New Horizon Aircraft Financials
This page shows New Horizon Aircraft (HOVR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
For every $1 of reported earnings, New Horizon Aircraft generates $-0.25 in operating cash flow (-$2.1M OCF vs $8.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
New Horizon Aircraft reported $8.6M in net income in fiscal year 2023.
Cash & Balance Sheet
New Horizon Aircraft held $16K in cash against $0 in long-term debt as of fiscal year 2023.
Margins & Returns
Capital Allocation
HOVR Income Statement
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $270K | N/A | N/A | N/A | $138K | N/A | N/A | N/A |
| SG&A Expenses | $989K | N/A | N/A | N/A | $155K | N/A | N/A | N/A |
| Operating Income | -$1.3M | N/A | -$612K-107.0% | -$296K-127.1% | -$130K | N/A | -$1K-30.4% | -$1K |
| Interest Expense | $15K | N/A | N/A | N/A | $21K | N/A | N/A | N/A |
| Income Tax | N/A | N/A | $757K | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$5.3M-617.0% | -$740K-756.8% | $113K-89.9% | $1.1M-100.0% | $499.4B+129718022.1% | -$385K-27012.7% | -$1K-30.4% | -$1K |
| EPS (Diluted) | $-0.45 | N/A | N/A | N/A | $-0.04 | N/A | N/A | N/A |
HOVR Balance Sheet
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.8M-94.4% | $122.1M+0.3% | $121.7M+1.1% | $120.4M+1.0% | $119.3M+25916.0% | $458K | N/A | N/A |
| Current Assets | $6.6M+5288.0% | $122K-45.3% | $223K-55.7% | $502K-35.6% | $780K+769.6% | $90K | N/A | N/A |
| Cash & Equivalents | $4.4M+27257.8% | $16K-76.4% | $68K-70.1% | $228K+75.4% | $130K+47.3% | $88K-57.3% | $207K+5073.0% | $4K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $127K | N/A | N/A | $15K | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $23.0M-82.2% | $128.9M-3.9% | $134.2M+8.7% | $123.4M+1.2% | $122.0M+27489.5% | $442K | N/A | N/A |
| Current Liabilities | $2.3M+133.5% | $986K-21.2% | $1.3M+677.6% | $161K+24.7% | $129K-70.8% | $442K | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$16.1M-135.2% | -$6.9M+45.1% | -$12.5M-315.8% | -$3.0M-10.9% | -$2.7M-16731.2% | $16K-26.4% | $22K-6.0% | $24K |
| Retained Earnings | -$13.0M-89.1% | -$6.9M+45.1% | -$12.5M-315.8% | -$3.0M-10.9% | -$2.7M-31135.1% | -$9K | N/A | N/A |
HOVR Cash Flow Statement
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | -$1.4M-531.8% | -$215K+10.0% | -$239K+24.0% | -$314K-7157.6% | -$4K-2640.5% | -$158+97.2% | -$6K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | $1.1M | $0 | $0+100.0% | -$117.9M | N/A | N/A | N/A |
| Financing Cash Flow | N/A | $175K | $0-100.0% | $206-100.0% | $118.6M+103870.0% | -$114K-327.4% | -$27K-111.2% | $239K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HOVR Financial Ratios
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -2360.1%-2353.7pp | -6.4%-1.8pp | -4.6% |
| Return on Assets | -77.8%-77.2pp | -0.6%-0.7pp | 0.1%-0.8pp | 0.9%-418722.3pp | 418723.2%+418807.2pp | -84.0% | N/A | N/A |
| Current Ratio | 2.85+2.7 | 0.12-0.1 | 0.18-2.9 | 3.12-2.9 | 6.04+5.8 | 0.20 | N/A | N/A |
| Debt-to-Equity | -1.42+17.4 | -18.79-8.1 | -10.73+30.3 | -41.02+3.9 | -44.96-72.1 | 27.10 | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$6.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.12), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
Is New Horizon Aircraft profitable?
Yes, New Horizon Aircraft (HOVR) reported a net income of $8.6M in fiscal year 2023.
What is New Horizon Aircraft's operating cash flow?
New Horizon Aircraft (HOVR) generated -$2.1M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.
What are New Horizon Aircraft's total assets?
New Horizon Aircraft (HOVR) had $122.1M in total assets as of fiscal year 2023, including both current and long-term assets.
What is New Horizon Aircraft's current ratio?
New Horizon Aircraft (HOVR) had a current ratio of 0.12 as of fiscal year 2023, which is below 1.0, which may suggest potential liquidity concerns.
What is New Horizon Aircraft's debt-to-equity ratio?
New Horizon Aircraft (HOVR) had a debt-to-equity ratio of -18.79 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is New Horizon Aircraft's return on assets (ROA)?
New Horizon Aircraft (HOVR) had a return on assets of 7.1% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
What is New Horizon Aircraft's cash runway?
Based on fiscal year 2023 data, New Horizon Aircraft (HOVR) had $16K in cash against an annual operating cash burn of $2.1M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is New Horizon Aircraft's debt-to-equity ratio negative or unusual?
New Horizon Aircraft (HOVR) has negative shareholder equity of -$6.9M as of fiscal year 2023, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
Are New Horizon Aircraft's earnings high quality?
New Horizon Aircraft (HOVR) has an earnings quality ratio of -0.25x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.