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 developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, ...
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.","length":382,"tagName":"p"},{"type":"text","content":"Recent Highlights:","length":18,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"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;","length":189,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":218,"tagName":"p"}]},{"val":[{"type":"text","content":"Significant manufacturing partnerships established with world class organizations including RAMPF Composite Solutions (fuselage production) and North Aircraft Industries (wing manufacturing and structural testing);","length":214,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":204,"tagName":"p"}]},{"val":[{"type":"text","content":"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;","length":367,"tagName":"p"}]},{"val":[{"type":"text","content":"Significantly improved operational efficiency, reflected in lower administrative costs relative to increased engineering expenses as the full-scale aircraft production advances.","length":177,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1369,"olType":false},{"type":"text","content":"Bran...