Horizon Aircraft Reports Fiscal 2026 Fourth Quarter Results, Strengthens Balance Sheet to $78.3 Million, and Advances Full-Scale Cavorite X7 Development

TORONTO, ON / ACCESS Newswire / July 16, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR), an advanced aerospace company developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, today reported its financial and operational results for the fourth quarter of fiscal 2026 ending May 31, 2026.

Recent Highlights:

Strengthened balance sheet with $78.3 million in cash, providing more than 24 months of liquidity to complete the full-scale demonstrator aircraft assembly and to advance certification and manufacturing efforts;

Technical progress toward the full-scale aircraft continues, with the first full-scale prototype on track to begin initial testing in the first quarter of calendar 2027;

BETA Technologies' advanced flight control computers will be used on the Cavorite X7. Through this partnership, BETA's fly-by-wire (FBW) platform will provide precision, stability, safety, and efficiency as the Company advances aircraft development, testing, and certification activities;