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TORONTO - Horizon Aircraft, a Canadian aerospace engineering company listed on (NASDAQ:HOVR) (market cap: $17.8M), has announced the appointment of John Wyzykowski as a Technical Expert to enhance the development of its Cavorite X7 eVTOL propulsion systems. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, though it faces rapid cash burn rates typical of aerospace development companies. Wyzykowski, previously Head of Propulsion at Lilium, a leading eVTOL developer, brings extensive experience in advanced aerospace propulsion to Horizon.
The company, which is working on what it claims to be the world’s first eVTOL designed to operate mostly like a conventional aircraft, is reinforcing its engineering team with industry veterans. With a P/E ratio of 2.54 and positive earnings expectations, InvestingPro analysis suggests the stock may be undervalued relative to its growth potential. Discover more insights and 14 additional ProTips by subscribing to InvestingPro. Wyzykowski’s expertise in gas turbine and fully electric propulsion architectures will support the ongoing refinement of the Cavorite X7 – a hybrid-electric eVTOL that aims to deliver efficiency, performance, and reliability.
Chief Technology Officer Tom Brassington highlighted Wyzykowski’s unparalleled experience in both traditional and next-generation aerospace powerplants as critical to pushing the boundaries of hybrid-electric flight. Wyzykowski expressed his excitement about contributing to the Cavorite X7, praising its innovative hybrid-electric propulsion system that promises to balance power, range, and operational flexibility.
The Cavorite X7 is projected to have a gross weight of approximately 5,500 lbs, a useful load of 1,500 lbs, and aims to reach speeds of up to 250 miles per hour with a range exceeding 500 miles. The company’s financial health appears stable with a current ratio of 2.76, indicating sufficient liquidity to fund its development programs. Horizon’s design philosophy enables the Cavorite X7 to recharge its batteries mid-flight when operating like a traditional aircraft, and to be ready for subsequent missions after a sub-30-minute post-flight recharge.
Horizon Aircraft believes that its approach will facilitate easier certification and safer operations compared to more radical eVTOL designs. The company continues testing a 50%-scale prototype, which it believes will mitigate technical risks as it progresses towards developing the full-scale aircraft. Investors can track the company’s progress with its next earnings report scheduled for February 13, 2025.
The information in this article is based on a press release statement from Horizon Aircraft. The company’s forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected. The forward-looking statements are based on current expectations and are not guarantees of future performance.
In other recent news, Horizon Aircraft Ltd., an eVTOL aircraft developer, has announced its compliance with Nasdaq’s Equity Standard, ensuring its continued listing on the Nasdaq Capital Market. The company also received an extension until July 14, 2025, to meet the Bid Price Rule. In parallel, New Horizon Aircraft Ltd., formerly known as Pono Capital Three , Inc., disclosed its efforts to regain compliance with Nasdaq’s continued listing standards after reporting a net income shortfall for the required period and not meeting other financial benchmarks set by Nasdaq. To address these deficiencies, the company entered into subscription agreements, known as the Canso Financing, yielding net proceeds of approximately USD $6.0 million.
Additionally, New Horizon Aircraft Ltd. has entered into an amendment with key investors, modifying the subscription agreements from a financing round that closed on December 19, 2024. The amendment introduces an Exchange Cap, which prevents the conversion of Series A preferred shares into common shares exceeding the number allowed under Nasdaq Listing Rule 5635 and other applicable rules of the Nasdaq Stock Market, unless shareholder approval is obtained. This strategic move aims to align the company’s financing activities with the regulatory requirements of the Nasdaq Stock Market. It should be noted that these are recent developments.
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