New Horizon Aircraft Ltd.

Pre-revenue eVTOL developer whose top-percentile ROE/ROA are accounting artifacts, not real returns.

Strengths

• Strong near-term liquidity (current/quick ratio 6.16) and a modest cash burn (FCF -$9.5M)
• Patented HOVR fan-in-wing technology with 31 issued/allowed patents

Risks

• No product revenue and no aircraft deliveries expected before 2030; continuing significant losses and certification risk
• Reported ROE (2.0) and ROA (0.62) are negative-equity/non-operating artifacts, not operating profitability

Notable findings

• Cash burnNegative free cash flow (-6.6M)
• Chronic dilutionShare count +46%/yr over 1y (dilution)