New Horizon Aircraft Ltd (NASDAQ: HOVR) is an aerospace original equipment manufacturer (OEM) that is designing a hybrid-electric vertical takeoff and landing aircraft for the Regional Air Mobility market. The company has no product revenue as of its 10-K filed August 22, 2025. It is pre-revenue and pre-certification, funding operations through equity issuances, warrant exercises, and preferred share placements. Its sole product in development is the Cavorite X7, a 7-seat hybrid-electric aircraft designed to take off and land vertically and then transition to fixed-wing flight for regional trips of 50 to 500 miles. The company is headquartered in Lindsay, Ontario, Canada and trades its Class A ordinary shares and Public Warrants on the Nasdaq Capital Market under the symbols HOVR and HOVRW respectively. It has not paid any cash dividends as of the filing date.

Revenue model

No product revenue as of the 10-K filed August 22, 2025. The company has funded operations through equity capital raises, including a December 2024 issuance of 4,166,667 Class A ordinary shares at USD $0.36 per share and 4,500 Series A Preferred Shares at $1,000 per share. In March 2025 the company filed a shelf registration to sell up to USD $6.25 million in Class A ordinary shares via a Capital on Demand Sales Agreement. The intended revenue model is aircraft sales to regional air mobility operators, though no commercial sales have occurred.

Products and services

The Cavorite X7: a 7-seat hybrid-electric eVTOL aircraft designed to take off and land vertically and transition to fixed-wing cruise configuration for regional flights of 50 to 500 miles. The aircraft uses a hybrid power system and is being designed for FIKI (flight into known icing) certification. It features one partially fuselage-protected exposed propeller. The aircraft is in development and has not received FAA or Transport Canada (TCCA) type certification as of the filing date.

Customers and end markets

Target customers are regional airline operators, infrastructure providers, commercial entities, municipalities, regional governments, and logistics operators. End markets include regional passenger transport, cargo and goods delivery, remote community access, emergency medical transport, disaster relief, and military applications. No customers or purchase agreements are disclosed in the filing.

Value-chain role

Aircraft OEM designer and developer. The company relies on third-party suppliers for key components including lithium-based batteries, some of which are single or limited-source suppliers. It requires strategic partnerships for key emerging technologies used in the Cavorite X7. It does not manufacture components internally and has not begun production certification as of the filing date.

Geographic exposure

Headquartered in Lindsay, Ontario, Canada. Seeking aircraft certification from both the FAA (United States) and TCCA (Canada). No revenues from any geography as of the filing date.

Source: SEC 10-K, filed 2025-08-22

Industry: Aircraft