Horizon Aircraft Provides Technical Progress Update

Company is now building a full-scale aircraft targeted for initial testing in 18 months

TORONTO, Sept. 10, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft (Nasdaq: HOVR), doing business as Horizon Aircraft (“Horizon” or the “Company”), an advanced aerospace engineering company and developer of one of the world’s first hybrid electric Vertical Take-Off and Landing (eVTOL) aircraft, provides a comprehensive technical progress update.

Throughout the first half of 2025, the technical team has hit several important milestones that validate Horizon’s unique and practical hybrid VTOL concept:

• Transition Flight - Horizon completed one of the world’s first ever successful fan-in-wing forward transition flights in May 2025 with its large-scale prototype aircraft;
• Full-Scale Prototype - Horizon is now building a full-scale aircraft and intends to have an aircraft ready for initial testing in 18 months;
• Platform Level Architecture - Horizon completed architecture development for the full-scale, non-conforming prototype;
• Propulsion Technology - Main wing propulsion units that power the unique and patented HOVR Wing technology have been fabricated and are undergoing active testing and iteration;
• Simulation - The technical team continues to develop its sophisticated simulation environment that was instrumental in accelerating the development of the large-scale aircraft that recently successfully transitioned to forward flight;
• Certification - With plans to certify the aircraft for flying under Instrument Flight Rules (IFR) and for Flight Into Known Icing (FIKI), Horizon has already spoken with Transport Canada Civil Aviation (TCCA) and is working with technical experts in Canada to make this a possibility; and
• Technical Team – Horizon increased its team of senior designers and engineers by nearly 50% in 2025 through the addition of very accomplished personnel, many of whom are recognizable in their field of expertise.
  
  

"This has already been an incredible year for the technical team, and we’re not done yet. A historic full transition to forward flight of the large-scale prototype, construction and testing of many full-scale underpinning technologies, and maturation of our many professional aerospace processes has been rewarding for our entire team to be a part of,” said Brandon Robinson, Horizon CEO. “Now our team’s focus is on the design of the full-scale aircraft, which we expect to complete within 18 months.”

About Horizon Aircraft

Horizon Aircraft (Nasdaq: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon Aircraft’s unique designs put the mission first and prioritize safety, performance, and utility. Horizon intends to successfully complete testing and certification of its Cavorite X7 eVTOL and then scale unit production to meet expected demand from regional operators, emergency service providers, and military customers.

Visit www.horizonaircraft.com for more information.

Forward-Looking Statements

The information in 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. 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,” “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 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 competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon 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’s industry and market size; (v) financial condition and performance of Horizon, including the condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vi) Horizon’s ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (vii) successful completion of testing and certification of Horizon’s Cavorite X7 eVTOL; (viii) the targeted future production of Horizon’s Cavorite X7 aircraft; and (ix) other risk factors described in the Company’s public filings with the U.S. Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended May 31, 2025, filed with the SEC on August 22, 2025 and accessible at www.sec.gov. 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 does not give any assurance that Horizon will achieve its expectations.

Contacts

Investors:
Matt Chesler, CFA
FNK IR
(646) 809-2183
HOVR@fnkir.com

Media:
Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
edwina@efgmediarelations.com

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