New Horizon Aircraft Ltd, or Horizon Aircraft, has reported its financial and operational results for the second quarter of fiscal 2026, ended November 30, 2025.
The company reports it has made “significant development progress on its full-scale hybrid-electric Cavorite X7 aircraft with expected assembly of the first prototype in 2026 and initial testing in early 2027.” It has strengthened liquidity with more than CD24 million of cash on hand, “positioning Horizon Aircraft with sufficient capital to achieve its goals through 2026.”
It also reports it has enhanced operational efficiency – reflected in lower administrative costs relative to increased R&D as full-scale aircraft production advances – and has been awarded a non-dilutive grant under the INSAT (The Initiative for Sustainable Aviation Technology) programme for an estimated CD10.5 million all-weather eVTOL project.
It has also doubled its engineering team year over year, with plans to double headcount again by the end of 2026.
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(Image: Horizon Aircraft)