$HOVRW

New Horizon Aircraft Ltd.

CIK:0001930021|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) - CAD ($) $ in Thousands	12 Months Ended
	May 31, 2026	May 31, 2025
Operating expenses
Research and development	$ 13,244	$ 3,660
General and administrative	10,224	9,925
Total operating expenses	23,468	13,585
Loss from operations	(23,468)	(13,585)
Other (income) expenses	(503)	10
Interest income	(671)	(123)
Change in fair value of Warrants	10,802	1,988
Change in fair value of Forward Purchase Agreement		740
Termination of Forward Purchase Agreement		(21,400)
Total other expenses (income)	9,628	(18,785)
Income (Loss) before income taxes	(33,096)	5,200
Income tax expense
Net Income (Loss) and Comprehensive Income (Loss)	$ (33,096)	$ 5,200
Income (loss) per share:
Basic: (in Dollars per share)	$ (0.77)	$ 0.2
Diluted: (in Dollars per share)	$ (0.77)	$ 0.17
Shares used in computing Income (Loss) per share:
Basic: (in Shares)	43,046,980	25,844,200
Diluted: (in Shares)	43,046,980	30,760,145

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	May 31, 2026	May 31, 2025
Cash Flows from Operating Activities:
Net Income (Loss)	$ (33,096)	$ 5,200
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	298	138
Stock-based compensation	7,159	1,492
Registered Share Offering Costs		290
Change in fair value of Forward Purchase Agreement		740
Gain on Termination of Forward Purchase Agreement		(21,400)
Change in Warrant liability	10,802	1,988
Changes in operating assets and liabilities:
Prepaid expenses	(3,239)	1,901
Accounts receivable	(702)	321
Accounts payable	2,092	(36)
Accrued liabilities	193	51
Operating leases	1	3
Net cash used in operating activities	(16,492)	(9,312)
Cash Flows used in Investing Activities:
Purchase of property and equipment	(967)	(142)
Net cash used in investing activities	(967)	(142)
Cash Flows from Financing Activities:
Net Proceeds from Sales Agreement	27,852	880
Proceeds from RDO I	27,232
RDO I Costs	(2,196)
Proceeds from RDO II	34,571
RDO II Costs	(2,611)
Proceeds from Class A Ordinary Shares to be Issued	35
Proceeds from Registered Securities Offering		3,947
Registered Share Offering Costs		(510)
Proceeds from exercise of stock options	28
Net Proceeds from Issuance of Class A Ordinary shares		2,082
Net Proceeds from Issuance of Preferred Shares		6,277
Forward Purchase Agreement termination		(278)
Proceeds from Warrants exercised	3,280	2,787
Net cash provided by financing activities	88,191	15,185
Net Change in Cash and Cash Equivalents	70,732	5,731
Cash and Cash Equivalents - Beginning of year	7,547	1,816
Cash and Cash Equivalents - End of year	78,279	7,547
Taxes paid
Interest paid	$ 1	$ 1

Consolidated Balance Sheets - CAD ($) $ in Thousands	May 31, 2026	May 31, 2025
Current assets:
Cash and cash equivalents	$ 78,279	$ 7,547
Prepaid expenses	3,769	530
Accounts receivable	798	96
Total current assets	82,846	8,173
Operating lease assets	72	30
Property and equipment, net	878	209
Total Assets	83,796	8,412
Current liabilities:
Accounts payable	2,771	679
Accrued liabilities	818	625
Operating lease liabilities	51	22
Total current liabilities	3,640	1,326
Warrant liabilities	9,025	4,488
Operating lease liabilities	21	8
Total Liabilities	12,686	5,822
Shareholders’ Equity:
Preferred shares, no par value; unlimited authorized; 4,500 issued and outstanding (4,500 as of May 31, 2025)	6,277	6,277
Additional paid-in capital	(59,293)	(78,766)
Accumulated deficit	(42,579)	(9,483)
Total Shareholders’ Equity	71,110	2,590
Total Liabilities and Shareholders’ Equity	83,796	8,412
Class A Ordinary Shares
Shareholders’ Equity:
Ordinary shares, value	166,670	84,562
Class A Ordinary Shares to be Issued
Shareholders’ Equity:
Ordinary shares, value	$ 35