This paper presents a performance analysis on a novel engine concept, currently under development, in order to achieve hybrid air-breathing rocket technology. A component-level approach has been developed to simulate the performance of the engine at Mach 5, and the thermodynamic interaction of the different working fluids has been analysed. The bypass ramjet duct has also been included in the model. This facilitates the improved evaluation of performance parameters. The impact of ram drag induced by the intake of the engine has also been demonstrated. The whole model is introduced into a multi-platform application for aeroengine simulation to make it accessible to the interested reader. Results show that the bypass duct modelling increases the overall efficiency by approximately 7%. The model calculates the specific impulse at approximately 1800 seconds, which is 4 times higher than any chemical rocket.