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New Horizon Aircraft Ltd. (HOVR-3.88%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, revealing a net income of $19,664,000, compared to a net loss of $740,000 in the same quarter the previous year.
Operating expenses for the quarter increased to $3,274,000 from $824,000 in the previous year, driven by higher research and development and general administrative costs.
Research and development expenses rose to $427,000 from $219,000, attributed to increased labor for flight testing and engineering work.
General and administrative expenses increased to $2,847,000 from $605,000, due to legal, accounting, and other growth-related costs.
The company reported a significant gain of $21,400,000 from the termination of a Forward Purchase Agreement.
Cash used in operating activities was $4,184,000, while cash provided by financing activities was $3,262,000.
As of November 30, 2024, New Horizon had cash and cash equivalents of $887,000.
The company received an investment of $8.4 million on December 20, 2024, to support its ongoing operations.
New Horizon Aircraft Ltd. continues to focus on the development and potential commercialization of its hybrid-electric eVTOL aircraft, the Cavorite X7.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the New Horizon Aircraft Ltd. quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.