New Horizon Aircraft Ltd (HOVR) continues to operate as a pre-revenue aerospace developer focused on the hybrid-electric Cavorite X7 eVTOL, with QQ2 2026 results showing no revenue and a net loss of $8.65 million. Operating loss of $5.12 million reflects sustained R&D and corporate overhead as the company advances product development and regulatory milestones. Despite negative earnings, the quarter benefited from financing activities that added $11.18 million in cash, lifting total cash to $24.30 million and delivering a net cash increase of $8.04 million for the period. The balance sheet remains liquidity‑rich for a development-stage aerospace entity, with a robust cash position, a small short-term debt footprint, and a large negative net debt figure driven by cash on hand. The current path hinges on successful product milestones, potential partnerships, and continued access to capital. Absent revenue and explicit forward guidance, investors should weigh the company’s liquidity runway and reduction of burn against the inherent execution risk in commercializing a hybrid-electric regional eVTOL in a competitive and highly regulated market.