- CubCrafters’ announcement about filing for Reg A qualification with the SEC was met with enthusiasm as investors pledged $5 million in reservations for 1 million planned shared in the first 48 hours following the announcement
- The company intends to use some of the infusion of funding to accelerate production rates as they are sold out through late-2024and anticipate taking orders for 2025 soon
- The backcountry aircraft market is expected to reach $11.9 billion by 2030
- CubCrafters company focuses on four main product lines – the Carbon Cub FX, NXCub, XCub, and Carbon Cub EX kits, and announced a new engine option in August 2022
The light and ultralight aircraft market is projected to grow from $7.5 billion in 2022 to $11.9 billion in 2030, driven by the number of backcountry enthusiasts growing on the heels of the COVID-19 pandemic (https://ibn.fm/xH1g2). “Light aircraft” is classified as any aircraft with a maximum gross takeoff weight of 12,500 pounds or less and are most commonly used for general aviation purposes. Best-in-class backcountry aircraft producer CubCrafters is leveraging the anticipated industry growth after announcing its intentions of a public offering under Reg A qualifications with the U.S. Securities and Exchange Commission (“SEC”).
Within the first 48 hours of the company’s announcement, CubCrafters was met with enthusiastic investor interest, with $5 million in reservations for 1 million planned shares, growing to over $25 million in reservations and is on track to reach its planned $50 million target as it awaits qualification for its listing with the SEC.
CubCrafters was founded in 1980 by Jim Richmond after a thorough fact-finding mission in Alaska, resulting in selling his home insulation business and switching to rebuilding Super Cubs. The company is driven by Jim’s vision and the ability to optimize performance potential of the Super Cub legacy. CubCrafters introduced its first new aircraft in 1999, the Piper/CubCrafters PA18, built under the FAA’s Spare & Surplus Rule.
The company focuses on four main product lines – the Carbon Cub FX, NXCub, XCub, and Carbon Cub EX kits. The models are built to be lightweight and powerful, with some emphasizing short take-off and landing capabilities, and others built for longer missions in unforgiving backcountry environments. Dominating this sector, the company has developed seven models that emphasize flexibility, including varied landing gear configurations such as nosewheel, tailwheel, floats, and skis.
In the Reg A announcement, Vice President of Sales and Marketing Brad Damm discussed how CubCrafters plans to use an infusion of funding to accelerate the production rate, making special note that the company has already sold out through late-2024 and is expecting to begin taking orders for 2025. (Source)
In August, the company debuted a new lightweight engine for its Carbon Cub model, improving the CC340 that made previously unheard-of short takeoff and landing 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 CubCrafters. As the flight test program is nearing completion, new engines will begin shipping to customers, with priority given to those wishing to upgrade their existing kit aircraft order.
“This is an engine our customers have been specifically asking for, especially our kit aircraft customers. It’s simple to operate and has better overall performance than any of the other fixed-pitch engines we offer,” said Damm, who flew the first CC363i F/P equipped Carbon Cub (https://ibn.fm/Qmih4). “It’s smoother, more fuel efficient, and it cools better. Customers who choose this new engine are going to be pleased for sure.”
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://ibn.fm/CUB