The balance sheet shows a vulnerable capital structure with accumulated deficits reaching $49.1 million, despite maintaining a current ratio of 14.81 as of 2026Q3.
| Total Current Assets | 28.75M | 11.21M | 4.66M | 245.48K | 6.83K |
| Cash & Short-Term Investments | 26.86M | 10.36M | 1.82M | 227.97K | 4.32K |
| Cash Only | 26.86M | 10.36M | 1.82M | 227.97K | 4.32K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 291.26K | 131.73K | 417K | 15K | 0 |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 105.97K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.16M | 327.95K | 280K | 1.17M | 1.16M |
| Property, Plant & Equipment | 1.16M | 119.38K | 128K | 194.11K | 262.41K |
| Fixed Asset Turnover | 0.00x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 207.49K | 208.57K | 152K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | -207.49K | 0 | 0 | 971.99K | 894.78K |
| Total Assets | 29.91M | 11.54M | 4.94M | 1.41M | 1.16M |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | 1280.22% | 133.47% | 250.25% | 21.27% | - |
| Total Current Liabilities | 1.94M | 1.82M | 1.33M | 1.49M | 334.46K |
| Accounts Payable | 1.5M | 931.72K | 715K | 186.56K | 159.91K |
| Days Payables Outstanding | 5.77K | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 1.22M | 90.11K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 111.93K | 234.64K | 84K | 0 | 0 |
| Current Ratio | 14.81x | 6.16x | 3.50x | 0.16x | 0.02x |
| Quick Ratio | 14.81x | 6.16x | 3.50x | 0.16x | 0.02x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 8.68M | 6.17M | 21.54M | 336.67K | 2.11M |
| Long-Term Debt | 0 | 0 | 0 | 263.13K | 1.98M |
| Capital Lease Obligations | 10.75K | 10.98K | 30K | 73.54K | 122.5K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.68M | 6.16M | 21.51M | 0 | 0 |
| Total Liabilities | 10.62M | 7.99M | 22.88M | 1.83M | 2.44M |
| Total Debt | 19.11K | 41.16K | 74K | 1.6M | 2.25M |
| Net Debt | -26.84M | -10.31M | -1.74M | 1.38M | 2.25M |
| Debt / Equity | 0.00x | 0.01x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - |
| Net Debt / EBITDA | 1.20x | - | - | - | - |
| Interest Coverage | - | - | -48.66x | - | - |
| Total Equity | 19.29M | 3.55M | -17.93M | -413.49K | -1.28M |
| Equity Growth % | 912.05% | 119.82% | -4236.96% | 67.64% | - |
| Book Value per Share | 0.44 | 0.12 | -1.67 | -0.06 | -0.19 |
| Total Shareholders' Equity | 19.29M | 3.55M | -17.93M | -413.49K | -1.28M |
| Common Stock | 152.82M | 116.04M | 74.41M | 5.08M | 3.1M |
| Retained Earnings | -49.05M | -13.01M | -14.68M | -5.55M | -4.38M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Binary certification failure risk
According to the provided financial data, HOVR's total assets have fluctuated significantly, peaking at $122.1 million in 2024Q2 before contracting to $29.9 million by 2026Q3, illustrating the inherent instability of a pre-revenue aerospace entity reliant on periodic capital injections to sustain its development-stage operations.
The sharp contraction in asset value following 2024 suggests that the company's initial capitalization was either rapidly deployed or subject to significant valuation adjustments. Investors should monitor whether the current asset base is sufficient to support the intensive testing phases required for the Cavorite X7, as the current trajectory indicates a reliance on external funding rather than internal asset growth.
As reported in recent financial statements, HOVR held $26.9 million in cash as of 2026Q3, which, when measured against the accelerating quarterly burn rate, suggests a limited operational runway that may necessitate further dilutive financing to reach critical FAA and Transport Canada certification milestones.
While the current ratio of 14.81 appears robust on the surface, it is largely a function of the company's pre-revenue status and lack of significant short-term liabilities. This liquidity buffer may prove deceptive if the company encounters unexpected delays in the certification process, which would rapidly deplete cash reserves without a corresponding path to commercial revenue.
Based on reported figures, the company's equity position has been severely eroded by accumulated deficits, which reached $49.1 million by 2026Q3, reflecting the substantial capital consumption required to fund the R&D-heavy development of the proprietary fan-in-wing propulsion technology.
The transition from negative equity in early 2025 to a positive $19.3 million position by 2026Q3 suggests successful, albeit likely dilutive, capital raises. However, the persistent growth of the deficit indicates that the company is effectively trading shareholder dilution for the time needed to prove its technical design, a strategy that remains highly sensitive to market sentiment.
Analysis of the balance sheet reveals that net PPE remains minimal at $1.2 million as of 2026Q3, which may indicate that the company is outsourcing significant manufacturing or testing infrastructure, thereby shifting the burden of capital expenditure risk onto partners or future production phases.
The reliance on a lean asset base may be a strategic choice to preserve cash, but it also suggests that the company lacks the internal manufacturing capacity to scale production rapidly. This structural choice warrants further investigation, as it may create bottlenecks or dependency risks once the company moves from the prototype phase to commercial manufacturing.
Quick answers to the most common questions about buying HOVR stock.
As of 2025, New Horizon Aircraft Ltd. (HOVR) had total assets of $11.5M including $11.2M in current assets.
New Horizon Aircraft Ltd. (HOVR) carries total debt of $0.0M, offset by $10.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
New Horizon Aircraft Ltd. (HOVR) has total shareholders' equity (book value) of $3.6M ($0.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
New Horizon Aircraft Ltd. (HOVR) reported a current ratio of 6.16x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.