New Horizon Aircraft Ltd. has reported significant financial developments in its latest 10-Q filing for the quarter ending August 31, 2025. The company, which is focused on developing a hybrid-electric vertical takeoff and landing (eVTOL) aircraft, recorded a net loss of CAD $10.9 million, compared to a loss of CAD $2.9 million in the same period last year. This increase in loss is attributed to heightened operating expenses, which rose to CAD $5.9 million from CAD $2.7 million, primarily driven by increased research and development costs and general administrative expenses.
The company's total assets as of August 31, 2025, stood at CAD $17.0 million, a substantial increase from CAD $8.4 million reported at the end of the previous fiscal period. This growth was largely fueled by a significant rise in cash and cash equivalents, which increased to CAD $16.3 million from CAD $7.5 million. The increase in cash was bolstered by proceeds from the issuance of Class A ordinary shares, with the company raising CAD $8.3 million through a sales agreement during the quarter. The total number of Class A ordinary shares outstanding rose to 39,558,366, up from 32,325,709 as of May 31, 2025.
In terms of operational metrics, New Horizon Aircraft has made strides in its development efforts, including the construction of a full-scale demonstrator aircraft expected to commence flight testing in 2027. The company has also engaged in strategic partnerships to enhance its certification process, collaborating with Cert Centre Canada to navigate the regulatory landscape for its eVTOL aircraft. As of the latest filing, the company has not yet generated revenue, as it remains in the research and development phase, focusing on finalizing its aircraft design and certification.
Looking ahead, New Horizon Aircraft's management has expressed optimism about its future, citing the potential for significant market demand for regional air mobility solutions. However, they acknowledge the need for ongoing capital to support their development plans, with substantial doubt regarding the company's ability to continue as a going concern beyond the next 12 months without additional financing. The company is actively pursuing government grants, including a proposal submitted to the Canadian government's Initiative for Sustainable Aviation Technology, which could provide up to CAD $4.2 million in funding for its projects.
Overall, while New Horizon Aircraft Ltd. is making progress in its ambitious plans to revolutionize air mobility, it faces challenges related to funding and market development that will be critical to its long-term success.
About New Horizon Aircraft Ltd.
New Horizon Aircraft Ltd. designs and develops hybrid-electric eVTOL aircraft for regional air mobility, focusing on efficient, fast, and versatile transportation solutions for passengers, cargo, and military applications. Its flagship, the Cavorite X7, features proprietary ducted fan-in-wing technology, enabling vertical takeoff, high speed, and long range. The company aims to achieve certification and commercial production, leveraging innovative technology and targeting markets for sustainable, on-demand regional air travel.
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