New Horizon Aircraft Ltd. (NASDAQ: HOVR) released its financial and operational results for the first quarter of fiscal 2027, which ended on August 31, 2026. The company reported strong liquidity, holding more than $70 million in cash as of August 31, 2026. Management stated that this cash balance is expected to be sufficient to fund its current operating plan for at least the next 24 months.
In terms of capital allocation, the company increased its research and development spending relative to its general and administrative spending. This shift is aimed at advancing the Cavorite X7 program. The full-scale demonstrator aircraft is expected to be completed by the first quarter of calendar 2027. Following completion, the company plans to conduct ground and taxi testing, followed by flight testing.
The company has been meeting with Transport Canada to design the demonstrator aircraft in a manner that supports progress toward certification. Development of the demonstrator is advancing with support from strategic partners, including BETA Technologies, Marshall Aerospace, RAMPF Composite Solutions, and North Aircraft Industries.
Regarding commercial interest, the company has signed letters of intent totalling more than $1 billion in potential aircraft sales. These agreements represent up to 200 aircraft purchases and 5 aircraft leases.
The company will host a webcast and conference call on Friday, October 9, 2026, at 8:30 a.m. Eastern Time. The call will feature a video presentation by CEO Brandon Robinson and CFO Brian Merker.
