The company said in a statement Friday it planned to run the F-35B Lightning II Joint Strike fighter through a program regular flights this year before it moved on to checking out the aircraft's short take-off and landing propulsion system and its hovering ability for short takeoffs, vertical landings and hovers starting early next year.

The F-35B has been designed to operate as the world's first STOVL aircraft that combines stealth and supersonic characteristics. Among the aircraft it will replace is the Harrier jump-jet that is operated by the U.S. Marines.

The F-35B will operate for the U.S. Marine Corps, Britain's Royal Air Force and Royal Navy, and the Italian Navy.

Lockheed Martin said the first F-35A test aircraft –which flies with regular takeoff and landing capabilities – has already carried out 40 flights and the company said it had already gone beyond its projected parameters in its performance and reliability.

Lockheed Martin described the F-35 Joint Strike Fighter as "a supersonic, multi-role, 5th generation stealth" aircraft. Three versions of the F-35 have been produced out of the same basic design allowing them to operate utilizing the same maintenance, spare parts and support systems around the world. The versatile aircraft is planned to take over operational duties from 13 other entirely different kinds of aircraft currently carrying out military duties for no less than 11 different countries.

Lockheed Martin is spearheading the F-35 JSF program working with Northrop Grumman (NYSE:NOC) and BAE Systems as its main industry partners. Two different but interchangeable engines are being produced for the aircraft by Pratt & Whitney – the F135 -- and by the General Electric (NYSE:GE) and Rolls-Royce Fighter Engine Team – the F136.