New Horizon Aircraft Ltd. has reported significant financial developments in its latest 10-K filing for the fiscal year ending May 31, 2025. The company, which specializes in hybrid-electric vertical takeoff and landing (eVTOL) aircraft, recorded a net income of CAD $5.2 million, a notable turnaround from a net loss of CAD $8.16 million in the previous fiscal year. This improvement is attributed to increased financing activities, including proceeds from the issuance of Class A ordinary shares and preferred shares, which totaled CAD $15.2 million for the year.
Operating expenses surged to CAD $13.6 million, up from CAD $4.6 million in the prior year, primarily driven by heightened research and development costs associated with the ongoing development of the Cavorite X7 aircraft. Research and development expenses alone rose to CAD $3.66 million from CAD $880,000, reflecting the company's commitment to advancing its eVTOL technology. General and administrative expenses also increased significantly, totaling CAD $9.93 million compared to CAD $3.74 million in the previous year, as the company expanded its workforce and enhanced its operational capabilities.
Strategically, New Horizon Aircraft has made substantial progress in its product development and market positioning. The company has successfully completed flight testing of a 50%-scale prototype of the Cavorite X7 and is currently working on a full-scale demonstrator aircraft, expected to commence flight testing in 2026 or 2027. The company has also established partnerships with Cert Centre Canada to facilitate the certification process for its aircraft, aiming for Type Certification by 2030. As of August 21, 2025, the company employed 30 individuals, reflecting its growth trajectory.
In terms of market presence, New Horizon Aircraft is positioning itself within the rapidly evolving Regional Air Mobility (RAM) sector, which is projected to reach a market size of USD $1 trillion by 2040. The company has identified various applications for its aircraft, including medical evacuation, disaster relief, and military operations, which are expected to drive demand. However, the company acknowledges that its future revenue generation is contingent upon the successful certification and commercialization of its aircraft, which remains a critical focus.
Looking ahead, New Horizon Aircraft's management has expressed optimism about its growth potential, contingent on securing additional funding and successfully navigating the certification process. The company has indicated that it will continue to seek capital to support its operations and development plans, emphasizing the importance of maintaining liquidity to achieve its long-term objectives.
About New Horizon Aircraft Ltd.
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