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New Horizon Aircraft Ltd., an advanced aerospace company developing one of the first hybrid-electric VTOL aircraft, reported financial and operational results for the fourth quarter and fiscal year ended May 31, 2026. It highlighted a strengthened balance sheet of $78.3 Million and continued progress on full-scale development of its Cavorite X7 aircraft.
The company scheduled a webcast and conference call on July 16, 2026 at 8:30 a.m. Eastern Time, featuring CEO Brandon Robinson and CFO Brian Merker, to discuss results and provide a business update. The accompanying press release also includes extensive forward-looking statements about funding, testing, certification, production and market opportunities, all subject to significant risks and uncertainties.
New Horizon Aircraft Ltd., a British Columbia-based aerospace OEM, is developing the hybrid-electric Cavorite X7, a 7-seat eVTOL aircraft for the Regional Air Mobility market. The design targets speeds above 250 miles per hour, range over 500 miles and a useful load of 1,500–1,800 lbs.
The aircraft uses patented fan-in-wing HOVR Wing technology and a hybrid powertrain so it can take off vertically yet cruise like a conventional airplane, operate from austere locations and potentially be certified for flight into known icing. The company has completed flight testing of a 50%-scale prototype and is building a full-scale demonstrator.
New Horizon completed a SPAC business combination in January 2024 and has not yet started commercial operations, expecting no material aircraft sales before Transport Canada Type Certification, which it targets before 2030, with first deliveries in 2029 at the earliest. It holds 31 patents, reported $13.2 million in R&D expense in fiscal 2026, and had 66,825,837 Class A shares outstanding as of July 16, 2026.
New Horizon Aircraft’s Head of People and Strategy, Lee Stewart Murray, had 103,734 Performance Share Units vest on May 26, 2026 based on market‑capitalization performance, converting into an equal number of Class A ordinary shares. To cover tax obligations, 26,047 shares were withheld at $3.68 per share with no cash proceeds, leaving him holding 269,433 Class A shares directly. These PSUs vest under performance hurdles tied to a US$250,000,000 market‑capitalization target and share returns versus the Russell Microcap Index.
New Horizon Aircraft Ltd. Chief Operating Officer Jason O'Neill exercised performance share units into 103,734 Class A shares on May 26, 2026. 30,782 shares were disposed of to cover tax obligations, and the vesting was tied to market-cap and index-based performance criteria, leaving 146,266 PSUs outstanding.
New Horizon Aircraft Ltd. Chief Financial Officer Brian Frederick Merker exercised 129,668 Performance Share Units (PSUs) into Class A ordinary shares on May 26, 2026, at $0.00 per unit. To cover taxes, 38,478 shares were disposed of at $3.68 per share, with no cash proceeds to him.
After these transactions, he holds 363,622 Class A shares directly and 182,832 PSUs. A footnote notes that 207,468 PSUs vested based on market capitalization performance criteria tied to a US$250,000,000 target.
New Horizon Aircraft Ltd. chief executive Eric Brandon Robinson reported vesting and exercise of 207,468 Performance Share Units (PSUs) into Class A ordinary shares on May 26, 2026, based on market capitalization performance criteria. Of these, 52,093 shares were disposed of to cover tax withholding obligations, with no cash proceeds to him.
Robinson now holds 634,226 Class A ordinary shares directly, including shares acquired under the employee share purchase plan, and 1,372,510 shares indirectly through Robinson Family Ventures Inc., for which he disclaims beneficial ownership beyond his pecuniary interest. He also retains 292,532 PSUs expiring on December 15, 2029.
Dustin Shindo filed Amendment No. 3 to his Schedule 13D on New Horizon Aircraft Ltd., reporting beneficial ownership of 2,656,000 Class A Ordinary Shares, or 4.1% of the class. This includes 120,000 Class A Ordinary Shares issuable upon exercise of private placement warrants at an exercise price of $11.50 per share.
In recent trading, he sold 14,918 Class A Ordinary Shares on the Nasdaq Capital Market at a weighted average price of $3.19 per share, 201,920 warrants at a weighted average price of $0.52 per warrant, and 243,455 warrants at a weighted average price of $0.49 per warrant. Based on increases in outstanding Class A Ordinary Shares, he states he ceased to be the beneficial owner of more than five percent of the class no later than May 26, 2026.
New Horizon Aircraft Ltd. closed a registered direct offering of 9,960,160 Class A Ordinary Shares, raising approximately $25 million in gross proceeds. The company plans to use the net proceeds to fully fund completion of its Cavorite X7 hybrid-electric VTOL prototype and move the program toward testing, certification and commercial production.
The offering was made to institutional investors under an effective shelf registration statement on Form S-3 and was placed by Titan Partners as sole placement agent. These steps provide additional capital to support New Horizon Aircraft’s development and certification plans for its Cavorite X7 aircraft platform.
New Horizon Aircraft Ltd. is amending its prior prospectus supplements to reduce the maximum aggregate amount of Class A ordinary shares available for sale under its Capital on Demand™ Sales Agreement with JonesTrading Institutional Services LLC from $50,000,000 to $28,000,000. The supplement states that $6,567,156 remains available for sale from and after the supplement date. The company’s Common Shares trade on Nasdaq under the symbol HOVR, with a reported last sale price of $3.14 on May 22, 2026. This supplement amends and supersedes portions of the prior prospectus supplements and is conditioned on the terms set forth in the Sales Agreement.
New Horizon Aircraft Ltd. closed a registered direct offering of 9,254,889 Class A Ordinary Shares, generating gross proceeds of approximately $20 million.
The company plans to use the net proceeds to fund and accelerate development and buildout of its Cavorite X7 hybrid-electric VTOL aircraft program, and for working capital and general corporate purposes. The transaction was conducted under an effective Form S-3 shelf registration, with Titan Partners acting as sole placement agent.