QQ2 2024 for New Horizon Aircraft Ltd (HOVRW) presents a bifurcated picture. On the one hand, GAAP net income stood at $19.66 million driven by a sizable totalOtherIncomeExpensesNet line ($22.94 million), which more than offset a substantive operating loss of $3.27 million (EBITDA of -$3.243 million and operating income of -$3.274 million). On the other hand, core operating activity remains unprofitable with limited revenue visibility in the quarter, highlighting the company’s status as an early-stage developer in the eVTOL/d regional air mobility space. R&D expenditure was $0.427 million and G&A was $2.847 million, underscoring a burn focused on product development rather than top-line sales in the period. The quarter also features a tight liquidity backdrop: cash and cash equivalents of $0.887 million, total assets of $1.962 million, and negative shareholders’ equity of -$2.353 million, despite a modest debt burden (total debt of $48k). Current ratio stands at 2.76, suggesting short-term liquidity resilience but a fragile capital structure that will depend on continued funding. Absent the non-operating gain, the QQ2 2024 quarter would reflect a conventional pre-revenue, high-burn development phase characteristic of early-stage aerospace ventures. The key questions for investors center on the sustainability of the non-operating income, the trajectory toward revenue generation, and the company’s plan to address the funding runway and balance sheet fragility as it pursues FAA certification and commercial milestones for its Cavorite X7 platform.