New Horizon Aircraft Ltd.

Ladies and gentlemen, thank you for standing by. Welcome to the New Horizons Aircraft Fiscal First Quarter 2027 Earnings Conference Call. All participants are present in a listen-only mode. Following management's prepared remarks, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference is being recorded and will be available for replay on the company's website at www.horizonaircraft.com later today. I would now like to turn the call over to Matt Chesler. Matt, please go ahead.

Thank you, Operator, and good morning, everyone. Joining me on the call today are Horizon Aircraft's CEO, Brandon Robinson, and the company's CFO, Brian Merker. I would like to remind you that we will be making forward-looking statements during today's call. These statements involve risks and uncertainties that may cause actual results to differ materially. For more information about these risks and uncertainties, please refer to the Risk Factors section of our annual report on Form 10-K for the fiscal year ended May 31, 2026, filed on July 16, 2026, with the Securities and Exchange Commission, under the company's profile, and on the company's profile on Cedar Plus in Canada. Any forward-looking statements we make are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events. And now I'd like to turn the call over to our CEO, Brandon Robinson, for his prepared remarks. Brandon, please go ahead.

Thank you, Matt, and good morning, everyone. Thanks for joining us. We entered our fiscal 2027 with clear priority to turn the X-7's validated design into a full-scale aircraft, already to begin its formal test program by the spring of calendar 2027. Over the last several months, it has been really exciting. We have advanced the work on the structure, the flight controls, and other systems that will define the X-7 demonstrator. The X-7 is designed to combine the flexibility of vertical takeoff and landing with the speed, range, and efficiency of conventional wing-borne flight. It is a hybrid electric aircraft that does not require any ground charging infrastructure whatsoever. With a faster speed, a longer range, more energy reserves, and an all-weather capability, it will excel in a number of missions such as regional transport, emergency response, cargo, and of course, a number of interesting military operational missions. At Horizon Aircraft, we are currently building our full-scale Cavarite X-7 demonstrator aircraft. That means that we are in detailed design and production of all major systems, including forward and vertical propulsion, flight controls, high and low voltage electrical systems, avionics, landing gear, and primary and secondary structures. As Brian will explain later, that work has translated into significant increase in research and development spending this quarter, and we expect to maintain a continued focus on engineering and design activity moving forward. Also exciting, our team has grown from 30 people a year ago to over 65 today and more than 85 FTEs, including external contractors. This growth continues to fuel very significant progress across all major activities. We continue to invest in systems and engineering resources needed for aircraft design with certification in mind. The full-scale demonstrated aircraft is intended to do more than simply achieve first flight. It is being designed and built with a level of sophistication That I'm very proud of and that is meant to facilitate certification. Plainly stated, by spending a little more attention up front, we are investing in a much shorter and more efficient certification process later. A good example is Beta Technologies collaboration. We selected Beta's flight control computers and customized fly-by-wire software for the X7. Flight controls are critical for safety, handling, and of course, certification. Beta brings a platform built specifically for modern VTOL aircraft and one that has flown in an aircraft for over 200,000 miles. This is a more efficient way to deploy capital, of course, than developing every major system ourselves. We are also applying the flight dynamics and control model completed by Marshall Aerospace to the aircraft's development. That work helps us predict its response to pilot input, find control strategies, and prepare for a discipline test campaign. All of our collaborations with proven aerospace partners have distinct roles, but they will collectively serve the critical objective of producing a safe, capable, and certifiable X-7. Thank you for joining us. Each step will be governed by test data and safety reviews and we will continue to report progress against those specific milestones as the exciting progress continues. We are also progressing all-weather utility for the X-7. In this sector, this is a very unique technological capability that will dramatically increase its operational utility and underlying economics. We intend to pursue IFR capability, so the ability to fly in clouds, something nearly all helicopters strictly avoid, and a capability that will challenge modern eVTOL aircraft. We also intend to pursue certification for flight into known icing conditions, a capability that only a handful of even helicopter types in the world actually possess. For operators that need to serve remote communities, respond to emergencies in bad or cold weather, or maintain dependable schedule all weather capability is critical for profitable operations. In July, wind tunnel testing began on small samples incorporating ice protection technologies developed by the University of Toronto as a part of our $10.4 million INSAT project. This is an important initial step and considerable testing and regulatory work remain. Our certification work with Transport Canada continues alongside the engineering program. We expect to advance to the next steps in that process over the winter with focus on completing our certification basis and means of compliance. Moving away from our technical progress and roadmap, in July we announced a non-binding letter of intent with V-Star Power Lift Aviation, an Australian operator with experience in emergency services covering up to 100 aircraft of the potential value of approximately $600 million. The intended application for the X-7 at VSTAR is quite appealing to us. This operator is focused on medical response and regional missions and sees value in an aircraft intended to travel further and faster than conventional helicopters while also retaining the ability to serve locations without runway or any sort of charging infrastructure. In a country as vast as Australia with large regions of uninhabited area, the technical attributes and advantages of the X-7 are quite potent, to say the least. To date, our signed LOIs across all customers account for potential purchases of up to 200 X7s, including options with more than $1 billion in indicated potential sales value. Additionally, we have an LOI for the potential lease of five additional X7 aircraft, and that's only the beginning. We also recently signed an LOI with an Ontario-based Great Lakes helicopter to support future X7 operations through maintenance, repair, and overhaul services, as well as pilot training. This LOI also contemplates potential additional aircraft purchases by Great Lakes helicopters. We continue to speak with prospective operators and potential industry and manufacturing partners across a range of missions. Our near-term focus is on earning those relationships through technical progress. A full-scale demonstrator aircraft and flight test data should give potential customers and manufacturing partners a much more tangible and defined basis for discussing potential orders. From a more generic point of view, the broader eVTOL industry is becoming more tangible and realistic with each passing week and month. The FAA's eVTOL Integrated Pilot Program, so EIPP, is putting new aircraft and mission concepts into real world demonstrations to gather information to inform future rules and governments. While that alone does not confer type certification on the X7 or guarantee its commercial authorization for Horizon, it does show that regulators and public partners are engaging the industry with practical questions about how advanced air mobility will operate. We also see an exciting and growing focus on regional connectivity, emergency response, and runway independent capabilities and public and defense discussions. The X7's combination of conventional and vertical operations, targeted range, and onboard power is relevant to those needs. Defense applications for eVTOL aircraft are becoming more topical. And while we are not announcing any defense procurement program today, we are of course building an aircraft whose utility we believe can address both civil and government military missions. Over the coming quarters, we expect to share meaningful engineering progress, additional supplier relationships as they are formalized, and certification-related developments. The central measure of execution remains the aircraft itself, completing the full-scale demonstrator aircraft, and progressing through ground and flight testing in a responsible sequence. Now I would like to pass the call over to our CFO, Brian Merker, to discuss the financial results and our capital position in more detail. Brian, take it away.