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New Horizon Aircraft Ltd.
HOVRCIK 0001930021NasdaqEmerging GrowthAircraftA1CAFY ends May 31
Period
FY 2025
Revenue
—
Net Income
$5.20M
Total Assets
$8.41M
Equity
$2.59M
Shares Out
45.26M
Op. Cash Flow
$-9.31M
Business
New Horizon Aircraft Ltd. is an advanced aerospace OEM designing and developing hybrid-electric eVTOL aircraft for Regional Air Mobility. It produces the Cavorite X7, a hybrid-electric 7-seat vertical takeoff and landing aircraft, builds sub-scale and full-scale demonstrators, and develops related hybrid propulsion, ducted fan-in-wing (HOVR Wing) technology and intellectual property for licensing. The company targets both civilian and military aircraft sales and certification, and pursues production certification, type certification support services and technology licensing. Its markets and channels focus on regional air mobility routes, remote communities, disaster relief and North American certification and sales efforts.
Summary from filing dated 2025-08-22
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-05-31 | FY 2024 2024-05-31 | FY 2023 2023-12-31 | FY 2023 2023-05-31 |
|---|---|---|---|---|---|
| Research and development | 4 | 880,000 | — | 676,000 | |
| General and administrative | 10 | 4 | — | 787,000 | |
| Total operating expenses | 14 | 5 | — | 1 | |
| Loss from operations | −14 | −5 | −2 | −1 | |
| Other expenses (income) | 10,000 | −575,000 | — | −290,000 | |
| Interest (income) expense, net | −123,000 | 163,000 | — | 74,000 | |
| Change in fair value of Warrants | 2 | −394,000 | — | — | |
| Change in fair value of Forward Purchase Agreement | 740,000 | 4 | — | — | |
| Termination of Forward Purchase Agreement | −21 | — | — | — | |
| Total other (income) expenses | −19 | 4 | 11 | −216,000 | |
| Income (Loss) before income taxes | 5 | −8 | 10 | −1 | |
| Income tax expense | — | — | −1 | — | |
| Net Income (Loss) | 5 | −8 | 9 | −1 | |
| Basic: (in Dollars per share) | 0.2 | −0.76 | — | −0.17 | |
| Diluted: (in Dollars per share) | 0.17 | −0.76 | — | −0.17 | |
| Basic: (in Shares) | 26 | 11 | — | 7 | |
| Diluted: (in Shares) | 31 | 11 | — | 7 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-05-31 | FY 2024 2024-05-31 | FY 2023 2023-12-31 | FY 2023 2023-05-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 8 | 2 | — | 228,000 | — | |
| Prepaid expenses | 530,000 | 2 | 71,081 | 3,000 | 1,372 | |
| Accounts receivable | 96,000 | 417,000 | — | — | — | |
| Total current assets | 8 | 5 | 121,771 | 246,000 | 89,649 | |
| Operating lease assets | 30,000 | 75,000 | — | 121,000 | — | |
| Property and equipment, net | 209,000 | 205,000 | — | 52,000 | — | |
| Total Assets | 8 | 5 | 122 | 440,000 | 458,451 | |
| Accounts payable | 679,000 | 715,000 | 685,018 | 172,000 | — | |
| Accrued liabilities | 625,000 | 574,000 | 46,140 | 48,000 | — | |
| Operating lease liabilities | 22,000 | 44,000 | — | 46,000 | — | |
| Total current liabilities | 1 | 1 | 986,158 | 1 | 442,138 | |
| Forward Purchase Agreement | — | 21 | 3 | — | — | |
| Warrant liabilities | 4 | 576,000 | 970,000 | — | — | |
| Operating lease liabilities | 8,000 | 30,000 | — | 74,000 | — | |
| Total Liabilities | 6 | 23 | 7 | 2 | 442,138 | |
| Preferred shares, no par value; unlimited authorized; 4,500 issued and outstanding (nil as of May 31, 2024) | 6 | — | — | — | — | |
| Additional paid-in capital | −79 | −78 | — | — | 24,712 | |
| Accumulated deficit | −9 | −15 | −7 | −7 | −8,687 | |
| Total Shareholders Equity (Deficit) | 3 | −18 | −7 | −1 | 16,313 | |
| Total Liabilities and Shareholders Equity (Deficit) | 8 | 5 | 122 | 440,000 | 458,451 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-05-31 | FY 2024 2024-05-31 | FY 2023 2023-12-31 | FY 2023 2023-05-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 138,000 | 56,000 | — | 27,000 | |
| Stock-based compensation | 1 | 66,000 | — | 55,000 | |
| Non-cash interest | — | 196,000 | — | 56,000 | |
| Registered Share Offering Costs | 290,000 | — | — | — | |
| Prepaid expenses | 2 | 278,000 | −69,709 | — | |
| Accounts receivable | 321,000 | −402,000 | — | −15,000 | |
| Accounts payable | −36,000 | 184,000 | 685,018 | 36,000 | |
| Accrued liabilities | 51,000 | 526,000 | 46,140 | −2,000 | |
| Operating leases | 3,000 | — | — | −54,000 | |
| Net cash used in operating activities | −9 | −3 | −2 | −1 | |
| Purchase of property and equipment | −142,000 | −209,000 | — | — | |
| Net cash used in investing activities | −142,000 | −209,000 | −117 | — | |
| Finance lease payments | — | 18,000 | — | — | |
| Proceeds from issuance of Convertible debentures | — | 7 | — | 1 | |
| Outflow from Business Combination | — | −2 | — | — | |
| Repayment of Term loan | — | −40,000 | — | — | |
| Net Proceeds from Sales Agreement | 880,000 | — | — | — | |
| Proceeds from Registered Securities Offering | 4 | — | — | — | |
| Registered Share Offering Costs | −510,000 | — | — | — | |
| Net Proceeds from Issuance of Class A Ordinary Shares | 2 | — | — | — | |
| Net Proceeds from Issuance of Preferred Shares | 6 | — | — | — | |
| Forward Purchase Agreement termination | −278,000 | — | — | — | |
| Proceeds from warrants exercised | 3 | — | — | — | |
| Net cash provided by financing activities | 15 | 5 | 119 | 1 | |
| Net Change in Cash and Cash Equivalents | 6 | 2 | −72,139 | 224,000 | |
| Taxes paid | — | — | — | — | |
| Conversion of Convertible debentures | — | 1 | — | — | |
| Interest paid | 1,000 | 23,000 | — | 14,000 |
Filings
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