ACHR-WT · Archer Aviation Inc.

Archer Aviation's Q1 2026 results reflect accelerated investment in certification, flight testing, and production for its Midnight eVTOL aircraft, driving a $21.5M increase in GAAP operating expenses to $256.2M from Q4 2025, primarily in research and development ($171.7M). Revenue rose modestly to $1.6M from Hawthorne Airport operations, but the GAAP net loss widened to $217.7M, with EPS at -$0.28, due to higher expenses, lower non-cash gains, and reduced interest income. Non-GAAP Adjusted EBITDA loss of $172.5M fell within guidance, demonstrating financial discipline amid scaling efforts. Balance sheet remains robust with $1.8B liquidity, down $188.8M quarter-over-quarter from $149.1M operating cash burn and $32.6M capex. CEO Adam Goldstein highlighted record progress closing FAA Phase 3 certification first among eVTOL peers, expanded daily piloted flights, and Hawthorne Airport control as steps toward 2026 US operations under eIPP across 8 states and LA28 Olympics. Defense advancements with Anduril on hybrid autonomous aircraft and AI partnerships with NVIDIA, Palantir, and Starlink position Archer beyond air taxis. Q2 guidance signals continued $170M-$200M Adjusted EBITDA losses, aligning with aggressive commercialization and certification timelines toward Phase 4 testing.