Archer Says It’s on Track To Fly in December

Meg Scarbrough

Thursday, November 11, 2021 at 11:33 PM ET

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Archer’s Maker electric vertical takeoff and landing (eVTOL) aircraft Al Arena

Key Takeaways:

Archer Aviation reported a $177 million net loss in its first quarterly report since going public, attributing it to operating expenses and investments, but confirmed having $796 million in cash.
The company remains on track to conduct its first flight test of the Maker eVTOL prototype by December and aims for commercial operations by 2024, bolstered by a significant deal with United Airlines.
Archer is currently involved in a federal lawsuit with rival Wisk Aero, which accuses Archer of patent infringement and trade secret misappropriation, with a jury trial scheduled for January 2023.

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Archer Aviation (NYSE:ACHR) on Thursday delivered its first quarterly earnings report since going public two months ago, reporting a $177 million net loss, but saying it remains on track to fly its innovative new aircraft prototype by next month.

The company attributed the loss to operating expenses, plus interest payments, which included the cost of hiring additional engineering staff and investments in Archer’s Maker electric vertical takeoff and landing (eVTOL) aircraft, which is currently under development.