TORONTO, Aug. 22, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft ("Horizon" or the "Company"), an advanced aerospace engineering company and developer of one of the world's first hybrid electric Vertical Take-Off and Landing (VTOL) aircraft, today provided its business update and financial results for the fourth quarter and year ended May 31, 2025.
Highlights include the following:
- One of the world's first ever successful fan-in-wing forward transition flights in May 2025 with the Company's large-scale prototype aircraft;
- Strong balance sheet with 18+ months of liquidity;
- Efficient approach to commercialization resulting in significantly reduced aircraft development costs relative to other eVTOL organizations;
- World-class talent acquisition with the additions of Thomas Brassington, Justin Chapman, Andrea Mocellin, and John Wyzykowski to the engineering team; and
- Significant commitments from government agencies for non-dilutive funding grants.
"This was a pivotal year across all facets of our business - design, technical testing, personnel hires, and funding," said Brandon Robinson, CEO of Horizon Aircraft. "Our achievements were highlighted in May 2025 by being one of the first eVTOL companies to successfully achieve forward transition flight of a large-scale prototype that uses fan-in-wing technology. This milestone lends tremendous credibility to the design of our Cavorite X7 aircraft that is expected to lead the industry in all major performance categories, including speed, range, and payload."
Horizon Aircraft CFO Brian Merker added, "With added resources from funding efforts in both fiscal 2025 and Q1 of fiscal 2026, we now have approximately $17 million of cash and sufficient capital to complete our full-scale demonstrator aircraft over the next 18 months."
About Horizon Aircraft
Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world's first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon Aircraft's unique designs put the mission first and prioritize safety, performance, and utility. Horizon intends to successfully complete testing and certification of its Cavorite X7 eVTOL and then scale unit production to meet expected demand from regional operators, emergency service providers, and military customers.
Visit www.horizonaircraft.com for more information.
Forward-Looking Statements
The information in this press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Horizon's industry and market size; (v) financial condition and performance of Horizon, including the condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vi) Horizon's ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (vii) successful completion of testing and certification of Horizon's Cavorite X7 eVTOL; (viii) the targeted future production of Horizon's Cavorite X7 aircraft; and (ix) other factors detailed by us in the Company's public filings with the Securities and Exchange Commission ("SEC"), including the disclosures under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2024, filed with the SEC on August 15, 2024, as amended on March 17, 2025, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC and accessible at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the future, it assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by applicable law. Horizon does not give any assurance that Horizon will achieve its expectations.
Contacts
Investors:
Matt Chesler, CFA
FNK IR
(646) 809-2183
HOVR@fnkir.com
Media:
Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
edwina@efgmediarelations.com
