New Horizon Aircraft has filed a prospectus with the Securities and Exchange Board of India (Sebi) for a mixed shelf offering. The filing marks a procedural step toward potential capital raising, though specific details regarding the issue size or timeline were not disclosed.

The company’s submission indicates an intent to utilize the mixed shelf mechanism, which allows for future issues of securities without fresh regulatory approval for each tranche. However, the current document does not specify the quantum of funds to be raised or the instruments to be issued under this shelf.

No financial metrics, such as revenue or profit figures, were included in the brief filing notice. The absence of terms suggests this is an initial registration step rather than an immediate offer to investors.

Horizon Aircraft has entered into a non-binding Letter of Intent (LOI) with V-Star for the purchase of up to 100 hybrid-electric vertical takeoff and landing (eVTOL) aircraft, with a potential transaction value of $600 million. The agreement outlines a planned initial deposit for five units, signaling commercial demand for the manufacturer's Cavorite X7. This development comes as the company reported a strengthened financial position with $78.3 million in cash as of May 31, 2026, providing capital for assembly and certification efforts.

Financial Position

The company's liquidity increased significantly from $7.5 million in the prior year, supported by financing activities that generated more than $88 million. This included gross proceeds of $45 million from registered direct offerings. Research and development costs rose to $13.2 million from $3.7 million, reflecting investments in engineering and materials. General and administrative costs remained stable at $10.2 million, while cash used in operating activities totaled $16 million.

Operational Progress

Horizon Aircraft is advancing the Cavorite X7, a 7-person hybrid VTOL aircraft targeting a maximum speed of 250 mph and a range of 500 miles. The company has moved from technology validation to full-scale aircraft construction, expecting to complete the full-scale demonstrator by spring 2027. Strategic partnerships with Beta Technologies, RAMPF Composite Solutions, and North Aircraft Industries are supporting systems integration. Beta Technologies will supply flight control computers for the fly-by-wire platform.

The leadership team expanded with the appointment of Richard Alexander as Chief of Certified Programs. Headcount is projected to grow from over 55 employees to more than 100 by the end of fiscal 2027. The company is collaborating with Transport Canada on type certification, targeted by 2030.