Archer Announces Q4 and Full Year 2022 Results, Midnight Closer to Build Completion

Archer Avi­a­tion announced its Q4 and Full Year ’22 Results this week as well as stat­ing the Mid­night Air­craft is clos­er to com­ple­tion and will be ful­ly con­struct­ed lat­er on this year, reports a press release.

Archer’s recent key oper­at­ing high­lights include:-

: Near­ing com­ple­tion of the final assem­bly of its first build of Mid­night, the pro­duc­tion air­craft it unveiled last Novem­ber.

: Sig­nif­i­cant­ly expand­ed rela­tion­ship with Stel­lan­tis with the com­pa­nies join­ing forces to man­u­fac­ture Mid­night.

: Ramp­ing man­u­fac­tur­ing and test capa­bil­i­ties across mul­ti­ple facil­i­ties, includ­ing the recent announce­ment that Archer has now begun con­struc­tion on its high vol­ume man­u­fac­tur­ing facil­i­ty in Cov­ing­ton, GA.

Adam Gold­stein

Adam Gold­stein, co-Founder and CEO of Archer, com­ment­ed, “The Archer team achieved sig­nif­i­cant mile­stones through­out 2022 across four key areas: tech­nol­o­gy, cer­ti­fi­ca­tion, man­u­fac­tur­ing and com­mer­cial oper­a­tions, giv­ing us tremen­dous momen­tum head­ing into 2023.”

He con­tin­ued, “Our focus con­tin­ues to be on achiev­ing the most effi­cient path to com­mer­cial­i­sa­tion and we are aim­ing to com­plete the first build of our con­form­ing Mid­night air­craft lat­er this year with pilot­ed flight tests of this air­craft begin­ning in ear­ly 2024.”

Below is a brief results overview.

For a full expla­na­tion please click on the share­hold­er let­ter link below:-

https://s27.q4cdn.com/936913558/files/doc_financials/2022/q4/Shareholder-Letter-Q422_FINAL-V2.pdf

Mean­while, Archer has reit­er­at­ed it is on course for build com­ple­tion of the Mid­night Air­craft lat­er this year, with pilot­ed flight test oper­a­tions begin­ning in ear­ly 2024, in anoth­er press release.

: All major aerostruc­tures (i.e., wing, tail, and fuse­lage) have been built and mat­ed togeth­er.

: A sig­nif­i­cant por­tion of the wiring, elec­tron­ics, actu­a­tors and oth­er sys­tems have been installed.

Archer intends to build at least six of these con­form­ing Mid­night air­craft to be used as part of its “for cred­it” test­ing with the FAA in sup­port of Type Cer­ti­fi­ca­tion. In turn, that con­form­ing air­craft would then begin pilot­ed flight test oper­a­tions in ear­ly 2024. These con­form­ing air­craft are set to be built at Archer’s San Jose, Cal­i­for­nia man­u­fac­tur­ing facil­i­ty and inte­grat­ed test lab, locat­ed strate­gi­cal­ly just around the cor­ner from its head­quar­ters.

Tom Muniz

Tom Muniz, Archer’s COO, com­ment­ed, “I couldn’t be more excit­ed to share the news of Archer’s progress on Mid­night. This lat­est mile­stone is fur­ther val­i­da­tion of our strate­gic approach of using known build­ing blocks to enable real­is­tic inno­va­tion sig­nif­i­cant­ly de-risk­ing our path to cer­ti­fi­ca­tion and mass man­u­fac­tur­ing.”

He con­tin­ued, “The team and I are look­ing for­ward to mov­ing this air­craft into flight test­ing soon and con­tin­u­ing on our path to fly­ing our con­form­ing air­craft in ear­ly 2024.”

For more infor­ma­tion

https://www.archer.com/

(Top image: Archer Avi­a­tion)