New Horizon Aircraft Reports CAD $8.65 Million Net Loss in Latest 10-Q Filing

New Horizon Aircraft Ltd. has reported significant financial developments in its latest 10-Q filing for the period ending November 30, 2025. The company, which is focused on developing a hybrid-electric vertical takeoff and landing (eVTOL) aircraft, recorded a net loss of CAD $8.65 million for the three months ended November 30, 2025, compared to a net income of CAD $19.66 million for the same period in 2024. For the six months, the net loss was CAD $19.55 million, a stark contrast to the net income of CAD $16.75 million reported in the prior year. The substantial shift in profitability is attributed to increased operating expenses, particularly in research and development, which rose to CAD $2.61 million from CAD $0.43 million year-over-year.

The company's total operating expenses for the three months ended November 30, 2025, reached CAD $5.12 million, up from CAD $3.27 million in the same quarter of the previous year. This increase was primarily driven by heightened research and development activities as New Horizon progresses towards building a full-scale prototype aircraft. The company’s total assets increased significantly to CAD $25.64 million as of November 30, 2025, compared to CAD $8.41 million at the end of the previous fiscal period, largely due to cash inflows from share issuances.

In terms of strategic developments, New Horizon Aircraft has been actively expanding its capital base. The company raised CAD $19.09 million through the issuance of Class A ordinary shares during the six months ended November 30, 2025. This capital is essential for funding ongoing research and development efforts, as the company aims to complete the design and certification of its eVTOL aircraft. As of the reporting date, the company had 43,925,605 Class A ordinary shares outstanding, a significant increase from 32,325,709 shares as of May 31, 2025.

Operationally, New Horizon Aircraft is in a pre-revenue phase, focusing on research and development and flight testing. The company has made progress in its prototype development, with plans to commence flight testing of a full-scale demonstrator aircraft in 2027. The company has also submitted a proposal for funding under the Canadian government's Initiative for Sustainable Aviation Technology (INSAT), which could provide up to CAD $4.2 million in reimbursements for project costs. This funding, along with other government grants, is expected to support the company's development activities over the next several quarters.

Looking ahead, New Horizon Aircraft anticipates that its current cash reserves of CAD $24.30 million will be sufficient to fund operations for at least the next 12 months. However, the company acknowledges substantial doubt regarding its ability to continue as a going concern beyond that period without raising additional capital. The management remains focused on executing its business plan, which includes the commercialization of its eVTOL aircraft by 2030, contingent on successful development and certification processes.