Horizon Aircraft Advances Hybrid-Electric VTOL Program on Stronger Cash Position and Grant Funding

The latest update is out from New Horizon Aircraft ( (HOVR) ).

Horizon Aircraft reported second-quarter fiscal 2026 results highlighting substantial progress on its full-scale hybrid-electric Cavorite X7, with first prototype assembly targeted for 2026 and initial testing expected in early 2027. The Toronto-based eVTOL developer strengthened its balance sheet to more than $24 million in cash, secured an estimated $10.5 million non-dilutive grant under the INSAT sustainable aviation program, and reduced administrative costs while increasing R&D as it advances full-scale production. Management said the company has doubled its experienced engineering team year over year, plans to double headcount again by the end of 2026, and is focusing near term on expanding its engineering base, scaling its supply chain and deepening strategic partnerships, moves that collectively position Horizon to pursue its development roadmap and bolster its standing in the emerging hybrid-electric VTOL market.

The most recent analyst rating on (HOVR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on New Horizon Aircraft stock, see the HOVR Stock Forecast page.

Spark’s Take on HOVR Stock

According to Spark, TipRanks’ AI Analyst, HOVR is a Neutral.

The score is held back primarily by weak financial performance (no revenue, widening operating losses, and accelerating cash burn). Technicals are a relative strength with price above major moving averages and positive MACD, while valuation support is limited and corporate events are mixed due to improved financing flexibility alongside potential dilution.

To see Spark’s full report on HOVR stock, click here.

More about New Horizon Aircraft

New Horizon Aircraft Ltd., doing business as Horizon Aircraft, is an advanced aerospace engineering company developing one of the world’s first hybrid‑electric vertical take-off and landing (VTOL) aircraft, the Cavorite X7. Its design emphasizes wing-borne flight for greater speed, range and operational utility, with a mission-first focus on safety and performance. The company ultimately targets regional operators, emergency service providers and military customers, planning to scale unit production once testing and certification of its full-scale aircraft are completed.

Average Trading Volume: 1,119,030

Technical Sentiment Signal: Buy

Current Market Cap: $93.21M

For detailed information about HOVR stock, go to TipRanks’ Stock Analysis page.