Horizon Aircraft Provides Business Update and First Quarter of Fiscal 2026 Results

TORONTO, ONTARIO / ACCESS Newswire / October 10, 2025 / New Horizon Aircraft Ltd. (NASDAQ:HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), an advanced aerospace engineering company and developer of one the world's first hybrid eVTOL (electric Vertical Take-Off and Landing) aircraft, is pleased to announce its first quarter fiscal 2026 results for the three months ended August 31, 2025.

Highlights include the following:

• A full-scale hybrid eVTOL, the Cavorite X7 eVTOL aircraft, is being built after successful completion of a fan-in-wing forward transition flight of Horizon Aircraft's large-scale prototype in May 2025. The full-scale prototype is intended to be ready for initial testing in 18 months;

• Additional technical milestones for the full-scale prototype were achieved in Q1 2026, including the completion of platform level architecture and main wing propulsion units that power the patented HOVR Wing technology have been fabricated and are undergoing active testing;

• Horizon Aircraft continues to have strong liquidity, with more than 18 months of working capital with:

  • Streamlined operations to reduce administrative costs relative to total costs;

  • Capital strategically allocated to strengthen engineering resources; and

  • Access to substantial and ongoing non-dilutive government funding.

• Additional world-class talent was added to the Company.

Brandon Robinson, CEO of Horizon Aircraft commented, "After our successful transition flight in May 2025, we made further progress in the first quarter of fiscal 2026 that has us well prepared to reach our target of having the full-scale aircraft be ready for testing in 18 months. In the second quarter of fiscal 2026, we are largely focused on the development of full-scale power and aerodynamic systems, key technical partnerships, and supply chain expansion."

Brian Merker, CFO of Horizon Aircraft added, "With added resources from favorable funding efforts in 2025, we believe we have sufficient capital to ready our full-scale prototype for testing in 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 designed 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 Aircraft 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.