The Pegasus is conventional by Unmanned Aerial System (UAS) standards, incorporating a twin-boom, pusher-prop engine along with a slab-sided fuselage and high-mounted wings.

The twin booms emanate from the trailing edge of each mainplane and are capped at the rear by vertical tailplanes, joined together by a shared horizontal plane.

Ten units including the ground station infrastructure were produced by Hellenic Aerospace, and a number of them by KEA to facilitate its performance optimization.

[5] Pegasus II can carry a maximum payload weight of 50 kg and thanks to the wide use of composite materials for its construction, it represents a substantial improvement from the initial design.

Expectations for its use as a weapons carrier were limited, as the relatively small payload capacity makes it less suitable for these type of missions.