New Horizon Aircraft Ltd (HOVR) Financial

New Horizon Aircraft Ltd. engages in manufacturing aircraft. The company is headquartered in Lindsay, Ontario and currently employs 30 full-time employees. The company went IPO on 2023-02-10. The firm is engaged in designing and developing hybrid-electric vertical takeoff and landing (VTOL) prototype aircraft for future regional air mobility (RAM) networks. The firm's Cavorite X7 prototype can take off vertically, but once in flight, its patented HOVR wing system reverts to the configuration of a conventional airplane. The company operates with up to 30% less hydrocarbon emissions than conventional aircraft conducting similar operations. The company is designed with 14 redundant lift fans in hover, through which multiple failures can be tolerated. The firm's Cavorite X7 offers state and federal operations through search and rescue missions and supply delivery to zones affected by tornadoes, hurricanes, landslides, storms, floods, or forest fires. The company also provides shuttle and transportation services, plus time-sensitive cargo and goods delivery in underserved, remote regions.