New Horizon raises $85M, doubles headcount to 56, advances full-scale demonstrator build

Filed July 16, 2026 · Period ending May 31, 2026 · Compared to 10-K Aug 22, 2025 · ~2 min read

Key Changes

• high

  Two May 2026 registered direct offerings ($57M net) plus ATM sales ($28M net) brought in about $85M, lifting cash from $15M to $78M (including $42M in cash equivalents) and extending runway to 12 months.

  MD&A: Liquidity verify on EDGAR →
• high

  R&D spending tripled to $13.2M (from $3.7M) as the company advanced full-scale demonstrator construction and expanded engineering headcount from 28 to 56 employees.

  MD&A: R&D Expenses verify on EDGAR →
• high

  Government grant funding increased sixfold to over $12M CAD (from $2M), including new INSAT program award for up to 40% reimbursement on a $10.5M project.

  Business: Government Grants verify on EDGAR →