Flown in 1944 and offered to the Army as a "flying motorcycle", it was evaluated as a potential entry for Lockheed into the civilian market, but the program was cancelled before the second prototype was completed.

The design of the Model 33 originated with a private venture for a two-seat light aircraft by John Thorp, a Lockheed engineer.

[1] The Model 33 was of ordinary light-aircraft design, with a low-mounted cantilever monoplane wing and conventional empennage; powered by a 50 hp (37 kW) Franklin 2A4-49 engine, it was fitted with a fixed tricycle landing gear and proved to have STOL performance.

[1] The handling characteristics of the aircraft were considered satisfactory,[3] but the Army had lost interest in the concept,[1] despite the prototype demonstrating its performance by landing and taking off again in the courtyard of the Pentagon.

[4] Lockheed had intended to market the type as an inexpensive light aircraft on the civilian market as the Little Dipper; with the military interest having evaporated, the prototype and the partially completed second aircraft were scrapped in January 1947 for tax reasons.