Archer Aviation has announced operating and financial results for the second quarter ended June 30, 2023. In tandem with earnings, Archer made a series of announcements that the company says “reinforce its path to FAA certification and commercial operations in 2025”.
According to a company statement: “Archer has landed a USD215 million equity investment from industry leaders Stellantis, Boeing and United Airlines, as well as other financial institutions, including ARK Invest, increasing the company’s total funding to over USD1.1 billion to date, received FAA approval to begin flying its Midnight eVTOL aircraft, and reached an agreement with Boeing and Wisk to enter into an autonomous flight collaboration and settle litigation between the companies.
“Additionally, Archer announced that it is on track to complete what it believes will be the first ever eVTOL aircraft delivery to a customer as part of its recently announced contracts with the Department of Defence (DoD). These announcements come on the heels of the FAA Administrator leaving to join Archer and the DoD awarding Archer the largest total contract value of any eVTOL company.”
Archer’s second quarter financial results for 2023 (GAAP) show operating expenses of USD181 million, a net loss of USD184 million and cash, cash equivalents and short term investments of USD407 million.
Archer has issued a shareholder letter providing additional details on these updates along with its second quarter operating and financial results and third quarter 2023 estimates.
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(Image: Archer Aviation)