New Horizon Aircraft FY26 net loss widens to CAD 33.1 million - HOVR News | RalliesNew Horizon Aircraft FY26 net loss widens to CAD 33.1 million
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HOVR• Development timeline
- Horizon expects its full-scale technical demonstrator to begin flight testing in 2026 or 2027, with commercialization anticipated in 2028 or 2029.
FY26 results and cash position
- New Horizon Aircraft posted a net loss of CAD 33.1 million for the fiscal year ended May 31, 2026, swinging from net income of CAD 5.2 million.
- Operating loss widened 72.75% to CAD 23.47 million as operating expenses climbed 72.75% to CAD 23.47 million.
- Research and development costs more than doubled to CAD 13.24 million, while general and administrative expense edged up 3.01% to CAD 10.22 million.
- Cash used in operating activities increased 77.11% to CAD 16.49 million, while cash and cash equivalents totaled CAD 78.3 million at year-end.
