- CubCrafters is an aircraft design and manufacturing company focused on supporting the independent exploration of backcountry locales with a variety of models in multiple aircraft certification classes
- The Washington-based company announced plans for a public offering of its stock this summer, now pending imminent qualification by the SEC
- The public funding of the company will give CubCrafters capital that it plans to use to accelerate the pace of fulfilling customer orders and increasing its service capabilities for existing clients
- The Reg A filing announced in July with a $50 million target offering attracted $5 million in reservations within just the first 48 hours, building to over $20 million in reservations in the following weeks
- Analysts predict the light aircraft market will continue to grow at a CAGR of of 5.9 percent through 2030 to command sales of $11.9 billion
Best-in-class backcountry aircraft producer CubCrafters turned heads when the company announced in July that it will make a public offering to raise investment capital through the sale of preferred stock.
Within the first 48 hours of its announcement, CubCrafters received $5 million in reservations for 1 million planned shares, which has grown beyond $20 million in reservations in the subsequent weeks as the company awaits qualification for its listing from the U.S. Securities and Exchange Commission (“SEC”). The reservations for the company’s shares have taken off, rising closer and closer to its initial goal for the public offering (https://nnw.fm/sTdcA).
“As our company has grown, we’re the only company now doing four categories of airplanes. We’re doing Part 23 certified, experimental, builder-assist kits, as well as Light Sport,” President and CEO Patrick Horgan told the Aero-News Network in July at the Experimental Aircraft Association’s annual AirVenture event in Oshkosh, Wis. (https://nnw.fm/f8V36).
“Jim Richmond is the guy who started our business. … He initiated this idea, to grow our business through a public offering versus divesting it of a foreign source or another way,” Horgan said. “We’re innovating, we’re always working on new things. … And this will help us on the pace of those, which is what our customers want.”
Vice President of Sales and Marketing Brad Damm underscored the company’s intention to use an infusion of funding to accelerate the rate of production by noting that CubCrafters was already sold out for all of this year and next year, as well as at least halfway through 2024 with the expectation that the company would soon be taking orders for 2025.
“We’ve got to get that down and get airplanes to customers faster,” Damm said. “We are also targeting better service and better customer support. We’ve got a fleet of about 1,500 airplanes out there now (and) customers want, need and deserve that support.”
CubCrafters’ legacy stands in reviving the classic Piper PA-18 Super Cub light aircraft design with a completely modern approach over the past 40-plus years.
In August, the company rolled out a new lightweight engine for its Carbon Cub model that improves on the CC340 that made previously unheard-of short takeoff and landing (“STOL”) performance possible for backcountry enthusiasts.
The new CC363i F/P is a higher displacement fuel-injected engine with more horsepower than the CC340, according to the company. Following the final phases of flight testing, CubCrafters is beginning to ship engine kits to customers this month (https://nnw.fm/KdppO).
The company has developed seven models that emphasize flexibility in options for backcountry exploration with landing gear configurations including nosewheel, tailwheel, floats, and skis.
Damm said the market for backcountry exploration bush planes “has really exploded” as COVID-weary populations began seeking out options for fun, safe travel and self-determination, which is borne out by analysts’ forecasts that light and ultralight aircraft sales will hit $11.9 billion by 2030 (https://nnw.fm/zyPtE).
For more information, visit the company’s website at www.CubCrafters.com.
NOTE TO INVESTORS: The latest news and updates relating to CubCrafters Inc. are available in the company’s newsroom at https://nnw.fm/CUB
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