Horizon Aircraft (NASDAQ:HOVR) reported second-quarter fiscal 2026 results Wednesday, detailing an aggressive scaling plan for its flagship hybrid-electric VTOL, the Cavorite X7.
The Lindsay, Ontario-based company confirmed that assembly of its first full-scale prototype is on track for completion this year, with initial integrated flight testing targeted for early 2027.
The aerospace firm enters the second half of its fiscal year with a strengthened balance sheet, reporting $24 million in cash on hand.
Management noted that this liquidity, bolstered by recent capital efforts, provides a sufficient runway to fund operations through the critical 2026 build phase.
Financial stability was further enhanced by a $10.5 million non-dilutive grant from Canada’s Initiative for Sustainable Aviation Technology (INSAT) for "Project CRYSTAL," a collaborative effort to develop all-weather vertical propulsion systems.
Elsewhere, Horizon is rapidly expanding its technical capacity to meet the demands of full-scale development.
The company has doubled its engineering headcount over the past year and announced plans to double it again by the end of 2026.