HOVR：投资全尺寸X7演示机的同时应对eVTOL行业的波涛

Zacks Small Cap Research

Mon, October 12, 2026 at 11:55 PM GMT+9 4 min read

NASDAQ: HOVR

On October 9th, before the market opened, New Horizon Aircraft (NASDAQ: HOVR) released its first quarter results for fiscal 2027 and held a conference call to update investors on its progress in building the full-scale Cavorite X7. The company remains on track to complete assembly of the full-scale Cavorite X7 within the next six months, which will be a key catalyst for investors to monitor. The company continues to pursue a prudent financing strategy, accessing the capital markets only when it views the terms as favorable. The company's CAD 70 million in cash balances (estimated at $50 million USD) and relatively low burn rate (estimated at CAD 2.4 million/month) provide its management team with significant flexibility to be patient when it comes to future financing.

We feel like there are two prospective catalysts for Horizon over the next six months. One will be the anticipated reveal of the completed full-scale prototype in the first quarter of calendar 2027, after which initial ground testing and taxi tests can begin. We think that the second potential catalyst will be any nondilutive financing secured by the company to further its development. We think this second point is underappreciated by the market.

The company has largely mitigated its near-term financing risks as a result of several capital raises in 2026, and while the company's shares have been treading water over the past three months, the stock has performed better than about half of its comps during that period, which has seen the share prices of several companies fall 30-70% during the quarter even though these companies are further along the development pipeline than Horizon.

As in previous quarters, the company's reported first-quarter results reflect the operating costs for the period, as it remains in pre-revenue development for the next several years. The company's first-quarter results reflected a sharp increase in R&D expenditures, with R&D costs rising CAD 4.7 million to CAD 7.4 million, up more than 170% from the same period in fiscal 2026. Engineering costs accounted for all of this increase, jumping from roughly CAD 5.1 million to CAD 5.3 million, which was partially offset by lower compensation costs. The company indicated on its quarterly conference call that it has increased its overall staffing from roughly 30 a year ago to 65 today, with roughly another 20 full-time equivalent positions contracted.

Cash used in operations was CAD 7.2 million in Q1, and with more than CAD 70 million on the balance sheet at 8/31/26 and a relatively slow uptick in expenses, the company appears to have adequate funding for operations for at least the next 24 months.