The Cavorite X7's Low Projected Operating Cost Has Been Verified by a Leading Independent Audit Firm
TORONTO, ON / ACCESS Newswire / March 5, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR) is proud to announce that its hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft, the Cavorite X7, is forecasted to operate up to 75% more cost efficiently compared to conventional helicopters on a cost per available seat mile basis. The aircraft further offers greater redundancy, speed, and higher aircraft utilization by combining all-weather capability with low maintenance requirements.
The Cavorite X7's competitive operational and economic performance is attributed to its hybrid architecture and patented fan-in-wing design. Flying most missions in conventional fixed-wing cruise powered by a traditional turboprop engine, the Cavorite X7 is targeting regional distances up to 450 km/h (280 mph), nearly twice the speed of today's helicopters serving similar mission profiles. This can cut response times by half for critical missions such as medevac, disaster relief, and defense operations while significantly lowering operational costs.
Horizon Aircraft CFO Brian Merker stated, "The Cavorite X7's projected operating cost is US$0.97 per available seat mile, which we had validated by a leading independent audit firm. Our goal in 2026 is to highlight our aircraft's superior economic performance to legacy helicopter operators and lessors and how it can meaningfully transform their service to current and future customers."
Operators can expect to further benefit from the Cavorite X7's high utilization potential. The aircraft is targeting certification for Instrument Flight Rules (IFR) and Flight Into Known Icing (FIKI), and also has significantly lower mechanical complexity than a traditional helicopter. Integrating Cavorite X7s into existing fleets can provide operators an opportunity to deliver consistent, year-round availability, minimizing disruptions from adverse weather or maintenance downtime that currently ground open rotor aircraft. Further operational benefits include the ability to carry meaningful payloads (up to 680 kg/1500 lbs) and to fully recharge batteries in-flight unlike all-electric eVTOLs.
"The Cavorite X7's design was driven by gaps in today's regional air mobility solutions," stated Horizon Aircraft Co-Founder and CEO Brandon Robinson. "A hybrid-electric VTOL aircraft that flies in all-weather conditions faster, farther, safer, and does so economically with higher aircraft utilization has the ability to save more lives, connect more communities, and empower operators to offer enhanced services."
For more information about Horizon Aircraft, please see the Company's website or watch its innovative technology in action on the Company's YouTube channel.
About Horizon Aircraft
Horizon Aircraft (NASDAQ:HOVR) is an advanced aerospace engineering company that is developing one of the world's first hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft designed to fly most of its mission in traditional wing-borne flight, offering industry-leading speed, range, and operational utility. Horizon Aircraft's unique designs put the mission first and prioritize safety and performance. Upon successful completion of testing and certification of its full-scale aircraft, Horizon Aircraft intends to scale unit production to meet expected demand from regional operators, emergency service providers, and military customers.
For further information, visit:
Website www.horizonaircraft.com
LinkedIn https://www.linkedin.com/company/horizon-aircraft-inc
For further information, contact:
Investors:
Kathryn Burns
ir@horizonaircraft.com
Media:
Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
edwina@efgmediarelations.com
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "target," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements herein include, but are not limited to, statements relating to the targeted readiness of the full-scale hybrid Cavorite X7 eVTOL prototype for initial testing, development priorities and technical milestones; funding and liquidity sufficiency and runway; certification and testing plans; and potential production, partnership, supply chain and market opportunities.
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon Aircraft competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon Aircraft will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Horizon Aircraft's industry and market size; (v) financial condition and performance of Horizon Aircraft, including the condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon Aircraft; (vi) Horizon Aircraft's ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (vii) successful completion of testing and certification of Horizon Aircraft's Cavorite X7 eVTOL; (viii) the targeted future production of Horizon Aircraft's Cavorite X7 aircraft; and (ix) other factors detailed by us in the Company's public filings with the Securities and Exchange Commission ("SEC") and under the Company's profile on sedarplus.ca, including the disclosures under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, filed with the SEC and filed under the Company's profile on sedarplus.ca on August 22, 2025. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the future, it assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by applicable law. Horizon Aircraft does not give any assurance that Horizon Aircraft will achieve its expectations.
SOURCE: Horizon Aircraft
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/industrial-and-manufacturing/horizon-aircrafts-unique-vtol-delivers-up-to-75-lower-operating-costs-1143936
