Archer Aviation posts Q3 2024 financial results, advances toward commercial launch
US-based electric vertical take-off and landing (eVTOL) aircraft manufacturer, Archer Aviation (Archer), recently announced its third-quarter (Q3) results for 2024.
For the quarter ending September 30, the company reported GAAP operating expenses of $122.1 million, along with a net loss of $115.3 million.
Archer’s adjusted non-GAAP operating expenses stood at $96.8 million, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $93.5 million.
Moreover, the company ended the quarter with a strong liquidity position, holding $501.7 million in cash and cash equivalents.
Key developments in Q3 2024
Archer is nearing completion of its high-volume manufacturing facility in Georgia, set to begin operations shortly.
By early 2025, the company plans to install manufacturing equipment to produce piloted, type-certified aircraft for testing and early commercial use, aiming to ramp up to two aircraft per month by the end of the year.
Advancements in certification
Furthermore, Archer has progressed in certifying its Midnight aircraft.
Following the Federal Aviation Administration’s (FAA) finalisation of airworthiness criteria in May, the company is close to completing Phase 3 of the FAA’s four-phase type certification process, moving toward the final Phase 4.
Archer’s certification efforts align with the newly issued Special Federal Aviation Regulation (SFAR) for powered-lift aircraft, which was developed with industry input to support eVTOL commercialisation in the US.
International expansion initiatives
In addition, Archer is broadening its international footprint with plans to launch commercial air taxi services in the UAE as soon as Q4 2025.
The company has formed a consortium with the Abu Dhabi Investment Office (ADIO) to develop regulatory, infrastructure, and operational pathways to support air taxi services in the UAE.
In Japan, Archer partnered with Japan Airlines and Sumitomo Corporation’s joint venture, Soracle, to introduce air taxi services.
This agreement includes a proposed purchase of up to $500 million in aircraft.
Archer and Soracle are working with the Japanese Civil Aviation Bureau to obtain the necessary certifications and approvals.
Reflecting on these achievements, Adam Goldstein, CEO and Founder of Archer, stated, “Over the past six years, we have established the foundation to allow Archer to seamlessly transition from concept to commercialisation.”
He added, “As we enter the final stretch of bringing Midnight to market, our strategy is paying off in the form of strong certification progress, the eVTOL industry’s most mature scalable manufacturing facility in the US, and solidified launch plans both domestically and abroad. We believe we are in the strongest position in the industry to lead the transition to commercialisation.”
Furthermore, Archer recently sought shareholder approval for approximately $400 million in additional capital from Stellantis to expand manufacturing for Midnight.
Looking ahead, the company projects non-GAAP operating expenses of $95 million to $110 million for the fourth quarter (Q4) 2024, though a GAAP reconciliation is unavailable due to variability in stock-based compensation and other factors.