Archer Aviation Inc · Q1 2023 earnings

Briefing

Archer Aviation's progress towards commercialization was highlighted, with a focus on completing the development and certification of Midnight, building out manufacturing capabilities, and solidifying go-to-market plans.

Archer Aviation reported a net loss of $113.1 million for Q1 2023, with total operating expenses reaching $112.0 million. The company maintained a strong liquidity position with $449.9 million in cash, cash equivalents, and short-term investments. Archer is focused on advancing its Midnight aircraft development, certification progress with the FAA, and expanding its UAM network.

• Final assembly of the first Midnight aircraft was completed, and it was shipped to the flight test facility in Salinas, California.
• The company submitted 15 of 18 Subject Specific Certification Plans (SSCPs) to the FAA, as well as the overarching Project Specific Certification Plan (PSCP).
• Construction is underway on the high-volume manufacturing facility in Covington, Georgia, with completion expected in the first half of next year.
• Archer is working with United to launch UAM service in Chicago in 2025, establishing the city's first point-to-point eVTOL aircraft route.

Headline financials

Revenue & EPS history

Archer anticipates GAAP total operating expenses of $110 million to $120 million and non-GAAP total operating expenses of $75 million to $85 million for the second quarter of 2023.