Business
Horizon Aircraft Provides Business Update and Second Quarter of Fiscal 2026 Results
TORONTO, ONTARIO / ACCESS Newswire / January 14, 2026 / New Horizon Aircraft Ltd. (NASDAQ:HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), an advanced aerospace engineering company and developer of one of the world's ...
About this update from New Horizon Aircraft Ltd.
[{"type":"text","content":"TORONTO, ONTARIO / ACCESS Newswire / January 14, 2026 / New Horizon Aircraft Ltd. (NASDAQ:HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), an advanced aerospace engineering company and developer of one of the world's first hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft, today reported its financial and operational results for the second quarter of fiscal 2026, ended November 30, 2025.","length":458,"tagName":"p"},{"type":"text","content":"Highlights include:","length":19,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Made significant development progress on its full-scale hybrid-electric Cavorite X7 aircraft with expected assembly of the first prototype in 2026 and initial testing in early 2027;","length":181,"tagName":"p"}]},{"val":[{"type":"text","content":"Strengthened liquidity with more than $24 million of cash on hand, positioning Horizon Aircraft with sufficient capital to achieve its goals through 2026;","length":154,"tagName":"p"}]},{"val":[{"type":"text","content":"Enhanced operational efficiency, reflected in lower administrative costs relative to increased R&D as full-scale aircraft production advances;","length":146,"tagName":"p"}]},{"val":[{"type":"text","content":"Awarded a non-dilutive grant under the INSAT (The Initiative for Sustainable Aviation Technology) program for an estimated $10.5 million all-weather eVTOL project; and","length":167,"tagName":"p"}]},{"val":[{"type":"text","content":"Doubled its highly experienced engineering team year over year, with plans to double headcount again by the end of 2026.","length":120,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":768,"olType":false},{"type":"text","content":"Brandon Robinson, Co-Founder and CEO of Horizon Aircraft, commented, "The progress achieved during the second quarter of fiscal 2026 provides strong momentum toward completing our full-scale aircraft and commencing initial testing within the next 12 to 18 months. Over the next six months, we will remain focused on expanding our world-class engineering team, scaling our supply chain, and deepening strategic partnerships that support our long-term vision."","length":468,"tagName":"p"},{"type":"text","content":"Brian Merker, CFO of Horizon Aircraft, added, "With significantly ...