New Horizon Aircraft Ltd (HOVRW) delivered a Q2 2026 result that underscores the company’s early-stage development phase in the high-uncertainty eVTOL and regional mobility market. The quarter shows a continued net loss and negative EBITDA as the company advances R&D and G&A investments critical to the Cavorite X7 program. Revenue remains undisclosed in the quarter, consistent with a development-focused business model that has yet to monetize products or services. On the balance sheet, the company maintains a robust cash position and minimal debt, supporting a liquidity runway that is largely sustained by financing activity rather than operating cash flow. In Q2, net income was -$8.65 million and earnings per share (EPS) -$0.21, while operating loss stood at -$5.12 million and EBITDA was -$5.12 million. The quarter also featured a positive financing contribution of $11.18 million and an improving QoQ trend in profitability metrics, with operating income improving by approximately $0.79 million QoQ and net loss narrowing by about $2.25 million. Free cash flow remained negative at -$3.14 million, reflecting ongoing R&D spend and working-capital dynamics typical of a pre-revenue aerospace venture. Liquidity remains solid with cash and equivalents of $24.30 million and a strong current ratio (~6.5x). Management commentary is not included in the provided transcript data, so quotes could not be incorporated; the analysis below integrates the disclosed financials with market context to inform investors about risk, reward, and strategic milestones.