New Horizon Aircraft Ltd.

Ladies and gentlemen, thank you for standing by. Welcome to the New Horizon Aircraft Fiscal Fourth Quarter 2026 Earnings Conference Call. All participants are present in a listen-only mode. Following management's prepared remarks, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference is being recorded and will be available for replay on the company's website. at www.horizonaircraft.com later today. I would now like to turn the call over to Matt Chessler. Matt, please go ahead.

Thank you, Operator, and good morning, everyone. Joining me on the call today are Horizon Aircraft's CEO, Brandon Robinson, and the company's CFO, Brian Merker. I'd like to remind you that we will be making forward-looking statements during today's call. All statements involve risks and uncertainties that may cause actual results to differ materially. For more information about these risks and uncertainties, please refer to the Risk Factors section of our random report on Form 10-K for the fiscal year ended May 31, 2026 and filed this morning with the Securities and Exchange Commission and under the company's profile on CEDAR Plus in Canada. Any forward-looking statements we make are based on assumptions as of today. We undertake no obligation to update these statements as a result of new information or future events. Now I'd like to turn the call over to our CEO, Brandon Robinson, for his prepared remarks. Brandon, please go ahead.

Thanks, Matt. Good morning, everyone. And thank you for joining us for Horizon's fourth quarter and fiscal 2026 year-end call. Fiscal 2026 was truly a transformational year. After completing a full-scale transition flight on our prototype last May, we spent this past year advancing the Calvary X-7 from technology validation to full-scale aircraft construction. We also expanded our engineering and leadership teams, assembled an outstanding group of aerospace development partners, and significantly strengthened our balance sheet that has now more than $78 million in cash. For those that are newer to the company, the Calvaryte X7 is our seven-person hybrid VTOL aircraft built around our patented fan and wing technology. Unlike other concepts in the advanced air mobility space, the X7 is expected to fly about 98% of its mission, just like a normal aircraft on traditional wing-borne flight. This unique concept elegantly combines the vertical flexibility of a helicopter with the speed, range, payload, safety, and utility and operating economics of a conventional aircraft. This past year's accomplishment have led Horizon Aircraft to a strongest position in history from both an aircraft developmental perspective and a financial perspective. And we have entered our next fiscal year with focus strictly on execution, assembling the aircraft, advancing certification activities and preparing for flight testing of our full-scale aircraft demonstrator. Before I review our accomplishments during fiscal year 2026 in more detail and discuss our priorities for the year ahead, we would like to share a short and exciting video that should get you stoked about the progress we're making here at Horizon Aircraft. So operator, please play the video. Thank you for watching. That was awesome. Anyway. So let's continue. Over the past year, we have made remarkable progress across nearly every aspect of the business. We strengthened our financial position, expanded our technical capabilities, and added world-class development partners, and continue to mature the X7 towards full-scale assembly. I'd now like to walk through the progress we made during the last year and why we believe Horizon is very well positioned to achieve our important milestones ahead. So a year ago, we completed a successful transition flight of our large-scale prototype. Today, the program is leveraging that achievement into the production of our full-scale X-7 aircraft. Significant structural and component work, notably in respect of our aerostructure flight controls, flight dynamics, and test systems, has shifted into the hands of our specialized aerospace manufacturing partners and our team has grown. Our certification pathway has become more defined and our balance sheet is substantially stronger. The target performance of the X7 helps explain why we believe this effort is worth pursuing. The aircraft is designed for a maximum speed of approximately 250 miles per hour, a range of approximately 500 miles, and a useful load of approximately 1,500 pounds. The aircraft will be capable of vertical flight, Short takeoff and landing and conventional takeoff and landings, as well as flight in all weather conditions, giving operators significant flexibility with which to match the aircraft to each mission. The X-7's hybrid electric architecture is another defining advantage. Fuel carried on board has far greater energy density than today's all-electric aerospace architectures by a factor of almost 50. By pairing a proven turbine engine with batteries and distributed electrical lift, the X-7 is designed to recharge its battery system in flight after landing and does not require any ground charging infrastructure whatsoever and could even be used as a remote power station in certain circumstances. Importantly, the aircraft also comes with compelling economics. An independent third-party analysis calculated the X-7's operating costs at approximately 97 cents per passenger seat mile. I'll say that again, 97 cents per passenger seat mile based on a 500-hour flight envelope per year. or utilization per year, I should say. This is compared with operating costs of over $4 for comparable helicopters with the same level of utilization. So based on this analysis, our expectation is the X7 could deliver operating costs of up to 75% lower per unit distance as compared with a helicopter of a similar capacity while also offering substantially greater speed, range, and safety. Importantly, our ambition is not to become an airline or operating an air taxi service. It's to become a leading manufacturer of a world-class aircraft. This allows us to continue to be extremely capital efficient and to maximize shareholder value, something we're laser focused on. The progress and sophistication of the full-scale X-7 prototype program is increasingly visible, and we have announced several significant engineering partnerships over the past year. These organizations bring expert experience to the development and certification process of specific components while we remain responsible for the overall aircraft architecture, system integration, and program execution. For example, Beta Technologies advanced flight control computers will be used on the X7. This is really exciting. Beta's fly-by-wire platform was designed specifically for modern VTOL aircraft and incorporates safety-critical software, system redundancy, and flexible architecture intended to support reliable aircraft operations. I think they have over 100,000 miles on the ALIA aircraft right now already. In any case, flight controls sit at the heart of every aircraft handling, stability, performance, and certification aspect. We believe Beta's leading VTOL-specific experience, engineering talent, and operational philosophy will fit with the long-term requirements of the X-7 program, and we couldn't be better aligned. Randolph Composite Solutions on the fuselage construction perspective continues to advance manufacturing of the main fuselage in Empennage and North aircraft industries and experts in wing design and testing technologies progresses with our patented wing architecture. Marshall Aerospace has completed flight dynamics and control models for the X-7, allowing our team to predict and optimize how the X-7 should respond to the control inputs before even beginning flight testing. And we are proud to partner with other industry leaders such as Pratt & Whitney Canada, MT Propeller, and MHI Regional Jet. And we may remain committed to expanding our world-class partner ecosystem as we advance our aircraft program. As for certification, our team is focused strictly on creating a certified aircraft that places operational utility at the forefront. We're using elevated standards for design reviews, system requirements, safety assessments, and other certification considerations into the current prototype phase earlier than many programs do. This requires additional efforts before the first flight, but it also produces a more robust aircraft and a far more efficient path through subsequent testing and certification. Our objective has never been and will not be to target the shortest possible route to flying prototype. Every engineering decision we make is aimed at delivering an aircraft that operators can fly safely, that regulators can certify, and that customers can rely on for decades. That philosophy influences how we selectively allocate capital, how we sequence development, and ultimately how we measure success. It is also really exciting to see the broader advanced air mobility industry evolving. Regulators, operators, lessors, and even investors are placing greater emphasis on certification readiness, technical execution, capital discipline, and practical aircraft economics. We have built Horizon Aircraft around those priorities from the beginning, and we believe that positioning is becoming increasingly relevant as the industry matures. One of the clearest examples of this philosophy is how we approach all weather capability. The X-7 is designed for instrument flight rule operations, just like almost all normal commercial aircraft. We also intend to pursue certification for flight into known icing, something that is very unique and made possible as a result of its patented fan in-wing architecture alongside its hybrid electric power core. This should enable the X-7 to operate in all weather conditions encountered by regional operators, as well as enabling emergency medical, cargo delivery, and defense missions across the globe. All weather capability is not a marketing feature. For an operator, an aircraft that can fly in almost any weather condition is critical to underpinning safe and profitable operations. Something that we're again laser focused on. Our internal team has also grown alongside the technical team and now numbers over 55 people. We have added experienced engineering and program leaders, including most recently Richard Alexander as our Chief of Certified Programs. His role is especially important as we strengthen the connection between the development activities, certification requirements, quality systems, and eventual production organization. This growth will only accelerate. We expect to continue aggressively hiring across our engineering, certification, quality, manufacturing and program management platforms. Based on our current plan, we are anticipating staffing more than 100 employees by the end of next year and double that by the same time in 2028. As a part of our year-end planning process, We re-evaluated the schedule for the full-scale demonstrator aircraft. We previously targeted completion by the end of calendar 27. We're now expecting completion within approximately nine months, placing the milestone by the spring of 2027. This represents an approximately one quarter shift from our prior expectations, which As I mentioned earlier, we are not optimizing for the fastest prototype assembly, we are optimizing for the most certifiable aircraft. By increasing the sophistication of the platform during this phase, we are investing in a much more streamlined overall certification process. Following the completion of the demonstrated aircraft, we expect the 2027 test program to begin with initial ground testing, of course, followed by a traditional flight test program. At the time, we will continue working with Transport Canada towards our, at the same time, I should say, we will continue working with Transport Canada towards our type certification by 2030. We are encouraged not only by the engineering progress, but also by growing commercial engagement. We are in discussions with several potential buyers and operators that have expressed interest being amongst the first to add the Cavarate X7 to their fleet. Those conversations span regional transportation, emergency services, defense, logistics, and other special missions. We remain disciplined about how and when we formalize commercial commitments and the level of interest reinforces our views that operators are looking for vertical lift aircraft of superior range, safety, and economics. And we're very encouraged by that. Fiscal 2026 marked a major transition for the Horizon Aircraft team. From validating the core concept to building a world-class organization, a supplier base, engineering capabilities, financial depth, and the certification discipline required to deliver a full-scale aircraft. There is substantial work ahead, but we enter fiscal 2027 with the team, the plan, and the financial depth to execute. Now I'd like to pass the call over to our CFO, Brian Merker, to discuss the financial results, our capital position in more detail. So Brian, take it away.