New Horizon Aircraft Ltd.
- Open
- 1.72
- Day high
- 1.82
- Day low
- 1.70
- Prev close
- 1.66
- Volume
- 848K
- Mkt cap
- $101M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.4
- P/S
- —
- Yield
- —
- Per share
- —
New Horizon Aircraft Ltd. (HOVR) is a Industrials company listed on NASDAQ. The stock is down 4% over the past year.
New Horizon Aircraft Ltd. (HOVR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HOVR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 16, 2026 | $-0.11 | $-0.09 | +18.2% | — | — |
| Apr 14, 2026 | $-0.09 | $-0.12 | -33.3% | — | — |
| Jan 14, 2026 | $-0.08 | $-0.15 | -87.5% | — | — |
| Oct 10, 2025 | $-0.07 | $-0.11 | -57.1% | — | — |
| Aug 22, 2025 | $-0.08 | $-0.20 | -150.0% | — | — |
| Apr 14, 2025 | $-0.09 | $-0.17 | -84.2% | — | — |
| Jan 14, 2025 | $0.57 | $0.58 | +1.6% | — | — |
| Oct 10, 2024 | — | $-0.11 | — | — | — |
| Aug 15, 2024 | — | $-0.07 | — | — | — |
| Feb 28, 2024 | — | $-0.33 | — | — | — |
| May 30, 2022 | — | $-0.00 | — | — | — |
HOVR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 15, 2026 | Merker Brian Frederickofficer: Chief Financial Officer | Tax | 38,478 | $3.68 |
| Jul 15, 2026 | Merker Brian Frederickofficer: Chief Financial Officer | Option | 129,668 | $250000000.00 |
| Jul 15, 2026 | O'Neill Jason Michaelofficer: Chief Operating Officer | Tax | 30,782 | $3.68 |
| Jul 15, 2026 | O'Neill Jason Michaelofficer: Chief Operating Officer | Option | 103,734 | $250000000.00 |
| Jul 15, 2026 | Lee Stewart Murrayofficer: Head of People and Strategy | Tax | 26,047 | $3.68 |
| Jul 15, 2026 | Lee Stewart Murrayofficer: Head of People and Strategy | Option | 103,734 | $250000000.00 |
| Jul 15, 2026 | Robinson Eric Brandondirector, officer: Chief Executive Officer | Tax | 52,093 | $3.68 |
| Jul 15, 2026 | Robinson Eric Brandondirector, officer: Chief Executive Officer | Option | 207,468 | $250000000.00 |
| Feb 12, 2026 | Nomura Trishadirector | Grant | 13,482 | — |
| Feb 12, 2026 | Merker Brian Frederickofficer: Chief Financial Officer | Grant | 312,500 | — |
| Feb 12, 2026 | Robinson Eric Brandondirector, officer: Chief Executive Officer | Grant | 500,000 | — |
| Feb 12, 2026 | Pinsent John Harold Charlesdirector | Grant | 7,825 | — |
| Feb 12, 2026 | Maris John Michaeldirector | Grant | 7,825 | — |
| Feb 12, 2026 | O'Neill Jason Michaelofficer: Chief Operating Officer | Grant | 250,000 | — |
| Feb 12, 2026 | Lee Stewart Murrayofficer: Head of People and Strategy | Grant | 250,000 | — |
Source: HOVR SEC Form 4 filings, latest Jul 15, 2026. For informational purposes only — not investment advice.
See the full HOVR insider & 13F page →New Horizon Aircraft Ltd. company profile
Overview
New Horizon Aircraft Ltd. (NASDAQ:HOVR) is a Canadian aerospace engineering company founded in 2013 and headquartered in Lindsay, Ontario. The company went public in April 2023 and specializes in developing hybrid electric vertical takeoff and landing (eVTOL) aircraft for the emerging regional air mobility market. New Horizon is currently in the development phase of its flagship aircraft, the Cavorite X7, a seven-seat hybrid electric aircraft designed to revolutionize regional transportation by combining the vertical takeoff capabilities of a helicopter with the efficient forward flight of a conventional airplane.
Business
New Horizon Aircraft operates in the electric vertical takeoff and landing (eVTOL) aircraft sector, which represents a cutting-edge segment of the aerospace industry focused on developing aircraft that can take off and land vertically like helicopters but fly efficiently like airplanes. The eVTOL industry is part of the broader Urban Air Mobility (UAM) and Advanced Air Mobility (AAM) markets, which aim to create new transportation solutions for moving people and cargo through the air in urban and regional settings. The company's core product is the Cavorite X7, a hybrid electric aircraft designed to carry seven passengers. Unlike traditional helicopters that use rotors for both vertical takeoff and forward flight, the Cavorite X7 employs a unique design that transitions from vertical flight mode (using rotors) to horizontal flight mode (using wings and propellers). This hybrid approach allows the aircraft to take off and land in confined spaces like helipads while achieving the speed and fuel efficiency of conventional aircraft during cruise flight. The hybrid electric propulsion system combines traditional combustion engines with electric motors, providing several advantages over purely electric aircraft including longer range, reduced charging infrastructure requirements, and the ability to recharge the batteries during flight. This technology targets the regional air mobility market, which includes applications such as air taxi services, medical transport, cargo delivery, and regional passenger transport between cities and airports. Currently, New Horizon operates as a single business segment focused entirely on aircraft development, with no revenue-generating operations as the company remains in the pre-commercial development phase.
Revenue model
New Horizon Aircraft currently generates no revenue as it remains in the development phase of its Cavorite X7 aircraft. The company's future business model will likely center around aircraft sales to operators in the regional air mobility market, including air taxi companies, charter operators, medical transport services, and cargo delivery companies. Additionally, the company may pursue licensing agreements for its hybrid electric technology and potentially offer maintenance and support services to aircraft operators. The primary customers will be commercial operators seeking efficient regional transportation solutions, including established aviation companies expanding into eVTOL services and new entrants in the urban air mobility space. Government agencies and military organizations may also represent potential customers for specialized applications. Several factors will significantly impact the company's future margins and profitability. Regulatory approval represents the most critical factor, as the aircraft must receive certification from aviation authorities like the FAA and Transport Canada before commercial operations can begin. The timeline and cost of this certification process will directly affect the company's path to revenue generation. Manufacturing scale will be crucial for achieving competitive unit costs, as aerospace manufacturing typically requires significant capital investment and benefits from economies of scale. Competition in the eVTOL space is intensifying, with well-funded competitors like Joby Aviation, Lilium, and established aerospace companies developing similar aircraft. The company's ability to differentiate its hybrid electric approach and achieve competitive performance metrics will impact pricing power. Supply chain costs for specialized components, batteries, and advanced materials will affect manufacturing margins, while energy costs and battery technology improvements will influence the aircraft's operating economics and market appeal. The broader adoption of eVTOL aircraft will depend on the development of supporting infrastructure, regulatory frameworks, and public acceptance of new aviation technologies, all of which represent external factors beyond the company's direct control.
Competitive moat
New Horizon Aircraft's competitive moat appears relatively narrow in the rapidly evolving eVTOL industry. The company's primary differentiation lies in its hybrid electric propulsion approach, which potentially offers advantages over purely electric competitors in terms of range and operational flexibility. However, this technological approach is not unique, as other companies are pursuing similar hybrid solutions. The company's intellectual property portfolio around its specific aircraft design and hybrid electric system may provide some protection, but the strength of these patents and their enforceability remain uncertain. The relatively small size of New Horizon compared to well-funded competitors like Joby Aviation (which has raised over $1 billion) and established aerospace giants entering the eVTOL space represents a significant competitive disadvantage. The company lacks the manufacturing scale, regulatory experience, and financial resources that larger competitors possess. Major aerospace companies like Boeing, Airbus, and their suppliers have decades of experience navigating complex certification processes and established relationships with regulators, giving them potential advantages in bringing eVTOL aircraft to market. The eVTOL industry is still in its early stages, and success will largely depend on execution, regulatory approval timing, and the ability to achieve commercial viability. New Horizon's moat is primarily dependent on successfully developing and certifying its aircraft before competitors capture significant market share. The company's survival and success will likely require either exceptional execution or strategic partnerships with larger, better-resourced organizations to compete effectively in this capital-intensive industry.
Risks & safety
New Horizon Aircraft presents significant financial risks with limited margin of safety for investors. Cash Position and Burn Rate: • Current cash and short-term investments: $9.2 million (Q3 2024) • Quarterly cash burn: approximately $2.7 million based on free cash flow • Current runway: approximately 3-4 quarters at current burn rate • No debt burden with minimal liabilities relative to assets Valuation Metrics: • Market cap: approximately $29 million • Price-to-book ratio: 2.14x (Q3 2024) • No meaningful revenue to evaluate traditional valuation metrics • Enterprise value reflects development-stage nature with negative EBITDA Solvency and Liquidity: • Strong current ratio of 7.11x indicates good short-term liquidity • Total assets of $10.3 million vs. total liabilities of $3.3 million • Negative shareholders' equity in some periods due to accumulated losses • Pre-revenue company with ongoing capital requirements for development Other Considerations: • High execution risk in complex aerospace development • Regulatory approval uncertainty with no guaranteed timeline • Intense competition from better-funded rivals • Potential need for significant additional capital before commercialization
Recent development
Based on the available financial data, New Horizon Aircraft has been primarily focused on developing its Cavorite X7 aircraft over the past few years. The company transitioned from a private entity to a publicly traded company in April 2023, raising capital to fund its development activities. The company has maintained consistent development spending, with quarterly cash burn rates of approximately $2.7 million, indicating ongoing engineering and development work on the Cavorite X7 program. The financial statements show minimal revenue generation (only $30,581 in Q4 2023, likely from grants or other non-operational sources), confirming the company's focus remains entirely on aircraft development rather than commercial operations. The company's cash position improved significantly in Q3 2024 to $9.2 million from less than $1 million in Q2 2024, suggesting additional capital raising activities or other financing arrangements to fund continued development. This capital infusion appears critical for maintaining operations as the company works toward aircraft certification and eventual commercialization. The consistent negative EBITDA across all reporting periods, ranging from -$1.9 million to -$5.9 million annually, reflects the typical cash-intensive nature of aerospace development programs. The company appears to be following a traditional aerospace development timeline, investing heavily in engineering, testing, and regulatory preparation before generating any meaningful revenue from aircraft sales.
HOVR company profile · for informational purposes only — not investment advice.
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