New Horizon Aircraft has reported its financial and operational results for the second quarter of fiscal 2026, ended November 30, 2025, highlighting continued progress across its development, financial and organisational priorities.
During the quarter, the company made significant advances on its full-scale hybrid-electric Cavorite X7 aircraft, with assembly of the first prototype expected in 2026 and initial flight testing planned for early 2027. Liquidity was further strengthened, with more than CA$24 million in cash on hand, providing sufficient capital to support Horizon Aircraft’s objectives through 2026.
Operational efficiency improved as administrative costs declined relative to rising research and development expenditure, reflecting the transition towards full-scale aircraft production. The company was also awarded a non-dilutive grant under the INSAT (Initiative for Sustainable Aviation Technology) programme for an all-weather eVTOL project, with funding estimated at CA$10.5 million.
In parallel, Horizon Aircraft continued to invest in talent, doubling the size of its highly experienced engineering team year on year, with plans to double headcount again by the end of 2026.
Brandon Robinson, Co-Founder and Chief Executive Officer of Horizon Aircraft, said the progress achieved in the second quarter of fiscal 2026 had created strong momentum towards completing the full-scale aircraft and commencing initial testing within the next 12 to 18 months. He added that over the coming six months the company would remain focused on expanding its world-class engineering team, scaling its supply chain and deepening strategic partnerships in support of its long-term vision.
