Today — 22 May 2026
New Horizon Aircraft (HOVR)
Stance: Speculative watch with asymmetric upside — concrete catalyst by year-end 2026.
Thesis: HOVR is a pre-revenue eVTOL developer with a differentiated hybrid-electric fan-in-wing design (Cavorite X7) targeting 300-500 mile regional air mobility. The stock is a binary outcome bet on full-scale prototype success, but the asymmetric risk/reward makes it a small-position candidate.
Catalysts: Full-scale prototype flight guided for year-end 2026; dual-use certification pathway announced 21 May 2026 via Cert Center Canada; MHIRJ (Mitsubishi Heavy Industries) partnership adds engineering credibility.
Risks: 30 employees vs. 1,000+ at peers; cash runway only through end of 2026; ~20% dilution from recent $20M raise at $2.16; no full-scale prototype flying yet; short interest rising 91% in warrants.
Sell trigger: Full-scale prototype fails to fly by mid-2027, or management signals need for another dilutive raise before the prototype milestone.