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Mar 31, 2024
Archer Aviation Q1 2024 Earnings Report
Archer Aviation's progress in flight testing and certification, along with financial results, were highlighted.
Key Takeaways
Archer Aviation reported a net loss of $116.5 million for Q1 2024, driven by continued investments in the Midnight aircraft program, testing, certification activities, and facility build-out. The company maintained a strong liquidity position with $523 million and progressed with key milestones including flight tests and battery pack manufacturing.
Archer flew over 100 flights in Q1, advancing towards the goal of exceeding 400 flights this year.
The company is nearing the transition milestone for its Midnight aircraft, preparing for piloted flight tests later this year.
Archer completed the installation of a high-volume battery pack manufacturing line.
A multi-hundred million dollar framework agreement was signed with the Abu Dhabi Investment Office to accelerate air taxi operations in the UAE.
Forward Guidance
Archer anticipates total non-GAAP operating expenses of $80 million to $95 million for the second quarter of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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