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May 31
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New Horizon Q4 2025 Earnings Report
New Horizon reported a quarterly profit in Q4 2025 driven by a non-operating gain, despite no revenue generation.
Key Takeaways
New Horizon Aircraft Ltd. posted positive EPS in Q4 2025 due to a CAD $21.4M gain on the termination of a forward purchase agreement. The company remains in the pre-revenue phase as it advances development of its Cavorite X7 aircraft.
Posted net income of $5.2M in Q4 despite having no revenue.
EPS was $0.20, with adjusted EPS of $0.17.
Gain of $21.4M recorded from forward purchase termination.
Company remains in development stage with no reported revenue yet.
New Horizon
New Horizon
Forward Guidance
No specific revenue or earnings guidance was provided, but the company reiterated its development roadmap for the Cavorite X7 with planned flight testing in 2026 or 2027.
Positive Outlook
- Successful completion of 50%-scale prototype flight testing.
- Full-scale aircraft build in progress with testing planned for 2026–2027.
- Maintains strong IP portfolio with 31 issued or allowed patents.
- Exploring government grant opportunities for sustainable aviation tech.
- No material debt and positive cash balance reported.
Challenges Ahead
- No revenue generated to date from product sales.
- Expected continued operating losses through fiscal 2026.
- Significant R&D expenses anticipated as development ramps up.
- Commercial certification and production not expected before 2029–2030.
- Market development for regional eVTOL is still early and unproven.