TORONTO, Aug. 22, 2025 (GLOBE NEWSWIRE) — New Horizon Aircraft (NASDAQ:HOVR), doing business as Horizon Aircraft (“Horizon” or the “Company”), an advanced aerospace engineering company and developer of one of the world’s first hybrid electric Vertical Take-Off and Landing (VTOL) aircraft, today provided its business update and financial results for the fourth quarter and year ended May 31, 2025.
Highlights include the following:
- One of the world’s first ever successful fan-in-wing forward transition flights in May 2025 with the Company’s large-scale prototype aircraft;
- Strong balance sheet with 18+ months of liquidity;
- Efficient approach to commercialization resulting in significantly reduced aircraft development costs relative to other eVTOL organizations;
- World-class talent acquisition with the additions of Thomas Brassington, Justin Chapman, Andrea Mocellin, and John Wyzykowski to the engineering team; and
- Significant commitments from government agencies for non-dilutive funding grants.
“This was a pivotal year across all facets of our business – design, technical testing, personnel hires, and funding,” said Brandon Robinson, CEO of Horizon Aircraft. “Our achievements were highlighted in May 2025 by being one of the first eVTOL companies to successfully achieve forward transition flight of a large-scale prototype that uses fan-in-wing technology. This milestone lends tremendous credibility to the design of our Cavorite X7 aircraft that is expected to lead the industry in all major performance categories, including speed, range, and payload.”
Horizon Aircraft CFO Brian Merker added, “With added resources from funding efforts in both fiscal 2025 and Q1 of fiscal 2026, we now have approximately $17 million of cash …