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Sep 30, 2021
Archer Aviation Q3 2021 Earnings Report
Archer debuted as a public company and shared its Q3 2021 financial results.
Key Takeaways
Archer Aviation successfully completed its business combination in September and received $802M in net cash proceeds. The company exited the quarter with $796 million in cash and cash equivalents. GAAP operating expense of $176 million plus interest expense related to our SVB loan resulted in a third quarter GAAP net loss of $177 million. Our third quarter non-GAAP operating expense was $29M, resulting in an adjusted EBITDA loss of $28M.
Completed business combination and received $802M in net cash proceeds.
Exited the quarter with $796M in cash and cash equivalents.
Reached agreement with the FAA on a certification basis of our eVTOL aircraft through a signed G-1 Issue Paper.
Relocated Maker from design and development facility to the hangar facility from which we will conduct our Maker test fights.
Archer Aviation
Archer Aviation
Forward Guidance
For Q4 2021, Archer anticipates total GAAP operating expense of $65 - 70 million and non-GAAP operating expense of $35 - 40 million.
Positive Outlook
- Continued progress on path to Type Certification of our production aircraft.
- Agreed upon a G-1 Certification Basis with the FAA in September.
- Working towards goal of receiving our G-2 Issue Paper in 2022 and our Type Certification of our production aircraft before the end of 2024.
- Plan to begin construction on manufacturing facility in 2022 and target having construction completed in 2023.
- Intend to launch and begin initial testing of our mobile booking application in 2023 to optimize a seamless experience for our customers.
Challenges Ahead
- Key challenges and critical milestones ahead on our path to commercialization of our aircraft and UAM ecosystem.
- Conducting Maker’s first test flight, which is planned to be a hover flight occurring later this year.
- Impact of future fair market value of our common stock and other factors on stock-based compensation expense.
- Certain items that impact non-GAAP operating expense are uncertain or out of our control and cannot be reasonably predicted.
- Stock-based compensation expense is impacted by factors difficult to predict, subject to frequent change, or not within our control.