Archer Aviation Inc · Q3 2023 earnings

Briefing

Archer Aviation's financial position was enhanced, and plans to launch air taxi services in the UAE and India were solidified.

Archer Aviation reported a net loss of $51.6 million for Q3 2023. The company is progressing towards commercialization, focusing on the development and certification of Midnight, building manufacturing and supply chain capabilities, and solidifying go-to-market plans. The company had cash and cash equivalents of $461.4 million as of September 30, 2023.

• Midnight is on track to rapidly advance from hover to full wing-borne flight, paving the way for "for credit" testing with the FAA next year.
• The company has nearly $600M of liquidity, including cash and cash equivalents of $461M as of September 30th.
• Plans were announced and key partners identified to launch air taxi services in the UAE and India.
• The company received the first payment from the U.S. Air Force on recently announced contracts valued at up to $142M.

Headline financials

Revenue & EPS history

Archer anticipates GAAP total operating expenses of $100 million to $110 million and non-GAAP total operating expenses of $75 million to $85 million for the fourth quarter of 2023.