Archer Aviation Q3 2023 Earnings Report
Key Takeaways
Archer Aviation reported a net loss of $51.6 million for Q3 2023. The company is progressing towards commercialization, focusing on the development and certification of Midnight, building manufacturing and supply chain capabilities, and solidifying go-to-market plans. The company had cash and cash equivalents of $461.4 million as of September 30, 2023.
Midnight is on track to rapidly advance from hover to full wing-borne flight, paving the way for "for credit" testing with the FAA next year.
The company has nearly $600M of liquidity, including cash and cash equivalents of $461M as of September 30th.
Plans were announced and key partners identified to launch air taxi services in the UAE and India.
The company received the first payment from the U.S. Air Force on recently announced contracts valued at up to $142M.
Archer Aviation
Archer Aviation
Forward Guidance
Archer anticipates GAAP total operating expenses of $100 million to $110 million and non-GAAP total operating expenses of $75 million to $85 million for the fourth quarter of 2023.