New Horizon Aircraft (NASDAQ:HOVR) Announces Earnings Results

New Horizon Aircraft (NASDAQ:HOVR) issued its earnings results on Friday. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.04, Zacks reports.

Here are the key takeaways from New Horizon Aircraft’s conference call:

• X7 demonstrator remains on schedule for completion by the end of Q1 2027, with ground and flight testing expected to begin shortly afterward using two initial prototypes.
• Horizon reported signed LOIs representing potential purchases of up to 200 X7 aircraft, including more than $1 billion in indicated sales value, while noting that most commitments remain non-binding and customers will likely await flight-test progress.
• The company is targeting Transport Canada certification in early 2030 and is advancing its certification basis and means of compliance; management emphasized that certification timing remains uncertain and cannot be guaranteed.
• Development spending is accelerating, with R&D rising to CAD 7.4 million from CAD 2.7 million a year earlier and operating cash use increasing to CAD 7.2 million; management expects elevated spending as engineering and testing continue.
• Horizon ended the quarter with more than CAD 70 million in cash and plans to rely on disciplined spending, government reimbursements and other non-dilutive funding while remaining patient about future equity issuance.

New Horizon Aircraft Stock Up 1.3%

Shares of NASDAQ HOVR opened at $1.55 on Friday. New Horizon Aircraft has a fifty-two week low of $1.16 and a fifty-two week high of $4.18. The firm has a market cap of $103.59 million, a PE ratio of -3.78 and a beta of 3.83. The business has a 50 day moving average price of $1.76 and a two-hundred day moving average price of $1.91.

Wall Street Analysts Forecast Growth

HOVR has been the subject of several analyst reports. Weiss Ratings upgraded New Horizon Aircraft from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Wall Street Zen upgraded New Horizon Aircraft from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.50.

About New Horizon Aircraft

New Horizon Aircraft Ltd. is an aerospace company developing hybrid-electric vertical takeoff and landing (eVTOL) aircraft for the emerging advanced air mobility market. The company is focused on aircraft that can operate from runways while also performing vertical takeoffs and landings, with the goal of combining the flexibility of helicopters with the efficiency and speed of fixed-wing aircraft.

Its primary product is the Cavorite X5, a five-seat eVTOL aircraft under development. The aircraft incorporates a fan-in-wing design intended to enable vertical flight and transition to efficient forward flight.