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Mar 31, 2023
Archer Aviation Q1 2023 Earnings Report
Archer Aviation's progress towards commercialization was highlighted, with a focus on completing the development and certification of Midnight, building out manufacturing capabilities, and solidifying go-to-market plans.
Key Takeaways
Archer Aviation reported a net loss of $113.1 million for Q1 2023, with total operating expenses reaching $112.0 million. The company maintained a strong liquidity position with $449.9 million in cash, cash equivalents, and short-term investments. Archer is focused on advancing its Midnight aircraft development, certification progress with the FAA, and expanding its UAM network.
Final assembly of the first Midnight aircraft was completed, and it was shipped to the flight test facility in Salinas, California.
The company submitted 15 of 18 Subject Specific Certification Plans (SSCPs) to the FAA, as well as the overarching Project Specific Certification Plan (PSCP).
Construction is underway on the high-volume manufacturing facility in Covington, Georgia, with completion expected in the first half of next year.
Archer is working with United to launch UAM service in Chicago in 2025, establishing the city's first point-to-point eVTOL aircraft route.
Forward Guidance
Archer anticipates GAAP total operating expenses of $110 million to $120 million and non-GAAP total operating expenses of $75 million to $85 million for the second quarter of 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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