Business
Horizon Aircraft Reports Results for Third Quarter of Fiscal Year 2026 and Provides Business Update
TORONTO, ON / ACCESS Newswire / April 14, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR), an advanced aerospace company
About this update from New Horizon Aircraft Ltd.
[{"type":"text","content":"TORONTO, ON / ACCESS Newswire / April 14, 2026 / New Horizon Aircraft Ltd. (\"Horizon Aircraft\" or the \"Company\") (NASDAQ:HOVR), an advanced aerospace company developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, today reported its financial and operational results for the third quarter of fiscal 2026 ended February 28, 2026.Recent Highlights:Continued strong liquidity with $20 million in cash, including what the Company expects is sufficient working capital to support planned aircraft development milestones through fiscal 2027;Advancing the full-scale hybrid-electric Cavorite X7 aircraft (the \"Cavorite X7\") from concept to reality; the Company expects to complete assembly later in 2026 with flight testing to commence in early 2027;Significant manufacturing partnerships established with world class organizations including RAMPF Composite Solutions (fuselage production) and North Aircraft Industries (wing manufacturing and structural testing);Commenced important collaboration with MHIRJ, a subsidiary of Mitsubishi Heavy Industries Ltd., to accelerate the Cavorite X7 manufacturing program through its highly specialized engineering support team;Comprehensive evaluation performed by a globally recognized accounting firm validating the Cavorite X7's projected operating cost of US$0.97 per available seat mile, which would significantly improve the economic performance for aircraft operators currently operating legacy helicopters and compares favorably to other aircraft in the Advanced Air Mobility space;Significantly improved operational efficiency, reflected in lower administrative costs relative to increased engineering expenses as the full-scale aircraft production advances.Brandon Robinson, Co-Founder and CEO of Horizon Aircraft, commented, \"This quarter marked a major inflection point as the Cavorite X7 aircraft transitioned from the design phase into manufacturing. With strong strategic partnerships and collaborations, growing technical capabilities, and solid liquidity, we are confidently tracking to complete our full-scale prototype by the end of 2026.\"For more information, visit Horizon Aircraft's website or watch its innovative technology in action on the Company's YouTube channel.Conference CallNew Horizon Aircraft will host a conference call on Tuesday, April 14, 2026, at 8:30 a.m...