Archer Aviation “Announces Q1 2024 Results Alongside Recent Midnight Highlights” 

Archer is rarely out of the news as its leads the green avi­a­tion rev­o­lu­tion along­side Joby and sev­er­al oth­ers. Attract­ing recent major invest­ment from the Mid­dle East region is a coup and places the com­pa­ny in a strong posi­tion going for­ward. Yet, its share price con­tin­ues to strug­gle, falling 30 per­cent dur­ing the last six months and clos­ing on Fri­day at USD3.65, the low­est val­ue since July 2023.

Apart from EHang, a major­i­ty of stock-float­ed eVTOL com­pa­nies have suf­fered recent­ly, as influ­en­tial investors believe the nascent indus­try still has much to prove.

The High­lights

: In Q1, Archer flew 100 or more flights, on track to exceed the com­pa­ny’s goal of 400 this year. 

: Mid­night is clos­ing in on its tran­si­tion mile­stone i.e to take off ver­ti­cal­ly, accel­er­ate until it tran­si­tions from thrust-born to wing-borne flight, and then land again ver­ti­cal­ly. From there, Archer intends to fly the air­craft as much as 10–15 times per day get­ting clos­er to achiev­ing “a com­mer­cial mis­sion tem­po.”

: Midnight’s Key Sys­tems Pass Rig­or­ous Test­ing Ahead of “For Cred­it Test­ing.” A part of Midnight’s safe­ty of flight readi­ness for its upcom­ing pilot­ed flight tri­als lat­er this year, in sup­port of its ongo­ing FAA cer­ti­fi­ca­tion pro­gram.

: There has been sig­nif­i­cant progress on final assem­bly and inte­gra­tion of the aircraft’s com­po­nents and sys­tems and Archer is on track to begin pilot­ed flight tests of Mid­night lat­er this year.

: Last week, the com­pa­ny announced com­ple­tion of its new bat­tery pack man­u­fac­tur­ing line.

Please Watch Video

: Archer recent­ly announced a frame­work agree­ment with the Abu Dhabi invest­ment Office for mul­ti-hun­dred-mil­lion dol­lars to accel­er­ate com­mer­cial air taxi oper­a­tions across the UAE.

: The com­pa­ny has main­tained more than USD520 mil­lion of liq­uid­i­ty at the end of each of its past four quar­ters, while con­tin­u­ing to make invest­ments across the air­craft devel­op­ment pro­gram in sup­port of the planned com­mer­cial launch.

https://investors.archer.com/files/doc_financials/2024/q1/Shareholder-Letter-Q124-FINAL.pdf

Adam Gold­stein, Archer’s CEO, com­ment­ed, “From the out­set, we’ve been clear that our strat­e­gy is to keep the design of our first elec­tric air­craft, Mid­night, as sim­ple as pos­si­ble while deliv­er­ing indus­try-lead­ing per­for­mance bal­anced with safe­ty. We are accom­plish­ing this by part­ner­ing with what we believe to be the best sup­pli­ers in the aero­space indus­try, rather than take on the cost and risk of ver­ti­cal­ly inte­grat­ing every aspect of a nov­el air­craft pro­gram.” 

He added, “This cap­i­tal-light strat­e­gy con­tin­ues to pay div­i­dends that are more clear today than ever, as we con­tin­ue to make rapid progress towards com­mer­cial­is­ing elec­tric avi­a­tion.”

Q1 Finan­cial Results

To see the full results please click again on the Shareholder’s Let­ter and scroll to halfway down.

https://investors.archer.com/files/doc_financials/2024/q1/Shareholder-Letter-Q124-FINAL.pdf

For more infor­ma­tion

www.archer.com

investors@archer.com

(Images: Busi­ness Wire)

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