New Horizon Aircraft (HOVR) Investor update summary

Aircraft technology and capabilities

• Developing a hybrid-electric VTOL aircraft with helicopter-like vertical takeoff and landing, but twice the speed and five times the range of all-electric eVTOLs.

• Aircraft features a Pratt & Whitney turbine engine, generator, and can carry seven people with a 500-mile range at mid loads.

• Designed for all-weather operations, including flight into clouds and known icing conditions, with advanced de-icing and anti-icing systems.

• Incorporates traditional flight controls (ailerons, flaps, rudders) and advanced safety features, allowing operation as a conventional aircraft for most of the mission.

• Quieter than helicopters, especially in overflight, and offers significant operational flexibility for remote and emergency missions.

Market positioning and use cases

• Positioned as a complementary solution to existing eVTOLs, targeting longer-range, intercity, and adverse weather missions.

• Suitable for military, emergency medical services, disaster relief, and connecting remote communities.

• Up to 75% cheaper per mile to operate than comparable helicopters, with third-party-verified cost models.

• Can support critical missions such as organ transport, disaster response, and northern community supply.

• Potential for military certification ahead of commercial, with streamlined processes for defense applications.

Financial and operational status

• Holds over CAD 28 million in cash, with a quarterly burn rate of CAD 3–5 million, providing 24+ months of runway.

• Recent equity raises were responsible, with no warrants and favorable terms; management remains committed to minimizing dilution.

• Active ATM facility is used judiciously, and management's share sales have been limited to tax obligations.

• Company has grown from under 50 to nearly 100 employees in a year, with strong strategic partners and technical progress.

• Large-scale prototype has completed flight testing; full-scale aircraft is under construction with rollout expected soon.