HOVR disclosed its fiscal 2026 second‑quarter results before the market opened on January 14, 2026. The company reported earnings of $‑0.15 per share, a miss of $‑0.07 compared with the consensus estimate of $‑0.08 to $‑0.12. Revenue remained at $0.0 million, consistent with the company’s pre‑revenue status for the quarter.
The earnings shortfall reflects the company’s continued investment in research and development of its hybrid‑electric Cavorite X7 aircraft. CEO Brandon Robinson said the quarter “provides strong momentum toward completing our full‑scale aircraft and commencing initial testing within the next 12 to 18 months.” The company’s burn rate remains high, but the miss is expected given the absence of commercial revenue and the heavy capital outlay required for prototype development.
Liquidity remains robust, with more than $24 million in cash on hand and a $10.5 million non‑dilutive grant for an all‑weather eVTOL project. CFO Brian Merker highlighted that the company’s “working capital has improved significantly, and the disciplined operating strategy balances efficiency with growth.” The cash cushion extends the runway through 2026, providing a buffer for continued engineering and supply‑chain scaling.
Management did not provide new revenue guidance, citing the pre‑revenue nature of the business. Instead, the outlook focuses on engineering milestones, supply‑chain expansion, and deepening strategic partnerships. The company remains committed to advancing the Cavorite X7, with assembly slated for 2026 and initial testing expected in early 2027.
The results underscore HOVR’s position as a development‑stage player in the eVTOL market. While the EPS miss signals ongoing capital expenditure, the company’s liquidity and clear development roadmap suggest that the earnings report is a routine update rather than a signal of operational distress. Investors will likely view the earnings as a confirmation of the company’s long‑term strategy rather than a catalyst for immediate valuation change.
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