Horizon Aircraft reports $70M cash, targets Cavorite X7 testing in 2027

New Horizon Aircraft Ltd. reported more than $70 million in cash as of August 31, 2026, and stated that management expects this liquidity to be sufficient to fund its current operating plan for at least the next 24 months. The Canadian aerospace company, listed on NASDAQ under the ticker HOVR, disclosed these figures alongside its financial and operational results for the first quarter of fiscal 2027.

The company significantly increased research and development spending relative to general and administrative costs to advance its Cavorite X7 program. According to the press release dated October 9, 2026, the full-scale demonstrator aircraft is expected to be completed by the first quarter of calendar 2027. Following completion, the company plans ground and taxi testing, followed by flight testing. CEO Brandon Robinson noted that the company is investing early in engineering, systems integration, and flight-control architecture to support a disciplined program with a foundation built for certification.

Horizon Aircraft has held several meetings with Transport Canada to design and build the full-scale demonstrator in a manner that supports progress toward certification. Development of the Cavorite X7 continues with contributions from BETA Technologies, Marshall Aerospace, RAMPF Composite Solutions, and North Aircraft Industries. The company is developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, designed to fly most of its mission in traditional wing-borne flight.

Commercial interest in the aircraft has grown, with the company signing letters of intent totaling more than US$1 billion in potential sales. These agreements represent up to 200 aircraft purchases and 5 aircraft leases. Upon successful completion of testing and certification, Horizon Aircraft intends to scale unit production to meet demand from regional aircraft operators, emergency service providers, and military customers.

The company hosted a webcast and conference call on October 9, 2026, at 8:30 a.m. Eastern Time to discuss its financial results. The event featured a video presentation by CEO Brandon Robinson and CFO Brian Merker. An archive of the webcast is available on the company's investor relations website.

The press release contains forward-looking statements regarding the targeted readiness of the Cavorite X7 for initial testing, development priorities, and funding sufficiency. These statements are subject to risks and uncertainties, including the risk that Horizon Aircraft may need to raise additional capital to execute its business plans. Actual results may differ materially from these expectations due to factors such as market changes, regulatory changes, and the company's ability to develop and certify an aircraft that meets performance expectations.