Star Metro - Horizon Aircraft Completes Preliminary Design Review of Cavorite X7 Hybrid eVTOL

TORONTO, ON / ACCESS Newswire / November 10, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR), a Canadian aerospace company developing one of the first hybrid-electric Vertical Take-off and Landing (VTOL) aircraft, today announced it has completed all platform and system Preliminary Design Reviews (PDRs) of its full-scale demonstrator aircraft, the Cavorite X7. The Company is releasing Cavorite X7 designs for manufacturing, while closing out the remaining action items from the PDRs.

The completion of the PDR process represents a significant milestone that is overseen by a specialized panel of aerospace experts. They concluded that upon the closure of action items, Horizon Aircraft's design approach is mature enough to proceed to detailed design.

The Company conducted the PDR process with a level of depth and sophistication that goes beyond what many preliminary reviews require. This early investment in the Cavorite X7 certification platform has provided a strong foundation to work toward the next formal milestone, the Critical Design Review (CDR), which will occur before final assembly begins.

"We approached PDR with certification in mind, not just first flight of our demonstrator aircraft," said Tom Brassington, Chief Technology Officer of Horizon Aircraft. "This approach required more detailed engineering, and it generated action items we're now working through. That extra effort is an investment in a shorter, smoother path to certification, and I am extremely proud of what our team has accomplished."

About Horizon Aircraft

Horizon Aircraft (NASDAQ:HOVR) is an advanced aerospace company developing one of the world's first hybrid-electric VTOL 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 aircraft operators, emergency service providers, and military customers.

For further information, visit:

Website www.horizonaircraft.com

YouTube https://www.youtube.com/@horizonaircraft

LinkedIn https://www.linkedin.com/company/horizon-aircraft-inc

Information on Horizon Aircraft's website does not constitute a part of and is not incorporated by reference into this press release.

The Company's financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP).

For further information, contact:

Investors:

Kathryn Burns
[email protected]

Media:

Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
[email protected]

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 demonstrator aircraft for initial testing, development priorities and technical milestones; the Cavorite X7's design specifications, anticipated operational parameters and projected performance, including assumptions regarding operating costs, fuel consumption, maintenance costs and utilization rates; 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 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, 2026, filed with the SEC and filed under the Company's profile on sedarplus.ca on July 16, 2026. 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

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