Horizon Aircraft Signs $600M LOI for 100 Hybrid eVTOLs with V-Star
HOVR sits 49% above its 52-week low of $1.16.
Summary
Horizon Aircraft signed a letter of intent with V-Star Powered Lift Aviation for the purchase of up to 100 hybrid eVTOL aircraft in a deal valued at $600 million. V-Star intends to secure delivery slots for five aircraft with a firm deposit upon execution of a definitive agreement. This is a transformative commercial milestone for the pre-revenue company, which recently disclosed a $33.1M loss and going concern doubt in its 10-K. The LOI signals market validation for Horizon's Cavorite X7 platform and could provide a path to revenue, though the deal remains non-binding and subject to final terms. The announcement follows two dilutive equity raises in May totaling $45 million, underscoring the company's urgent need for capital to fund development. Execution of a definitive agreement and receipt of deposits will be critical catalysts to watch.
At the time of this announcement, HOVR was trading at $1.73 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $110.6M. The 52-week trading range was $1.16 to $4.18. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.