Archer Soars: A Slew of Breaking News Announcements Reinforces Company’s Steady Path towards Full FAA Certification

As stat­ed in a pre­vi­ous Archer arti­cle, the com­pa­ny can do no wrong, at present. The media is now pre­sent­ed with a slew of pos­i­tive announce­ments that con­tin­ues to forge Archer’s posi­tion as a top leader in the eVTOL indus­try.

Today’s press release begins by offer­ing three sep­a­rate sto­ries.

: Archer secures USD215 mil­lion invest­ment from Stel­lan­tis, Boe­ing, Unit­ed air­lines and Ark Invest­ment Man­age­ment that increas­es the company’s total fund­ing, so far, to USD1.1 bil­lion. Stel­lan­tis led this finan­cial round with an addi­tion­al USD70 mil­lion invest­ed.

: The Mid­night Air­craft has received the FAA Spe­cial Air­wor­thi­ness Cer­tifi­cate, allow­ing it to begin flight test­ing and becom­ing the first eVTOL to be deliv­ered to a cus­tomer as part of con­tracts with the U.S Depart­ment of Defence.

: The pre­vi­ous busi­ness feud between Archer and Wisk has been resolved and the two, along­side Boe­ing, have reached an agree­ment to enter into an autonomous flight col­lab­o­ra­tion.

On top of this, Archer has issued a share­hold­er let­ter to, no doubt, some very hap­py investors, “pro­vid­ing addi­tion­al details on these updates along with its sec­ond quar­ter oper­at­ing and finan­cial results and third quar­ter 2023 esti­mates.”

Please Read Let­ter Here

https://s27.q4cdn.com/936913558/files/doc_earnings/2023/q2/earnings-result/Shareholder-Letter-Q223.pdf

FYI, Archer has updat­ed its earn­ings con­fer­ence call time to 3:00 p.m. Pacif­ic Time (6:00 p.m. East­ern Time) today. Atten­dees can access a live web­cast on the investor rela­tions web­site at investors.archer.com or the con­fer­ence call by dial­ing 844–200-6205 (domes­tic) or +1 929–526-1599 (inter­na­tion­al) and enter­ing the access code 938837. 

Adam Gold­stein

A delight­ed Adam Gold­stein, co-Founder and CEO of Archer, enthused, “Over the last quar­ter, we’ve seen the U.S Gov­ern­ment make an unwa­ver­ing com­mit­ment that Amer­i­ca will lead the way in com­mer­cial­is­ing eVTOL air­craft. The FAA has val­i­dat­ed the time­line for eVTOL air­craft to begin oper­a­tions in the U.S in 2025, and lead­ers in the mobil­i­ty indus­try, Stel­lan­tis, Unit­ed Air­lines and Boe­ing, have come togeth­er to invest in Archer’s future.” 

He con­tin­ued, “The pace at which our indus­try is advanc­ing is unprece­dent­ed. Our team’s hard work and ded­i­ca­tion have brought us to this excit­ing moment, and we can’t wait to see Mid­night soar.”

This “pace” is empha­sised by a tweet from Bil­ly Nolen.

While I was extreme­ly con­fi­dent I was mak­ing the right deci­sion when select­ing @ArcherAviation as the next stop on my career jour­ney, this first quar­ter since join­ing the team has been like step­ping aboard a rock­et ship. Frankly, the rate of progress we’ve been able to achieve… pic.twitter.com/2KxukrxvRb

— Cap­tain Bil­ly Nolen (@eVTOLnWithNolen) August 10, 2023

One aspect of this intrigu­ing lat­est news con­cerns Wisk. One remem­bers, so well, the past acri­mo­ny and accu­sa­tions fly­ing between the two com­pa­nies dur­ing 2021 over alleged stolen trade secrets. 

The release explains, “Archer and Wisk, lead­ers in the advanced air mobil­i­ty indus­try, along with The Boe­ing Com­pa­ny, announced a col­lab­o­ra­tion that looks for­ward to the growth and devel­op­ment of the AAM indus­try.

“Simul­ta­ne­ous­ly, the par­ties reached a set­tle­ment to resolve the fed­er­al and state court lit­i­ga­tion between them. This col­lab­o­ra­tion puts Archer in a unique posi­tion, to be able to source auton­o­my tech­nol­o­gy from a leader in the indus­try. Over the long term, auton­o­my is seen as one of the keys to achiev­ing scale across all AAM appli­ca­tions, from pas­sen­ger to car­go and beyond.”  

It goes on, “This strate­gic rela­tion­ship will lever­age each company’s respec­tive strengths and com­pe­ten­cies with the goal of accel­er­at­ing the com­mer­cial­i­sa­tion of autonomous flight. This approach is a nat­ur­al exten­sion of Archer’s over­all strat­e­gy of focus­ing its in-house research and devel­op­ment on the key enabling tech­nolo­gies that can­not be sourced from the exist­ing aero­space sup­ply base, there­by help­ing Archer poten­tial­ly avoid hun­dreds of mil­lions of dol­lars of spend­ing.” 

This ami­able res­o­lu­tion is a great pos­i­tive. An ongo­ing legal bat­tle between two of its lead­ing com­pa­nies doesn’t play well with the industry’s optics.

Mean­while, Archer receiv­ing its Spe­cial Air­wor­thi­ness Cer­tifi­cate from the FAA, allows it to go full-steam-ahead — asap — with ini­tial flight tri­als for the Mid­night as it heads towards com­mer­cial oper­a­tions in 2025. Remem­ber, back in ear­ly July when Archer was vis­it­ed by over 70 mem­bers from the new­ly formed Fed­er­al AAM Inter­a­gency Work­ing Group, they only saw a flight from the ear­li­er eVTOL air­craft, Mak­er.

With this in mind, Archer has announced, “It is on track to deliv­er the Mid­night air­craft to the U.S Air Force lat­er this year or ear­ly next year. Archer believes this would make Mid­night the first ever eVTOL air­craft deliv­ered to a cus­tomer.”

To View Finan­cial Results For Q2, 2023 Please Click Below

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

For more infor­ma­tion

https://www.archer.com/

(Images: Archer Avi­a­tion)