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 earnings since going public, attributing it to operating expenses and investments, but confirmed $796 million in cash on hand.
Despite the loss, the company remains on track to fly its Maker eVTOL aircraft prototype by next month (December) and aims for commercial operations by 2024, with a vertically integrated manufacturing and air taxi service model.
Archer faces challenges including high development costs, significant competition from rivals like Joby Aviation, and an ongoing federal lawsuit with Wisk Aero regarding alleged patent infringement and trade secret misappropriation.
The company has a $1 billion conditional purchase order from United Airlines and is progressing with FAA certifications and manufacturing site selection.

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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.