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New Horizon Aircraft Signs MOU with Constance Lake First Nation
New Horizon Aircraft announced it has signed a Memorandum of Understanding, MOU, with Constance Lake First Nation, CLFN, to advance the potential purchase of Cavorite X7 aircraft to bring faster critical air services such as Medevac, patient transfer, and critical delivery to Northern Ontario Indigenous communities.
Company Cash Exceeds C$70M, Cavorite X7 Project on Track
Recent Highlights: Strong liquidity: More than C$70M in cash as of August 31, 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 spending in relation to general and administrative 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 $1B 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. "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."
New Horizon Aircraft Signs LOI with Great Lakes Helicopter
New Horizon Aircraft has signed a Letter of Intent with Great Lakes Helicopter. Under the LOI, GLH intends to provide maintenance, repair and overhaul services for Horizon Aircraft's Cavorite X7 aircraft and facilitate pilot training programs to support future X7 operators. In addition, GLH intends to purchase a number of Cavorite X7 aircraft.
New Horizon Aircraft Appoints Tom Hearne to Board and Audit Committee Chair
New Horizon Aircraft announced the appointment of Tom Hearne to its Board of Directors and as Chair of the Board's Audit Committee. Hearne succeeds Trisha Nomura, who has resigned from the Board and Chair of the Audit Committee effective September 4, for personal reasons. Her resignation was not the result of any disagreement with the Company or the Board regarding its operations, policies, practices, financial reporting, or other matters. Ms. Nomura will continue to be available in a support and advisory function as needed by the Company and remains an important shareholder. Hearne currently serves as CEO and a director of ARB Labs.
Horizon Aircraft Advances Cavorite X7 All-Weather Certification
Horizon Aircraft continues to advance the all-weather certification pathway of its Cavorite X7 through the company's ongoing partnership with Flight Centre of Excellence and anti-icing technologies being developed by the University of Toronto. Progress has been steady on the company's $10.5M INSAT-funded all-weather vertical propulsion eVTOL project in collaboration with 3C and UofT. In July 2026, wind tunnel testing began on small coupon samples that feature UofT's ice protection technologies, marking the first step in evaluating the viability of these technologies on the Cavorite X7. Flight Test Centre of Excellence, established by Marinvent Corporation, is Canada's only Transport Canada Approved Independent Flight Test and Certification Design Approval Organization.
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