Archer has released its operating and financial results for Q3 2024, detailing significant strides in certification, manufacturing, and preparations for the commercial launch of its eVTOL aircraft, Midnight. Archer also shared its Q4 2024 financial projections in a shareholder letter available on its investor relations website.
CEO Adam Goldstein commented, “Over the past six years, Archer has laid a robust foundation for the transition from concept to commercialization. We are now approaching the market launch of Midnight with strong certification progress, a scalable U.S.-based manufacturing facility, and solidified launch plans both domestically and internationally.”
Earnings Call Details
Archer will host an earnings call at 2:00 p.m. PT (5:00 p.m. ET) today, accessible via webcast on its investor relations website or by phone at 404-975-4839 (domestic) or +1 833-470-1428 (international), using access code 286379. A replay will be available on the website, with a telephonic replay also available for one week at 866-813-9403 (domestic) or +44 204-525-0658 (international), using access code 205749.
Q3 Highlights
- Production Facility Near Completion: Archer’s manufacturing facility is on track for early 2025, with a production goal of two aircraft per month by year-end. Built in 18 months at a cost of $65 million, the facility is ready to start equipment installation.
- Certification Progress: Following the FAA’s airworthiness criteria approval in May, Archer is progressing through the final phases of type certification. The FAA’s newly released Special Federal Aviation Regulation (SFAR) aligns well with Archer’s commercialization plans for eVTOL operations in the U.S.
- International Commercial Plans:
- UAE: Archer has partnered with the Abu Dhabi Investment Office to launch commercial air taxi services as early as Q4 2025. Progress has been made on regulatory, infrastructure, and operational fronts.
- Japan: Archer signed a $500 million purchase agreement with Soracle, a joint venture of Japan Airlines and Sumitomo Corporation, to introduce air taxi services in Japan’s congested cities. This partnership includes pre-delivery payments tied to milestones and is expected to help expand Archer’s order book, now valued at over $6 billion.*
- Financial Position: Archer ended Q3 with $501.7 million in cash, with quarterly spending remaining flat. The company is also seeking shareholder approval for up to $400 million in additional funding from Stellantis to scale Midnight manufacturing.**
Q3 Financial Results (GAAP vs. Non-GAAP)
| Metric | Q3 2024 (GAAP) | Q3 2024 (Non-GAAP) |
|---|---|---|
| Total Operating Expenses | $122.1M | $96.8M |
| Net Loss | $(115.3M) | NA |
| Adjusted EBITDA | NA | $(93.5M) |
| Cash and Equivalents | $501.7M | NA |
*Reconciliations of non-GAAP financial metrics to GAAP are provided in the “Reconciliation of Selected GAAP to Non-GAAP Results for Q3 2024” section.
Q4 Financial Outlook
Archer anticipates non-GAAP operating expenses of $95 million to $110 million for Q4 2024.
