Archer has published its Shareholder Letter covering the first quarter of 2024. In the letter it highlights a net loss for the first quarter 2024 of USD116.5 million, which increased sequentially by USD7.4 million from the fourth quarter of 2023. The company says the year-over-year, net loss for the first quarter of 2024 was higher than the first quarter of 2023 by USD3.4 million.
In addition the letter sets down highlights for the company during the period:
- “Midnight’s Flight Test Campaign Accelerates – Closing In On Transition Milestone. In Q1, Archer flew 100+ flights, keeping us on track to exceed our goal of 400 flights this year.
- “Midnight’s Key Systems Pass Rigorous Testing Ahead of “For Credit” Testing. This is a part of Midnight’s safety of flight readiness for its upcoming piloted flight tests later this year and in support of our ongoing FAA certification program.
- “Final Assembly of First Conforming Midnight Aircraft Rapidly Progressing. We have made significant progress on final assembly and integration of the aircraft’s components and systems and are on track to begin piloted flight tests of this aircraft later this year.
- “Multi-Hundred Million Dollar Framework Agreement To Build the Future Of Air Travel in the UAE. We recently announced that we signed a framework agreement with the Abu Dhabi Investment Office for multi-hundred-million dollars to accelerate commercial air taxi operations across the UAE.
- “Continuing To Maintain Our Strong Liquidity Position. We have maintained greater than USD520 million of liquidity at the end of each of our past four quarters while continuing to make investments across the aircraft development program in support of our planned commercial launch.”
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(Image: Archer)