CubCrafters is raising the price of the shares of the Regulation A+ public offering to $5.45 following positive growth.
The company began accepting investments of $5 per share in November 2022 for the first time in history with a minimum investment of $400 per investor. After the offering went public, CubCrafters saw an influx of investors. CubCrafters had a strong year in 2022, with strong aircraft demand and an increase in revenue.
The aircraft demand in 2022 brought in an almost two-year backlog of orders, even with improvements in manufacturing efficiencies. Revenue increased by five percent, with more than double the net profits compared to 2021. CubCrafters earnings have returned to almost pre-pandemic levels, with EBIDTA over nine percent in 2022.
CubCrafters acquired Summit Aircraft Skis which allowed for further vertical integration. This acquisition broadened the CubCrafters product lineup. With the recent acquisition, CubCrafters added a new profit center. The acquisition included the design and manufacturing assets, patents and intellectual property. The ski design allows pilots to configure their aircraft to fly in remote areas otherwise inaccessible in the winter when many runways are not maintained.RELATED STORIES:CubCrafters Acquires Summit Aircraft SkisCubCrafters unveils Carbon Cub UL at Sun 'N Fun
The start of Sun ‘n' Fun saw the introduction of the new variant of the Carbon Cub aircraft, the Carbon Cub UL. The UL has multi-fuel technology, for MOGAS and AVGAS, and fully meets ASTM standards. It can carry two adult people with a full fuel load and baggage at a takeoff weight of 1,320 lbs and under, utilizing titanium components. The aircraft has an engine created through a new partnership, featuring automotive fuel capability and intelligent engine control.
The Carbon Cub UL was launched to international markets and there have since been about a dozen initial commitments for the aircraft in 2024 and 2025. Production for the new aircraft is projected to be built, certified and test flown as a Light Sport Aircraft (LSA) at the CubCrafters factory in Yakima, Washington. It will also meet the requirements for the Ultralight category in many international jurisdictions.
CubCrafters is in the late stage of prototyping the new Electric Lift Augmenting Slats (ELAS) for broad application to many fixed-wing aircraft. After NASA reviewed the new technology, The company was given two grants to pursue the ELAS technology, with recognition of the improvements it can make to scientific, military and civilian aircraft. CubCrafters is anticipating putting the completed ELAS technology on a test airplane in the next few months. Once the technology has been installed, the plane can fly to test it out before it is released to the public.RELATED STORIES:Red Bull pilot lands plane on Dubai skyscraperCubCrafters new slats could reduce STOL distances by up to 50 percent
In addition to the improvements to its fleet and manufacturing process, CubCrafters partnered with Red Bull to raise its international profile, performing an inspiring stunt in Dubai. A Red Bull Air Race pilot landed a fixed-wing Carbon Cub aircraft on the heliport of one of the tallest buildings in the world, the Burj Al Arab Hotel. The pilot landed a specially modified version of the CubCrafters aircraft onto the helipad on top of the 56-story hotel. The pilot, Luke Czepiela, had to land on an 88.5-foot wide helipad over 695 feet in the air. He completed over 650 practice landings before the attempt, needing about 65 feet to stop. This showed off the new UL model's adaptions and ability to maneuver.
"Since our public offering announcement, demand for our shares continued to grow," CubCrafters President and CEO Patrick Horgan said. "The milestone achievements that we announced in 2022, such as the introduction of the new Carbon Cub UL model powered by the multi-fuel Rotax 916iS engine, two rounds of NASA funding of our Electric Lift Augmenting Slats [ELAS] project, and strong 2022 financial performance drove the share price change."
"With strong emphasis on our core business, we continue to execute on capital-efficient and strategic expansions improving our product quality and performance, while working to improve and optimize our customer service and support -- all strong reasons for investors to participate in CubCrafters' bright and exciting future," Horgan said.
"We are in a unique position to serve our customers through a diverse product line that appeals to every segment of the adventure aircraft market -- both domestic and international -- which will serve us well to fuel continued growth," CubCrafters VP Brad Damm said. "We are more excited than ever about the future of this Company, and we look forward to more investors joining us in building that future."