Archer Aviation, a leader in electric vertical take-off and landing (eVTOL) aircraft, has reported operating and financial results for the second-quarter ended June 30, 2023. The company reported total operating expenses of US$181.4 million and a net loss of US$-184.1 million. Cash, cash equivalents and short-term investments stood at US$407.6 million at the end of June.
In tandem with earnings, Archer made a series of announcements that reinforce its path to FAA certification and commercial operations in 2025. Archer has landed a US$215 million equity investment from industry leaders Stellantis, Boeing and United Airlines, as well as other financial institutions, including ARK Invest, increasing the company’s total funding to over US$1.1 billion to date, received FAA approval to begin flying its Midnight eVTOL aircraft and reached an agreement with Boeing and Wisk to enter into an autonomous flight collaboration and settle litigation between the companies.
Additionally, Archer announced that it is on track to complete what it believes will be the first ever eVTOL aircraft delivery to a customer as part of its recently announced contracts with the Department of Defence (DoD). These announcements come on the heels of the FAA Administrator leaving to join Archer and the DoD awarding Archer the largest total contract value of any eVTOL company. (£1.00 = US$1.27 a time of publication).