Archer announced today that it has raised an additional USD 300 million in equity capital as it eyes strong demand in the defence market and beyond for its planned hybrid aircraft. Major institutional investors participated in this financing, including funds and accounts managed by BlackRock. The company reports this additional capital has brought its total liquidity to around USD1 billion.
Archer launched Archer Defense in December to develop next-generation aircraft for defence applications. The first product from this division is planned to be a hybrid-propulsion, vertical-take-off-and landing aircraft.
Adam Goldstein, founder and CEO of Archer said, “I believe the opportunity for advanced vertical lift aircraft across defence appears to be substantially larger than I originally expected. As a result, we are raising additional capital to help us invest in critical capabilities like composites and batteries to help enable us to capture this opportunity and more.”
Today, Archer is also releasing certain of its preliminary estimated financial results for the fourth quarter of 2024, reporting that its GAAP operating expenses will be within the range of USD120 million and USD140 million and total non-GAAP operating expenses are in line with its guidance range of USD95 million to USD110 million. Archer is also confirming that it does not expect that its total non-GAAP operating expenses for the first quarter of 2025 will materially increase over this Q4 guided range.
For more information
www.archer.com.