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TORONTO - Horizon Aircraft (NASDAQ:HOVR), a micro-cap aerospace company with a market capitalization of $49.9 million and impressive 223% return over the past year, and ZeroAvia announced Tuesday plans to collaborate on developing hydrogen-electric powertrains for regional vertical take-off and landing (VTOL) aircraft.
The companies will explore integrating ZeroAvia’s ZA600 hydrogen-electric powertrain into Horizon’s Cavorite X7, a fan-in-wing eVTOL aircraft. The partnership aims to accelerate research into necessary infrastructure and certification guidelines for zero-emission flight. According to InvestingPro data, Horizon maintains a healthy financial position with a current ratio of 7.11, indicating strong ability to fund its research and development initiatives.
"We have been impressed with ZeroAvia’s recent flight demonstrations of hydrogen-electric propulsion systems and the company’s traction with regulators," said Brandon Robinson, CEO and Co-founder at Horizon Aircraft, in a press release statement.
Val Miftakhov, Founder & CEO of ZeroAvia, noted that "more and more eVTOL companies are looking to hydrogen-electric propulsion as the breakthrough that can extend range potential and durability of electric propulsion systems."
The collaboration represents Horizon Aircraft’s exploration of alternative propulsion technologies as it progresses toward certification and commercial readiness of its Cavorite X7 aircraft.
Horizon Aircraft is developing a hybrid eVTOL designed to operate primarily like a conventional aircraft while offering vertical take-off and landing capabilities. The company aims to eventually supply its aircraft to regional operators, emergency service providers, and military customers.
The announcement comes as the aviation industry increasingly explores hydrogen power as a potential solution for reducing emissions in regional air travel. Trading at a P/E ratio of just 1.49 and maintaining profitability with earnings per share of $0.31, Horizon Aircraft presents an interesting opportunity in the emerging eVTOL sector. For deeper insights into Horizon’s financial health and growth potential, InvestingPro subscribers have access to over 15 additional exclusive tips and comprehensive financial metrics.
In other recent news, Horizon Aircraft has announced several key developments. The company has successfully regained compliance with Nasdaq Capital Market’s minimum bid requirement, officially closing this compliance matter. Additionally, Horizon Aircraft has formed a strategic partnership with MT-Propeller to supply propellers for its Cavorite X7 aircraft, marking its first major hardware commitment as it transitions to manufacturing implementation. Oak Ridge Financial has initiated coverage on Horizon Aircraft with a Buy rating and set a price target of $2.35, reflecting confidence in the company’s future prospects. Horizon Aircraft has also achieved a significant technical milestone with the successful full wing transition of its Cavorite X7 eVTOL prototype. This achievement is crucial for the company’s development process as it prepares to demonstrate advancements with a full-scale, piloted technical demonstrator. The company aims to complete testing and certification of the Cavorite X7 and scale production to meet anticipated demand. These recent developments indicate Horizon Aircraft’s commitment to becoming a significant player in the advanced air mobility market.
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