flown 200,000+ mi, according to management.

Markets and operating economics

• Target uses include military support, emergency medical transport, disaster relief, and remote-community access; vertical capability enables operations without long runways.

• Management estimates 20%–30% lower operating cost per hour than a helicopter and 1.8x greater distance per hour, yielding up to 75% lower cost per unit mile; models were described as third-party verified.

• Management cited 5,000 underutilized regional airports in the U.S. and sees point-to-point passenger travel as a potential use.

• In northern operations, the aircraft could support remote communities and military personnel, but is not amphibious and has a different payload than the Twin Otter.