New Horizon Aircraft Ltd, trading as HOVRW on NASDAQ Capital Market, delivered a QQ1 2026 performance that underscores the company’s status as an early-stage aerospace developer rather than a revenue-generating entity. The quarter shows no disclosed revenue, with operating expenses totaling CAD 5.909 million and an EBITDA of CAD -10.852 million, driven primarily by R&D and SG&A investments tied to the Cavorite X7 program. Net income declined to CAD -10.903 million, and the corresponding EPS was CAD -0.29. Management’s strategy remains anchored in advancing the X7 development and preparing for future certification and commercial milestones; however, the near-term financial profile is characterized by a high burn rate and a reliance on external financing to fund ongoing development.
Key Performance Indicators
Operating Income
Decreasing
-5.91M
QoQ: -66.26% | YoY: -272.85%
Net Income
Decreasing
-10.90M
QoQ: -120.57% | YoY: -775.66%
EPS
Decreasing
-0.29
QoQ: -70.59% | YoY: -333.48%
Revenue Trend
Margin Analysis
Financial Highlights
Overview of QQ1 2026 metrics (CAD, unless noted otherwise):
- Revenue: N/A (no revenue disclosed for QQ1 2026)
- EBITDA: CAD -10.852 million
- Operating income: CAD -5.909 million (operating expenses CAD 5.909 million vs. no revenue)
- Net income: CAD -10.903 million
- EPS: CAD -0.29 (diluted)
- R&D expenses: CAD 2.719 million
- General and Administrative expenses: CAD 3.190 million
- SG&A (selling general and administrative): CAD 3.190 million
- Net cash from operating activities: CAD -2.364 million
- Capital expenditures: CAD -0.139 million
- Free cash flow: CAD -2.503 million
- Net cash provided by financing activities: CAD 11.223 million
- Cash and cash equivalents at period end: CAD 16.267 million
- Total assets: CAD 17.043 million
- Total liabilities: CAD 6.230 million
- Total stockholders’ equity: CAD 10.813 million
- Current ratio: 7.97x
- Net debt: CAD -16.242 million (net cash position)
Notes: Revenue and gross profit figures are not disclosed in the QQ1 2026 filing data provided. YoY and QoQ comparisons shown in the KPI overview reflect the provided earnings metrics (Operating income YoY -272.85%, QoQ -66.26%; Net income YoY -775.66%, QoQ -120.57%; EPS YoY -333.48%, QoQ -70.59%).
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-5.91M
-272.85%
-66.26%
Net Income
-10.90M
-775.66%
-120.57%
EPS
-0.29
-333.48%
-70.59%
Key Financial Ratios
Return on Assets
Weak
-0.64%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-1.01%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
7.97
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.00
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-1.49x
Negative earnings make P/E ratio not meaningful
Price to Book
High Premium
6.01x
Very high premium suggests asset-light business model or lofty expectations
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