CubCrafters Reports ‘Banner’ Year, Stock Price Boost

The light sport and Part 23-certificated aircraft manufacturer began accepting investments in November at $5 per share with a minimum $400 investment.

"Since that time, investors have enthusiastically responded and subscribed to the stock offering," the company reported Thursday.

The past year has been a good one for the company, according to its recent report to investors. Its revenue rose 5 percent in 2022, doubling its net profits over those reported in 2021. CubCrafters broadened its product lineup through the acquisition of Summit Aircraft Skis, and it launched the Carbon Cub UL, designed to capture a larger share of the European ultralight market. 

"Earnings have returned to near pre-pandemic levels, with EBIDTA (earnings before interest, taxes, depreciation, and amortization) above 9 percent in 2022," the company said.

Demand for new aircraft has also remained strong, with a nearly two-year backlog in orders.

In the past year, the company has increased its number of employees nearly 14 percent to 214. It boosted its productivity nearly 28 percent with the assembly of 65 aircraft, up from 51 produced in 2021. CubCrafters also launched initial testing of a new electric propulsion technology for fixed wing aircraft and integrated robotics into some of its aircraft parts manufacturing process.

“Since our public offering announcement, demand for our shares continued to grow,” Patrick Horgan, CubCrafters’ president and CEO, said in a statement. “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.” 

The company reported its international profile also rose earlier this year through a collaboration with Red Bull for the incredible short landing on the helipad atop the 56-story Burj Al Arab Hotel in Dubai, United Arab Emirates. Red Bull Air Race pilot and Carbon Cub owner Luke Czepiela flew a modified Carbon Cub onto the 90-foot wide pad towering 695 feet above sea level.

“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,” said Brad Damm, CubCrafters’ vice president.