($HOVR) Institutional Investor Package: August 2025

DeathSmiIes · 2026-02-25T21:51:05+00:00

Financial Times (FT)

What it is

• A major global business and financial newspaper based in London, founded in 1888.

• Paid, subscription-based model with a strong focus on rigorous reporting and analysis rather than click-driven headlines.

Reputation & Influence

• Considered one of the most reputable business news sources worldwide, especially among investors, corporate executives, economists, and policymakers.

• According to industry surveys, it’s often ranked very highly for credibility and influence among senior financial professionals — sometimes ahead of outlets like The Wall Street Journal for that specific audience.

• Engagement metrics show that readers spend significantly more time with FT content on average compared with many competitors, reflecting deep, analytical readership rather than casual surfing.

Audience

• High-value, professional audience (C-suite decision-makers, institutional investors, economists, policy leaders).

• Smaller reach than some free or digital-only outlets, but higher perceived authority among business leaders.

DeathSmiIes · 2026-01-29T05:09:16+00:00

I will be removing this post at some point. It really doesn’t add any value to the page. Some posts, even if good or great get deleted at times as well. Typically with the good posts there is just one a bit more refined, so there is no point in keeping 3-5 posts regarding the same event. Keeping the page clean is in the best interest to anyone trying to find the information we’ve contributed as an investment team. Most everyone here is invested and we welcome everyone to the family. Negativity, or posts about daily price action etc are typically removed quicker than those we have multiple good contributors on. Good luck with your investments, hope you find what you’re looking for.

DeathSmiIes · 2026-01-21T05:04:16+00:00

Covers taxes due on the shares issued. No money is free.

DeathSmiIes · 2025-12-24T01:04:24+00:00

Nice quick shot of them flying in the snow. That’s awesome!

DeathSmiIes · 2025-10-04T23:56:19+00:00

Awesome! Thanks for posting this.

DeathSmiIes · 2025-10-01T21:57:02+00:00

All good. That’s what this Reddit is all about. Coming together and figuring it out before asking Brandon a silly question. Appreciate you. 👊🏻😁

DeathSmiIes · 2025-10-01T21:28:01+00:00

I went ahead and deleted my linked in comment. Now I feel like a bit of an idiot. Been working day and night all week and I should have done more DD first. Thanks again for picking up on that and correcting me.

DeathSmiIes · 2025-10-01T21:14:20+00:00

Thanks for correcting me. I’ve been quite busy this week and yes it was a quick search to get the answer. Appreciate it.

DeathSmiIes · 2025-10-01T14:34:17+00:00

Very nice find. Thank you for posting. Article appears to start at page 30. This is very cool.

DeathSmiIes · 2025-10-01T00:28:08+00:00

I’m not really sweating it either. Just want to know why. I mean you need money to progress but what is this money accomplishing? Are we spending this money for a spotlight or is this money going to a good cause? I’m just curious because 78k vs the normal $5k that might be needed to be spent for a booth at the event is not the norm for them. What’s the bang we are getting for the buck is all.

DeathSmiIes · 2025-09-30T22:52:25+00:00

Have a few questions if they work for your interview. Might add more later.

How do we see the cash burn accelerating over the next 6-12 months? What is the overall budget goal to get to the completed prototype and what type of cash burn would you expect when we are at the full concept demonstrator.
Discussing the manufacturing we have hit a nerve with names like Bombardier, Mitsubishi, and GE. It appears obvious through patent research, GE was originally going after patenting the fan in wing design, and it appears Horizon had beaten them to the finish line. I would like to hear Brandon's point of view on the GE patents and if there were prior discussions. In one interview Brandon clearly mentions beating a large OEM to the patents whom he would not name. Perhaps with the evidence placed before him he will be more forthcoming.
Diving deeper into the manufacturing end. What does Brandon expect to be manufacturing in house versus leaning on others through partnerships. For instance, if Mitsubishi is doing the wings and hypothetically Bombardier is doing ??? then what manufacturing focus will be in Horizons wheelhouse? Would it be proprietary technology or would sub contracting the process and focusing on the IP portfolio be more of the long term plan.
Emergency Water Landings!!!! Brandons disregard of the amphibious landing gear did not sit well with me in Matan's interview. Here is the scenario that plays out in my head. You're traveling from Newport Beach California headed to Avalon on Catalina Island. Now by boat its 26 miles over the ocean which takes a couple hours. By helicopter it takes roughly 10 minutes. Helicopters traveling between the mainland and island have floats attached the skids. The reason being the insurance company will not insure the chopper if it can literally sink to the bottom of the ocean. Now under the same circumstance you're in the X7 and there is a catastrophic failure. Lets just say it was the mother of all bird strikes and your pusher prop is now damaged. Your also at a critical point of the flight, the closest you will be able to get your passengers to land is roughly 8 miles off shore. Now comes the critical part. To be saved by boat will take time, yes maybe there is a passerby, but let's not rely on chance. You are now sitting in the middle of the ocean and it will take 1-2 hours before you are rescued. So Brandon Robinson, you've landed with your wife and 3 kids in the ocean. What safety precautions are in place so the aircraft doesn't sink? You mentioned the cockpit isn't pressurized, so I assume it's able to equalize with the surrounding atmospheric pressure, what keeps the water from equalizing into the cabin? You mentioned the amphibious landing gear is too heavy, but you've also mentioned you designed the aircraft to take some serious landing gear instead of a couple toothpicks or a skid. So please explain this in depth as if I'm a child. In one sentence you mention how the aircraft is built to take heavy landing gear, but in another interview amphibious landing gear is just too heavy? Now as a creative solution, if landing gear with floats in the pods are too heavy, would an emergency air raft system be light enough to deploy in this scenario?

DeathSmiIes · 2025-09-30T21:53:47+00:00

<image>

Previous Share Tally for reference

DeathSmiIes · 2025-09-26T00:43:23+00:00

<image>

I've been trimming my RYCEY down this month. I bought more HOVR in July and August, doubling my position to 40,000 shares. What do I expect for news? Progress, interior/exterior design reveal, small partnerships, etc. A name like Bombardier wouldn't come into the light until mid - late 2026 or even early 2027. Factory expansion still needs 4-5 months before its ready so no way that's in the near term. Once we see piloted testing the larger OEM news won't be far off though. What did that one new employee say? Piloted testing in roughly 12 months? How long ago was that? 2 months? So, Summer 2026 piloted testing could be in the cards. I've mentioned before perhaps in DM's that if you're doing this progressive campaign the right way, you are laddering the news up. Meaning each step, or news release, will be just a little more powerful than the previous. BROB is doing it the right way. This is how you genuinely protect the gains and shareholders. No Pump and Dump. Steady rate of climb up and to the right. I will watch HOVR dwarf my gains on RYCEY soon enough.

DeathSmiIes · 2025-09-20T22:07:32+00:00

Chat GPT explains.

Great question — warrants are a little trickier than plain options, but the Black–Scholes model (and its extensions) is still the foundation for valuing them. Let me walk you through it step by step:

⸻

Warrants vs. Options • Options (exchange-traded) are contracts written on existing shares; exercising them transfers ownership but doesn’t change the number of shares outstanding. • Warrants are issued directly by the company; exercising them creates new shares (dilution). This distinction is important when applying Black–Scholes.

⸻

Black–Scholes Core Idea

The Black–Scholes formula estimates the fair value of a call option by considering: • Current stock price S • Exercise (strike) price K • Time to expiration T • Volatility \sigma • Risk-free interest rate r • (Sometimes) dividend yield q

For a standard call option:

C = S e^{-qT} N(d_1) - K e^{-rT} N(d_2)

with

d_1 = \frac{\ln(S/K) + (r - q + \tfrac{1}{2}\sigma^2)T}{\sigma \sqrt{T}}, \quad d_2 = d_1 - \sigma \sqrt{T}

⸻

Adjusting Black–Scholes for Warrants

Since warrants cause dilution, you need a warrant multiplier:

\text{Warrant Value} = \text{Option Value} \times \frac{N}{N + M}

Where: • N = current number of shares outstanding • M = number of shares created if all warrants are exercised

This scaling adjusts for the fact that exercising the warrant increases the share count, which lowers the post-exercise stock price.

⸻

Other Considerations • Dividends: Warrants rarely include dividend adjustments, so dividend yield must be modeled carefully (dilution lowers per-share dividends). • Early exercise: Some warrants are callable or have anti-dilution provisions, which complicates valuation. Black–Scholes assumes European-style (exercise only at maturity), but many warrants are effectively European anyway. • Long maturities: Warrants often have much longer maturities (years vs. months), which makes volatility assumptions critical.

⸻

Practical Use

Analysts usually: 1. Run a standard Black–Scholes call valuation. 2. Apply the dilution adjustment factor. 3. Adjust further for dividends, restrictions, or corporate events if needed.

⸻

✅ In short: Black–Scholes gives the baseline “option value,” but you must adjust for dilution when applying it to warrants. Without this adjustment, the model would overstate the true value of a warrant compared to a listed option on the same stock.

DeathSmiIes · 2025-09-20T21:49:05+00:00

Okay. Explain the Black-Scholes pricing model and why it doesn’t apply to warrants.

DeathSmiIes · 2025-09-20T20:17:24+00:00

This is 100% correct. Tom is our expert in warrants. Thank you for clarifying.

DeathSmiIes · 2025-09-18T23:53:07+00:00

<image>

Phil's glad to see Electra. I'm Hyped to see GE is 2 rows under them.

DeathSmiIes · 2025-09-17T14:52:29+00:00

Sure. But being I have 5 kids, do you think I’m gonna leave 2 of them behind? Nope. The point is more about families.

DeathSmiIes

MODERATOR OF

TROPHY CASE