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HOVR

New Horizon Aircraft Ltd.

HOVR

New Horizon Aircraft Ltd. • NASDAQ
$1.65 ▲ 1.85% (+0.03)
Market Cap $67.61 M
52w High $4.18
52w Low $0.35
Dividend Yield 0%
P/E 82.5
Volume 319.46K
Outstanding Shares 40.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $0 $5.909M ▲ $-10.903M ▼ 0% $-0.29 ▼ $-10.852M ▼
Q4-2025 $0 $4.053M ▲ $-6.611M ▼ 0% $-0.21 ▼ $-4.013M ▼
Q3-2025 $0 $3.554M ▲ $-4.943M ▼ 0% $-0.17 ▼ $-3.517M ▼
Q2-2025 $0 $3.274M ▲ $19.664M ▲ 0% $0.83 ▲ $-3.243M ▼
Q1-2025 $0 $2.705M $-2.911M 0% $-0.15 $-2.675M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $16.267M ▲ $17.043M ▲ $6.23M ▲ $10.813M ▲
Q4-2025 $7.547M ▼ $8.412M ▼ $5.822M ▲ $2.59M ▼
Q3-2025 $9.196M ▲ $10.328M ▲ $3.331M ▼ $6.997M ▲
Q2-2025 $887K ▼ $1.962M ▼ $4.315M ▼ $-2.353M ▲
Q1-2025 $3.822M $6.237M $28.37M $-22.133M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-10.903M ▼ $-2.364M ▲ $-139K ▼ $11.223M ▲ $8.72M ▲ $-2.503M ▲
Q4-2025 $-6.611M ▼ $-2.505M ▲ $-44K ▲ $900K ▼ $-1.649M ▼ $-2.549M ▲
Q3-2025 $-4.942M ▼ $-2.623M ▲ $-91K ▼ $11.023M ▲ $8.309M ▲ $-2.714M ▲
Q2-2025 $19.664M ▲ $-2.709M ▼ $-7K ▼ $-219K ▼ $-2.935M ▼ $-2.716M ▼
Q1-2025 $-2.911M $-1.475M $0 $3.481M $2.006M $-1.475M

Five-Year Company Overview

Income Statement

Income Statement HOVR is still a pure development-stage company, with essentially no revenue and a small but real operating loss. The income statement today is more about funding the engineering team and corporate overhead than running a business. The recent swing in reported earnings per share likely reflects SPAC-related and one‑time accounting effects, not a sudden improvement in the underlying business. Until aircraft are certified and delivered, financial performance will remain driven by spending levels rather than sales or margins.

Balance Sheet

Balance Sheet The balance sheet is very light and mostly made up of cash, with no meaningful debt and limited tangible assets so far. This is typical for an early aerospace program before full-scale production facilities and inventory build-up. The absence of leverage reduces financial strain, but the thin equity and modest cash base also mean the company is highly dependent on future capital raises to fund development, testing, and certification. The current balance sheet provides little buffer against delays or cost overruns.

Cash Flow

Cash Flow Cash flow is negative, reflecting cash being used to pay engineers, build prototypes, and run the business, with no incoming cash from product sales yet. Capital spending looks modest so far, suggesting the company is still in the design and prototype phase rather than heavy industrial build-out. Over time, cash burn is likely to rise as flight testing, certification work, and manufacturing preparation accelerate. The key financial question is not current burn, but whether HOVR can consistently access new funding to bridge the long gap to commercialization.

Competitive Edge

Competitive Edge HOVR’s competitive position rests on a clear point of differentiation: a hybrid-electric eVTOL designed for longer regional missions, higher payloads, and all‑weather capability, rather than short urban hops. Its patented HOVR wing, hybrid powertrain, and focus on instrument-rated, icing-capable operations give it a distinct technical profile compared with mostly all‑electric rivals. Interest from potential customers and defense-related use cases supports the value proposition. At the same time, the company faces intense competition from larger, better-funded eVTOL and aerospace players, plus incumbent helicopters and regional aircraft. Certification complexity, safety perceptions, and the need to build trust with regulators and operators are all significant competitive hurdles.

Innovation and R&D

Innovation and R&D Innovation is the core of HOVR’s story. Nearly all of its effort is concentrated on the Cavorite X7, a single flagship aircraft with a patented fan‑in‑wing system and hybrid-electric architecture. The design aims to blend the flexibility of a helicopter with the efficiency of a conventional airplane, and early prototype work has reportedly demonstrated key transitions. The roadmap is clear but long: scaling to a full-size aircraft, achieving progressive test milestones, and navigating a demanding certification path before any commercial deliveries, which are still years away. This concentrated R&D focus creates strong differentiation but also concentrates risk in one platform, one technology stack, and one regulatory outcome.

Summary

HOVR is best viewed as an early-stage aerospace technology venture rather than an operating industrial company at this point. Financial statements show a pre‑revenue business that is spending cash to advance a complex aircraft program, with a clean but very small balance sheet and ongoing negative cash flow. The potential upside is tied to the successful development, certification, and commercialization of the Cavorite X7 and the ability to turn technical advantages—range, payload, hybrid flexibility, and all‑weather capability—into sustained demand. The main risks are long timelines, execution and certification uncertainty, heavy reliance on external funding, and fierce competition from both traditional aviation and other advanced air mobility players. For now, the story is driven far more by engineering and regulatory progress than by conventional financial metrics.

NEWS

November 26, 2025 · 8:00 AM UTC

Horizon Aircraft Welcomes Esteemed Test Pilot-Astronaut Jameel Janjua to its Board of Directors

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November 21, 2025 · 8:00 AM UTC

Horizon Aircraft's VTOL Targets Flight Operations in Icing Conditions that Ground Most Helicopters

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November 6, 2025 · 8:13 AM UTC

Canadian Air Force Visits Horizon Aircraft Indicating Growing Interest in Hybrid eVTOL

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November 3, 2025 · 8:20 AM UTC

Horizon Aircraft to Participate in November and December Conferences

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October 24, 2025 · 8:20 AM UTC

Horizon Aircraft Awarded INSAT Grant to Help Fund $10.5 Million All-Weather eVTOL Project

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