Horizon Aircraft announces Q1 business update

Highlights include the following: A full-scale hybrid eVTOL, the Cavorite X7 eVTOL aircraft, is being built after successful completion of a fan-in-wing forward transition flight of Horizon Aircraft’s (HOVR) large-scale prototype in May 2025. The full-scale prototype is intended to be ready for initial testing in 18 months; Additional technical milestones for the full-scale prototype were achieved in Q1 2026, including the completion of platform level architecture and main wing propulsion units that power the patented HOVR Wing technology have been fabricated and are undergoing active testing; Horizon Aircraft continues to have strong liquidity, with more than 18 months of working capital with: Streamlined operations to reduce administrative costs relative to total costs; Capital strategically allocated to strengthen engineering resources; and Access to substantial and ongoing non-dilutive government funding. Additional world-class talent was added to the Company. Brandon Robinson, CEO of Horizon Aircraft commented, “After our successful transition flight in May 2025, we made further progress in the first quarter of fiscal 2026 that has us well prepared to reach our target of having the full-scale aircraft be ready for testing in 18 months. In the second quarter of fiscal 2026, we are largely focused on the development of full-scale power and aerodynamic systems, key technical partnerships, and supply chain expansion.”