NEW HORIZON AIRCRAFT LTD (NASDAQ:HOVR) Reports Q2 2026 Results, Highlights Development Progress and $24M Cash Runway

NEW HORIZON AIRCRAFT LTD (NASDAQ:HOVR) reported its financial results for the second quarter of fiscal 2026, ending November 30, 2025. The figures highlight the company's current status as a pre-revenue, development-stage enterprise in the competitive electric vertical take-off and landing (eVTOL) sector. The market's reaction in early trading suggests investors are weighing significant operational progress against ongoing financial losses.

Earnings and Revenue Versus Estimates

For the quarter, Horizon Aircraft's financial performance was squarely in line with expectations for a company yet to generate sales, though its net loss was wider than analysts had projected.

• Revenue: The company reported $0.0 million in revenue, matching analyst estimates. This was anticipated, as Horizon remains focused on engineering and prototyping its hybrid-electric Cavorite X7 aircraft.
• Earnings Per Share (EPS): The company reported a non-GAAP loss per share of ($0.21), which was more than double the analyst estimate for a loss of ($0.095). This wider-than-expected loss reflects the intensive research and development (R&D) spending required to advance the aircraft program.

Market Reaction and Price Action

The stock's immediate price action following the earnings release indicates a cautiously optimistic response from investors. In pre-market trading, shares of HOVR rose approximately 1.5%. This positive move, albeit modest, suggests the market is looking beyond the quarterly loss and focusing on the operational milestones and strengthened financial position outlined in the company's business update.

The recent performance over longer periods shows notable volatility with a positive trend:

• Last Week: +7.6%
• Last Two Weeks: +37.2%
• Last Month: +15.0%

This upward momentum in recent weeks likely reflects building investor anticipation ahead of the earnings report and business update.

Key Operational Highlights from the Business Update

The press release accompanying the earnings focused heavily on developmental progress and financial runway, which appear to be the primary drivers for investor sentiment.

• Prototype Timeline: The company reported "significant development progress" on its full-scale Cavorite X7, targeting assembly of the first prototype in 2026 and initial testing in early 2027.
• Strengthened Balance Sheet: Horizon highlighted a liquidity position of over $24 million in cash, which it believes is sufficient to fund operations through 2026. This was complemented by the award of a non-dilutive government grant worth an estimated $10.5 million for an all-weather eVTOL project.
• Team and Efficiency: The engineering team has doubled year-over-year, with plans to double headcount again by the end of 2026. The company also noted enhanced operational efficiency, with administrative costs being managed relative to increased R&D spending.

Outlook and Forward Estimates

The company's update did not provide specific financial guidance for future revenue or earnings. Management's outlook is purely operational, centered on expanding the engineering team, scaling the supply chain, and deepening strategic partnerships over the next six months.

Analyst estimates for the coming periods reflect the continued expectation of no near-term revenue:

• Q3 Fiscal 2026 EPS Estimate: Loss of ($0.097)
• Q3 Fiscal 2026 Revenue Estimate: $0.0 million
• Full Year Fiscal 2026 EPS Estimate: Loss of ($0.694)
• Full Year Fiscal 2026 Revenue Estimate: $0.0 million

These estimates underscore that Horizon Aircraft's investment story for the foreseeable future will hinge on the successful execution of its technical milestones and the preservation of its capital runway, rather than traditional sales and profit metrics.

For a detailed look at historical earnings and future analyst estimates for Horizon Aircraft, you can review the data here.

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