Horizon Aircraft Reports Fiscal 2027 First Quarter Results and Advances Full-Scale Cavorite X7 Development

TORONTO, ON / ACCESS Newswire / October 9, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR), a Canadian aerospace company developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, today reported its financial and operational results for the first quarter of fiscal 2027 ended August 31, 2026.

Recent Highlights: * Strong liquidity: More than $70 million in cash as of August 31, 2026, which management expects to be sufficient to fund its current operating plan for at least the next 24 months; * Strategic allocation of capital: The Company significantly increased research and development (R&D) spending in relation to general and administrative (G&A) spending to advance the Cavorite X7 program, which remains on track to begin initial testing in early calendar 2027. The full-scale demonstrator aircraft is expected to be completed by the first quarter of calendar 2027, followed by ground and taxi testing and then flight testing; * Progress toward certification: The Company has had several meetings with Transport Canada to design and build the full-scale demonstrator aircraft in a manner that supports progress toward certification; * Acceleration through strategic partnerships: Development of the Cavorite X7 demonstrator aircraft continues to advance with support from strategic partners including BETA Technologies, Marshall Aerospace, RAMPF Composite Solutions, and North Aircraft Industries; and * Growing commercial interest: To date, the Company has signed letters of intent totalling more than US$1 billion in potential aircraft sales, representing up to 200 aircraft purchases and 5 aircraft leases. "Strategic capital allocation and consistent financial discipline are keeping us on track to complete the full-scale demonstrator around the end of the first quarter of calendar 2027, followed by ground testing and then flight testing," said Brandon Robinson, CEO of Horizon Aircraft. "We're not just building a demonstrator. We are investing early in the engineering, systems integration, and flight-control architecture needed to support a disciplined program with a foundation built for certification. As we advance toward commercialization and expand our global customer base, we look forward to keeping our customers, partners and shareholders updated on our progress."