Archer Announces Q4 and FY 2023 Results, Alongside “Latest Progress Report on Midnight eVTOL Aircraft”

Archer Avi­a­tion released this week its Q4 and FY 2023 Finan­cial report along­side the company’s lat­est progress of its Mid­night eVTOL Air­craft, reports a press release.

Archer con­tin­ues to spend mon­ey as it pro­pels itself towards com­mer­cial cer­ti­fi­ca­tion, but this is only to be expect­ed. Even so, the com­pa­ny remains in a strong liq­uid­i­ty posi­tion of USD625 mil­lion with grow­ing cash bal­ances. 

Q1 2024 finan­cial esti­mates include GAAP total oper­at­ing expens­es of between USD100 mil­lion and USD120 mil­lion. This includes expect­ed stock-based com­pen­sa­tion, war­rant expense and oth­er one-time expens­es of around USD 25 mil­lion and non-GAAP total oper­at­ing expens­es of USD75 mil­lion to USD95 mil­lion.

Under­stand­ably, Archer focus­es on the progress of its Mid­night. This includes:-

: Con­struc­tion of three con­form­ing Mid­night air­craft under­way as flight test pro­gram makes rapid progress with 400 com­plet­ed flights aimed for by the end of 2024.

: On track to com­plete man­u­fac­tur­ing facil­i­ty in Geor­gia lat­er this year.

: Close to 80 per­cent of the aircraft’s sub­sys­tems and com­po­nents are sourced from lead­ing aero­space sup­pli­ers offer­ing “a de-risked path to cer­ti­fi­ca­tion.”

:  A poten­tial order book for 700 air­craft val­ued at USD3.5 bil­lion.

Adam Gold­stein, Archer’s CEO, com­ment­ed, “We are excit­ed to announce that Mid­night is now in the final phase of its cer­ti­fi­ca­tion pro­gram. 2024 will be all about build­ing con­form­ing Mid­night air­craft to be used in pilot­ed for cred­it test­ing with the FAA and com­plet­ing the man­u­fac­tur­ing facil­i­ty, along­side Stel­lan­tis, in Geor­gia.”

Adam Gold­stein

The Com­pa­ny has issued a share­hold­er let­ter dis­cussing the finan­cials, as well as its first quar­ter 2024 esti­mates.

Please Read Let­ter

https://investors.archer.com/files/doc_financials/2023/q4/Shareholder-Letter-Q423-FINAL.pdf

You can access a record­ing of this week’s share­hold­er web­cast on the company’s investor rela­tions web­site at:

https://investors.archer.com/overview/default.aspx

For Detailed Finan­cials Infor­ma­tion

https://investors.archer.com/news/news-details/2024/Archer-Announces-Fourth-Quarter-and-Full-Year-2023-Results-Now-In-Final-Phase-of-Midnights-Certification‑Program-as-it-Readies-for-Launch-in-2025/default.aspx

The Archer share price closed on Tues­day, Feb­ru­ary 27th at USD4.80. 

For more infor­ma­tion

www.archer.com

(Top image: Archer Mid­night)

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