Horizon Aircraft have posted an operating loss of CDN9 million for its 1st quarter ended on 31 August. This compares with CDN4.1 in the previous quarter. CEO Brandon Robinson says that the increased spending is largely thanks to the increase in research and development activity as the company works toward the first flight of the full size Cavorite X7 prototype which he expects to take place in the first quarter of 2027. Robinson says he anticipates R&D spending to remain at that elevated level as the company works through the initial flight test and certification programme which will include IFR and ultimately flight into known icing (FIKI) capabilities.
Against that Robinson says that the company has cash reserves of CDN 70m which results in a 24 month cash runway which he believes will be sufficient to get the programme to production and revenue generation.
“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. As we advance toward commercialisation and expand our global customer base, we look forward to keeping our customers, partners and shareholders updated on our progress.”
Horizon says that it currently holds potential orders in the form of Letters of Intent for 200 aircraft plus five leases a backlog which the company says is worth around USD1bn.
Image: Horizon Aircraft
