Horizon Aircraft Reports Strong Year-End Results & Key Milestones
Canada-based New Horizon Aircraft, aka Horizon Aircraft, has reported its financial results and business update for the fourth quarter and fiscal year ended May 31, 2025.
The company is developing one of the world’s first hybrid electric vertical take-off and landing (eVTOL) aircraft and has marked several significant achievements over the past year.
It highlighted one of the first-ever successful fan-in-wing forward transition flights, which was completed in May 2025 with its large-scale prototype aircraft. Executives described the test as a major validation of its technology.
Horizon also reported maintaining a strong balance sheet with more than 18 months of liquidity and noted that its efficient approach to commercialization has kept aircraft development costs significantly lower than those of many other eVTOL developers.
Technology Breakthrough & Talent Expansion
Furthermore, the company has made notable progress on both technical and organizational fronts. The company said the successful transition flight lends strong credibility to its Cavorite X7 aircraft, which it expects to lead the industry in performance categories such as speed, range, and payload.
Over the past year, Horizon has also expanded its engineering team and has been bringing on experienced industry professionals, including Thomas Brassington, Justin Chapman, Andrea Mocellin, and John Wyzykowski.
In addition, it has secured significant commitments for non-dilutive funding grants from government agencies, further strengthening its financial position.
“This was a pivotal year across all facets of our business – design, technical testing, personnel hires, and funding,” said Brandon Robinson, CEO of Horizon Aircraft.
“Our achievements were highlighted in May 2025 by being one of the first eVTOL company to successfully achieve forward transition flight of a large-scale prototype that uses fan-in-wing technology. This milestone lends tremendous credibility to the design of our Cavorite X7 aircraft that is expected to lead the industry in all major performance categories, including speed, range, and payload.”
Looking ahead, Horizon believes its financial resources are sufficient to carry the company through to the next stage of development.
“With added resources from funding efforts in both fiscal 2025 and Q1 of fiscal 2026, we now have approximately $17 million of cash and sufficient capital to complete our full-scale demonstrator aircraft over the next 18 months,” added Horizon Aircraft CFO Brian Merker.