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Horizon Aircraft (NASDAQ: HOVR) moves Cavorite X7 into manufacturing

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(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

New Horizon Aircraft Ltd. reported financial and operational results for its third quarter of fiscal 2026, covering the period ended February 28, 2026, and issued an accompanying press release.

The company highlighted a key milestone as its Cavorite X7 hybrid-electric VTOL aircraft moved from the design phase into manufacturing, with management stating they are tracking to complete a full-scale prototype by the end of 2026. New Horizon also scheduled a conference call on April 14, 2026, at 8:30 a.m. Eastern Time to review results and provide a broader business update.

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Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Quarter End February 28, 2026 Third quarter of fiscal 2026 period end
Warrant Exercise Price $11.50 per share Each warrant exercisable for one Class A Ordinary Share
Earnings Call Date April 14, 2026 Conference call to discuss Q3 fiscal 2026 results
Earnings Call Time 8:30 a.m. Eastern Time Scheduled start time for results conference call
Prototype Target Timing End of 2026 Targeted completion of full-scale Cavorite X7 prototype
hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft technical
"an advanced aerospace company developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft"
emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
forward-looking statements regulatory
"This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
safe harbor provisions regulatory
"within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995"
Safe harbor provisions are rules or legal protections that shield companies or individuals from certain penalties or liabilities when they follow specific guidelines or procedures. They provide a sense of security, encouraging compliance and innovation by reducing the fear of legal repercussions if they act in good faith. For investors, these provisions help ensure that companies are transparent and accountable without the risk of unfair punishment for honest mistakes.
Cavorite X7 eVTOL technical
"successful completion of testing and certification of Horizon Aircraft’s Cavorite X7 eVTOL"
Understanding 8-K Material Events →
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): April 14, 2026

 

NEW HORIZON AIRCRAFT LTD.

(Exact name of registrant as specified in its charter)

 

British Columbia   001-41607   98-1786743
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)

 

3187 Highway 35, Lindsay, Ontario   K9V 4R1
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (613) 866-1935

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
Class A Ordinary Share, no par value   HOVR   The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share   HOVRW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On April 14, 2026, New Horizon Aircraft Ltd. (the “Company”) issued a press release announcing its financial and operating results for the quarter ended February 28, 2026. The Company will also host an earnings call on April 14, 2026, during which the Company will discuss its financial results for the quarter ended February 28, 2026 and provide a business update. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in Item 2.02 of this Current Report on Form 8-K and the press release furnished as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibits are being filed herewith:

 

Exhibit No.   Description
99.1   Press Release, dated April 14, 2026
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NEW HORIZON AIRCRAFT LTD.
     
Date: April 14, 2026 By: /s/ E. Brandon Robinson
  Name: E. Brandon Robinson
  Title: Chief Executive Officer

 

2

Exhibit 99.1

 

Horizon Aircraft Reports Results for Third Quarter of Fiscal Year 2026 and Provides Business Update

 

TORONTO, April 14, 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 third quarter of fiscal 2026 ended February 28, 2026.

 

Recent Highlights:

 

●Continued strong liquidity with $20 million in cash, including what the Company expects is sufficient working capital to get through planned aircraft development milestones through fiscal 2027;

 

●Advancing the full-scale hybrid-electric Cavorite X7 aircraft (the “Cavorite X7”) from concept to reality; the Company expects to complete assembly later in 2026 with flight testing to commence in early 2027;

 

●Significant manufacturing partnerships established with world class organizations including RAMPF Composite Solutions (fuselage production) and North Aircraft Industries (wing manufacturing and structural testing);

 

●Commenced important collaboration with MHIRJ, a subsidiary of Mitsubishi Heavy Industries Ltd., to accelerate the Cavorite X7 manufacturing program through its highly specialized engineering support team;

 

●Comprehensive evaluation performed by a globally recognized accounting firm validating the Cavorite X7’s projected operating cost of US$0.97 per available seat mile, which would significantly improve the economic performance for aircraft operators currently operating legacy helicopters and compares favorably to other aircraft in the Advanced Air Mobility space;

 

  ● Significantly improved operational efficiency, reflected in lower administrative costs relative to increased engineering expenses as the full-scale aircraft production advances.

 

Brandon Robinson, Co-Founder and CEO of Horizon Aircraft, commented, “This quarter marked a major inflection point as the Cavorite X7 aircraft transitioned from the design phase into manufacturing. With strong strategic partnerships and collaborations, growing technical capabilities, and solid liquidity, we are confidently tracking to complete our full-scale prototype by the end of 2026.”

 

For more information, visit Horizon Aircraft’s website or watch its innovative technology in action on the Company’s YouTube channel.

 

Conference Call

 

New Horizon Aircraft will host a conference call on Tuesday, April 14, 2026, at 8:30 a.m. Eastern Time to review its financial and operational results. Participants may access the call by telephone at 888-506-0062 from North America and at 973-528-0011 from international numbers (Access Code: 835351) or by joining the live webcast on the Company’s investor relations website at https://ir.horizonaircraft.com/events-presentations. A replay of the webcast will be available shortly after the call.

 

About Horizon Aircraft

 

Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace company that is developing one of the world’s first hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft designed to fly most of its mission in traditional wing-borne flight, offering industry-leading speed, range, and operational utility. Horizon Aircraft’s unique designs put the mission first and prioritize safety and performance. Upon successful completion of testing and certification of its full-scale aircraft, Horizon Aircraft intends to scale unit production to meet expected demand from regional aircraft operators, emergency service providers, and military customers.

 

For further information, visit:

 

Website www.horizonaircraft.com
LinkedIn https://www.linkedin.com/company/horizon-aircraft-inc

 

 

 

 

For further information, contact:

 

Investors:

 

Kathryn Burns
ir@horizonaircraft.com

 

Media:

 

Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
edwina@efgmediarelations.com

 

Forward-Looking Statements

 

This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “target,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements herein include, but are not limited to, statements relating to the targeted readiness of the full-scale hybrid Cavorite X7 eVTOL demonstrator aircraft for initial testing, development priorities and technical milestones; the Cavorite X7’s design specifications, anticipated operational parameters and projected performance, including assumptions regarding operating costs, fuel consumption, maintenance costs and utilization rates; funding and liquidity sufficiency and runway; certification and testing plans; and potential production, partnership, supply chain and market opportunities.

 

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon Aircraft competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon Aircraft will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Horizon Aircraft’s industry and market size; (v) financial condition and performance of Horizon Aircraft, including the condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon Aircraft; (vi) Horizon Aircraft’s ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (vii) successful completion of testing and certification of Horizon Aircraft’s Cavorite X7 eVTOL; (viii) the targeted future production of Horizon Aircraft’s Cavorite X7 aircraft; and (ix) other factors detailed by us in the Company’s public filings with the Securities and Exchange Commission (“SEC”) and under the Company’s profile on sedarplus.ca, including the disclosures under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2025, filed with the SEC and filed under the Company’s profile on sedarplus.ca on August 22, 2025. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made.

 

Readers are cautioned not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the future, it assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by applicable law. Horizon Aircraft does not give any assurance that Horizon Aircraft will achieve its expectations.

 

 

 

Source: View Original Filing on SEC EDGAR

FAQ

What did New Horizon Aircraft (HOVR) announce in its latest 8-K?

New Horizon Aircraft reported financial and operational results for the third quarter of fiscal 2026, ended February 28, 2026. It also issued a press release and scheduled a conference call to discuss performance and provide a broader business update to stakeholders.

What key milestone did Horizon Aircraft (HOVR) highlight for the Cavorite X7?

Horizon Aircraft stated that the Cavorite X7 transitioned from the design phase into manufacturing during the quarter. Management described this as a major inflection point and noted they are tracking toward completing a full-scale prototype by the end of 2026, subject to successful execution.

When was the earnings call for New Horizon Aircraft’s Q3 fiscal 2026 results?

The company scheduled its conference call for April 14, 2026, at 8:30 a.m. Eastern Time. Participants could join by telephone using North American and international access numbers or via a live webcast on the company’s investor relations website, with a replay available afterward.

What business is Horizon Aircraft (HOVR) focused on developing?

Horizon Aircraft is developing one of the first hybrid-electric VTOL aircraft, the Cavorite X7, designed to fly most of its mission in wing-borne flight. The company emphasizes speed, range, safety, and operational utility, targeting regional operators, emergency services, and potential military customers.

How does Horizon Aircraft describe its liquidity and partnerships in the update?

The company referenced strong strategic partnerships and collaborations, growing technical capabilities, and solid liquidity in its commentary. Management linked these factors to confidence in progressing manufacturing and working toward completing a full-scale Cavorite X7 prototype by the end of 2026, assuming plans proceed as intended.

Where can investors find more information about Horizon Aircraft (HOVR)?

Further information is available on Horizon Aircraft’s main website and investor relations site, including access to the webcast of its results call. The company also highlights video content on its YouTube channel and maintains a LinkedIn presence under Horizon Aircraft Inc. for additional corporate updates.

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