TORONTO, ON / ACCESS Newswire / July 16, 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 fourth quarter of fiscal 2026 ending May 31, 2026.
Recent Highlights:
Strengthened balance sheet with $78.3 million in cash, providing more than 24 months of liquidity to complete the full-scale demonstrator aircraft assembly and to advance certification and manufacturing efforts;
Technical progress toward the full-scale aircraft continues, with the first full-scale prototype on track to begin initial testing in the first quarter of calendar 2027;
BETA Technologies' advanced flight control computers will be used on the Cavorite X7. Through this partnership, BETA's fly-by-wire (FBW) platform will provide precision, stability, safety, and efficiency as the Company advances aircraft development, testing, and certification activities;
Full-scale prototype development continues to advance through strategic manufacturing partnerships with RAMPF Composite Solutions for the main fuselage and empennage structures and North Aircraft Industries for the Company's patented wing architecture;
Bolstered the leadership team with the appointment of Richard Alexander as Chief Engineer of Certified Programs and continued to scale the Company's engineering and certification capabilities. Headcount is expected to increase from 56 employees today to over 100 by summer 2027.
"This year marked a transformational period in which Horizon Aircraft moved from technology validation to full-scale aircraft development," said Brandon Robinson, Co-Founder and CEO of Horizon Aircraft. "With our strong balance sheet, increasing strategic partnerships, and a technical team that is executing our development roadmap, I couldn't be happier about the future."
Management expects key upcoming milestones to include continued subsystem integration, advancement of the full-scale prototype build, expansion of the engineering organization, and ongoing engagement with certification authorities and strategic suppliers.
For more information, visit Horizon Aircraft's website or watch its innovative technology in action on the Company's YouTube channel. Information on Horizon Aircraft's website does not constitute a part of and is not incorporated by reference into this press release.
Webcasted Earnings Call
The Company will host a webcast and conference call on Thursday, July 16, 2026 at 8:30 a.m. Eastern Time to discuss its financial results and provide a business update. The webcast will feature a video presentation by Horizon Aircraft CEO Brandon Robinson and CFO Brian Merker, accompanied by supporting visual content.