Archer Aviation Q3 2026 net loss widens to $275M
Cash, cash equivalents and short-term investments were $1,353.6 million at quarter-end as Archer continued certification and acquisition work.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Archer Aviation Inc. (ACHR) reported third-quarter 2026 revenue of $5.1 million and a net loss of $274.6 million, compared with $5.0 million revenue in Q2 2026 and a $129.9 million net loss in Q3 2025. Adjusted EBITDA was a loss of $178.5 million, compared with $116.1 million in Q3 2025 and within the $170 million to $200 million guidance range. Cash, cash equivalents and short-term investments totaled $1,353.6 million at September 30, 2026.
Archer received an FAA Market Survey Special Airworthiness Certificate for Midnight, with Los Angeles piloted operations expected in coming weeks as Archer prepares to carry passengers as part of the eIPP and LA28 Games. Its proposed acquisition of Wisk, Insitu and SkyGrid from Boeing is nearing close but remains subject to regulatory approvals and other closing conditions. Archer said one of nearly 20 governmental and third-party approvals remained outstanding and it now believes closing will be much sooner than year-end. Archer also began testing a turboshaft engine for its Halo/Thunder platform, with full-scale flight testing planned for 2027. For Q4 2026, Archer estimates revenue of $5 million to $6 million and an Adjusted EBITDA loss of $185 million to $205 million.
1 point · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Minor point. Forward-looking: it has not happened yet and may not happen.FAA Market Survey Certificate unlocks planned Los Angeles operations in coming weeks.
Negative
- Moderate pointNet loss reached $274.6 million, versus $129.9 million in Q3 2025.
Filing Explained
Archer reports that cash, cash equivalents and short-term investments declined by
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $5.1 million
Net loss: $274.6 million
Adjusted EBITDA loss: $178.5 million
+3 more
6 metrics
Revenue
$5.1 million
Third quarter ended September 30, 2026
Net loss
$274.6 million
Third quarter ended September 30, 2026
Adjusted EBITDA loss
$178.5 million
Third quarter ended September 30, 2026
Cash, cash equivalents and short-term investments
$1,353.6 million
At September 30, 2026
Q4 revenue estimate
$5 million to $6 million
Fourth quarter of 2026
Q4 Adjusted EBITDA estimate
Loss of $185 million to $205 million
Fourth quarter of 2026
Key Terms
Market Survey Special Airworthiness Certificate, eVTOL Integration Pilot Program, Type Certification, Adjusted EBITDA, +1 more
5 terms
Market Survey Special Airworthiness Certificate regulatory
"received its Market Survey Special Airworthiness Certificate from the FAA"
eVTOL Integration Pilot Program regulatory
"Department of Transportation’s eVTOL Integration Pilot Program"
An eVTOL integration pilot program is a controlled trial that tests how electric vertical takeoff and landing aircraft can operate safely within real transportation systems, including routes, charging, air traffic procedures and ground infrastructure. For investors, it signals whether the technology and regulations are being proven in practice—like a dress rehearsal that reveals operational hurdles, timeline risks and potential revenue paths, helping assess future value and regulatory risk.
Type Certification regulatory
"building block toward Type Certification"
Type certification is an official approval from a regulatory authority that a specific design of an aircraft, engine, or other regulated product meets required safety and performance standards. For investors, it is like a government-issued building permit: without it the product cannot be sold or put into commercial use, while earning it reduces regulatory risk, unlocks revenue potential, and increases the value and credibility of the manufacturer.
Adjusted EBITDA financial
"Adjusted EBITDA was a loss of $178.5 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measures financial
"use the following non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $5.1 million · Guidance included
Third quarter 2026
Revenue
$5.1 million
Compared with $5.0 million in Q2 2026
Net loss
Loss of $274.6 million
Compared with a $129.9 million loss in Q3 2025
Adjusted EBITDA
Loss of $178.5 million
Compared with a $116.1 million loss in Q3 2025
Guidance
For Q4 2026, revenue is estimated at $5 million to $6 million and Adjusted EBITDA is expected to be a loss of $185 million to $205 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were ACHR's Q3 2026 financial results?
Archer reported Q3 2026 revenue of $5.1 million, a net loss of $274.6 million and an Adjusted EBITDA loss of $178.5 million. Revenue was $5.0 million in Q2 2026; the net loss was $129.9 million and the Adjusted EBITDA loss was $116.1 million in Q3 2025. Adjusted EBITDA was within the $170 million to $200 million guidance range.
How much cash did ACHR have at the end of Q3 2026?
Archer reported $1,353.6 million in cash, cash equivalents and short-term investments at September 30, 2026.
What did ACHR estimate for Q4 2026?
Archer estimated Q4 2026 revenue of $5 million to $6 million and an Adjusted EBITDA loss of $185 million to $205 million. It did not reconcile the Adjusted EBITDA estimate because certain items affecting the non-GAAP measure are uncertain or outside the company's control and cannot be reasonably predicted.
What is the status of ACHR's planned acquisition of Wisk, Insitu and SkyGrid?
Archer said one of nearly 20 governmental and third-party approvals remained outstanding and that it believed closing would occur much sooner than its previously indicated year-end expectation. The transaction remains subject to certain regulatory approvals and other closing conditions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9, 2026
(Exact Name of Registrant as Specified in its Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: 650 -272-3233
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On November 9, 2026, Archer Aviation Inc. (“Archer” or the “Company”) will hold a conference call regarding its operating and financial results for the third quarter ended September 30, 2026. The Company also issued a letter to its stockholders (the “Shareholder Letter”) and a press release (the “Press Release”) announcing its operating and financial results for the third quarter ended September 30, 2026. Copies of the Shareholder Letter and the Press Release are furnished herewith as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.
The Company makes or will make reference to non-GAAP financial information in the Press Release and on the conference call. A reconciliation of GAAP to non-GAAP results is provided in the Press Release, as attached to this Current Report on Form 8-K.
The information furnished with this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | Letter to Shareholders, dated November 9, 2026 | |||||||
| 99.2 | Press Release issued by Archer Aviation Inc., dated November 9, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted in the Inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARCHER AVIATION INC. | ||||||||
| Date: November 9, 2026 | By: | /s/ Priya Gupta | ||||||
| Name: | Priya Gupta | |||||||
| Title: | Acting Chief Financial Officer | |||||||
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 1 Q3 2026
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 21 Transaction remains subject to receipt of certain regulatory approvals and other closing conditions as previously disclosed 2 Includes cash, cash equivalents and short-term investments Nearing Closing of Acquisition of Wisk, Insitu, and SkyGrid from Boeing¹ Set to accelerate evolution into becoming diversified aerospace and defense platform with significant revenue generating operations Archer Partners with Formula 1 Strategic alliance through multi-year relationship to explore the future integration of eVTOL air taxi services at Grand Prix events Began Testing Turboshaft Engine for Halo/Thunder Hybrid, Autonomous VTOL Platform Remain on-track to begin full-scale flight testing next year with Anduril Received Midnight’s Market Survey Special Airworthiness Certificate from FAA Unlocks operations in LA in coming weeks as Archer prepares for carrying passengers as part of the eIPP & LA28 Games Strong Financial Performance in the Third Quarter Adjusted EBITDA in line with guidance and $1.4B in liquidity 2
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 3 Dear Shareholders, Last quarter, I told you that we would soon begin showcasing our Midnight air taxi in major U.S. cities. Since then, our team executed the first part of Midnight’s “No Roads” tour, across seven cities in Northern California, including San Francisco and Oakland. Over several weeks, Midnight gave Northern California the longest look yet at what electric aviation can mean for life in our cities. The tour opened with a round trip between Salinas and Hollister. From there, Midnight worked its way through seven Northern California cities, hundreds of miles, and dozens of flights in all. The highlight of this part of the tour was Midnight’s multiple flights around San Francisco Bay via Oakland International Airport navigating complex airspace shared with three international airports, with the Golden Gate Bridge as the backdrop. One of my favorite shots from the tour so far is Midnight passing over Apple headquarters, where so much of the technology that changed daily life was born. Flying day after day, in some of the busiest airspace in the country, is how trust with the FAA gets built, and our team’s work resulted in Midnight receiving its Market Survey Special Airworthiness Certificate from the FAA. In 2026, Midnight progressed from piloted test flights over open country and lightly used airspace to piloted flights over densely populated cities in some of the busiest airspace in America. Our Market Survey Certificate allows us to mature to passenger trials and revenue operations under the eIPP and as a part of LA28, and each of those steps is a building block toward Type Certification and routine urban air mobility operations at scale. None of this happened by accident. The work to ready us for Midnight operations in Los Angeles has been underway for more than two years, since we announced our planned Los Angeles route network in August 2024. Eighteen months ago, LA28 selected Archer as the Official Air Taxi Provider of the 2028 Olympic Games, and a few weeks later, after working closely with industry leaders on the design of the program, the White House established the eVTOL Integration Pilot Program and a pathway for accelerated launch in American cities. Together, they set the strategy for bringing Midnight into service: fly in American cities through 2027, and serve the Games in 2028. That is why we chose Los Angeles as our launch city. At this time last year, we announced the acquisition of the master lease and ultimate control of Hawthorne Airport, minutes from LAX and the major LA sports and entertainment venues, and we have now operated the airport and its fixed-base operator for almost a year. That has given us unmatched real-world operational experience and a platform for working through air taxi airspace compatibility with the FAA in LA and beyond. We are rapidly modernizing the airport: in under a year we have upgraded the terminal building, brought electric aircraft charging to the airport, and begun constructing eleven new hangars.
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 4 This morning, we announced that we’ve delivered the first Midnight to Los Angeles for the next part of our "No Roads" tour, which we expect to begin in the coming weeks. It will fly out of a hangar at Hawthorne that once served as the world headquarters, and the original office and hangar, of Jack Northrop's Northrop Corporation, a company that helped write the last century of American aviation, and I can think of no better place from which to launch the next one. The timing couldn’t be better, with Los Angeles hosting the Super Bowl in February and the LA28 Games opening in a little over 600 days. With all of that as our foundation, we are confident that an air taxi commercialization strategy built around Los Angeles is the right one. Our commercial and infrastructure teams are assembling the Los Angeles network piece by piece, with planned vertiports connecting SoFi Stadium, USC, and FBOs across the region, and, as we announced in August, a downtown vertiport at L.A. LIVE with AEG. Los Angeles is where we are writing the blueprint for every city that follows. We continue to plan with the FAA to bring the “No Roads” tour to Texas, Florida, and New York, in close partnership with the Texas Department of Transportation, the Florida Department of Transportation, and the Port Authority of New York and New Jersey. As we have done in LA, New York, Miami and the Bay Area, we believe it is important to announce route networks well ahead of operations, so that our regulatory and infrastructure partners in each city have time to get ready alongside us. That is why, last month, we announced our planned Texas air taxi networks across Dallas, Houston, and Austin, alongside numerous infrastructure partners. On certification, Midnight is in the fourth and final phase of the FAA’s type certification process, the implementation phase, where every compliance finding is made against the means of compliance and test plans we agreed with the agency. It is the most rigorous stretch of the program, and the FAA team is working alongside us on compliance approvals spanning structures, aircraft-level systems, and the other key design features of the aircraft, with systems and equipment testing underway. We continue to make meaningful progress quarter over quarter. On piloted transition, we are in the final push: the aircraft is flying faster with each flight, and we are closing in on completing that milestone by the end of the year. Now let’s shift to talk about our pending acquisitions of Wisk, SkyGrid, and Insitu from Boeing. We have been working hard to get all of the government approvals necessary to close the acquisition. We previously indicated we expect to close it by the end of the year. However, we now believe that the closing will be much sooner than that, with only one of the nearly 20 governmental and third-party approvals outstanding. As I discussed last quarter, Wisk and SkyGrid are about accelerating the development, commercialization, and scaling of our air taxi business, while Insitu is about near-term revenue and profitability on the unmanned aircraft systems (UAS) side. Insitu is one of the most trusted names in intelligence, surveillance, and reconnaissance drones, a profitable business with over $200 million in annual revenue across 35 countries¹, 1 Based on Insitu’s current financials and financial estimates.
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 5 and more than 4,000 Group 2 and Group 3 UAS built and fielded, a fleet that has amassed nearly two million flight hours and one of the largest operational datasets of its kind. Our goal going into 2027 is to rapidly grow Insitu’s revenue base, which can then meaningfully offset our continued spend to bring Midnight to market. Integration planning has been underway for months, and the more time we spend with the Insitu team, the clearer its industry-leading position becomes. Many parts of the world are leaning in, particularly the Middle East, where Archer has spent nearly a decade building relationships and where Insitu already has deep customer engagements, field operations, and local offices. Expect to hear a lot more from us on the strategy once we are on the other side of closing. In parallel, we continue to advance our strategic partnership with Anduril. In July, we unveiled the aircraft we are building together, a Group 5 hybrid-electric autonomous aircraft. This quarter, we began testing the hybrid turboshaft propulsion system for that aircraft platform, and the program remains on track with first full-scale flight planned for late 2027. We’ve also now delivered the initial battery packs and electric engines to Anduril for Omen, the autonomous air vehicle they are building with the EDGE Group in the UAE. As I said last quarter, I am confident that deploying our technology early in defense will deliver value across the whole business, and we are beginning to see that play out. The excitement around our progress and products continues to bring in new partners around the world. ITA Airways, Italy's flag carrier and a member of the Lufthansa Group, became the first European airline to join our network, with plans to bring Midnight to Italy's major cities. We are announcing a new partnership this week: Archer is partnering with Formula 1 with the goal to explore the future integration of eVTOL air taxi services at Grand Prix events. We began building toward that experience in Austin last month, where Midnight was on display in the Fan Zone and the F1 Paddock, and we will be at the Las Vegas Grand Prix later this year. I started Archer to unlock the skies, and we are now doing that across both commercial and defense. With our first aircraft in Los Angeles and Boeing set to become our largest shareholder when our transaction closes, I believe we are building an end-to-end aerospace and defense platform that very few companies could assemble, and one that will matter for decades. I have never been more confident in the work we are doing at Archer. Adam Goldstein Founder & Chief Executive Officer
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 6 Midnight operations from recent “No Roads” tour stops in Northern California
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 7 Midnight operations from recent “No Roads” tour stops in Northern California
UNLOCK THE SKIES Q2 2026 SHAREHOLDER LETTER | 83 Midnight operations from recent “No Roads” tour stops in Northern California
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 9
UNLOCK THE SKIES Q2 2026 SHAREHOLDER LETTER | 103 Images from “No Roads” tour stop at California International Airshow
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 11 Recent Midnight manufacturing progress
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 12 Recent Midnight manufacturing progress
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 13 Recent Midnight manufacturing progress
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 14 Forward-Looking Statements & Disclaimers This shareholder letter contains forward-looking statements under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include those regarding the design, safety, target specifications, and use cases of its aircraft and technologies; pace of design, anticipated flight testing schedule, including piloted transition, and regulatory progress; the timing, phasing, geographic scope and planned operations under the eIPP and LA28 Games, including initial piloted operations in Los Angeles; the multi-year partnership with Formula 1 to explore eVTOL air taxi services at Grand Prix events; the development, testing, and anticipated flight testing schedule for the Halo/Thunder hybrid VTOL platform in collaboration with Anduril; the expected timing, closing conditions, and strategic benefits of the proposed acquisitions of Wisk Aero, Insitu, and SkyGrid, including Insitu's projected annual revenue contribution and the collaboration arrangement with Boeing; expansion of its planned business lines and development of new business opportunities; and plans and anticipated benefits of acquisitions, strategic investments, partnerships and collaborations with third parties. In addition, this document refers to agreements that remain conditional, subject to the future execution of definitive agreements and the satisfaction of certain conditions. Such agreements may not be completed or may contain different terms than those currently contemplated. In some cases, forward-looking statements can be identified by terms such as "may," "will," "appears," “should," "expects, ”plans," "anticipates," "could," "intends," "target," "projects,” contemplates," "believes," "estimates,” “predicts,” ”potential,ˮ or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause the Companyʼs actual results, performance, or achievements to differ materially from results expressed or implied in this letter. Investors are cautioned not to place undue reliance on these statements, and reported results should not be considered as an indication of future performance. Some statements relate to agreements that are conditional on execution of definitive agreements and satisfaction of certain requirements. These agreements may not be completed or could differ materially from current expectations. Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: the early stage nature of our business and our past and projected future losses; our ability to design, manufacture, and commercialize our aircraft; risks associated with indicative orders from certain third parties for our aircraft, which are subject to the satisfaction of certain conditions and/or further negotiation and reaching mutual agreement on certain material terms, and the risk that such parties cancel such orders or never place them; the early nature of our defense program and our ability to win bids to develop defense aircraft and technologies; government spend for the air traffic control system; our ability to market eVTOL aircraft, attract customers and compete with existing and new competitors in existing and new markets; risks related to infrastructure development, vertiport availability, airspace integration, and municipal permits; ability to obtain any required certifications, licenses, approvals, or authorizations from governmental authorities; ability to timely achieve business milestones, or at all, such as scaling manufacturing while maintaining quality, reliability, safety and regulatory compliance; our dependence on suppliers for aircraft parts and components; tariffs, export controls or other trade restrictions; natural disasters, public health outbreaks, economic, social, weather, growth constraints or other circumstances affecting metropolitan areas; the potential for losses and adverse publicity stemming from any aircraft accidents, especially those involving electric aircraft or lithium-ion batteries, or our test flights; risks associated with indexed price escalation clauses in aircraft contracts; ability to hire, train, and retain key and highly specialized technical and operational personnel litigation, including intellectual property claims; capital market volatility and access to financing on acceptable terms; federal government shutdown; and cybersecurity risks. Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: the early stage nature of our business and our past and projected future losses; our ability to design, manufacture, and commercialize our aircraft; risks associated with indicative orders from certain third parties for our aircraft, which are subject to the satisfaction of certain conditions and/or further negotiation and reaching mutual agreement on certain material terms, and the risk that such parties cancel such orders or never place them; the early nature of our defense program and our ability to win bids to develop defense aircraft and technologies;
UNLOCK THE SKIES Q3 2026 SHAREHOLDER LETTER | 15 Forward-Looking Statements & Disclaimers (continued) government spend for the air traffic control system; our ability to market eVTOL aircraft, attract customers and compete with existing and new competitors in existing and new markets; risks related to infrastructure development, vertiport availability, airspace integration, and municipal permits; ability to obtain any required certifications, licenses, approvals, or authorizations from governmental authorities; ability to timely achieve business milestones, or at all, such as scaling manufacturing while maintaining quality, reliability, safety and regulatory compliance; our dependence on suppliers for aircraft parts and components; tariffs, export controls or other trade restrictions; natural disasters, public health outbreaks, economic, social, weather, growth constraints or other circumstances affecting metropolitan areas; the potential for losses and adverse publicity stemming from any aircraft accidents, especially those involving electric aircraft or lithium-ion batteries, or our test flights; risks associated with indexed price escalation clauses in aircraft contracts; ability to hire, train, and retain key and highly specialized technical and operational personnel; litigation, including intellectual property claims; capital market volatility and access to financing on acceptable terms; federal government shutdown; and cybersecurity risks. Additional risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our filings with the Securities and Exchange Commission ("SEC"), including our most recent Annual Report on Form 10-K, which is or will be available on our investor relations website at http://investors.archer.com and on the SEC website at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on current expectations and assumptions that Archer believes to be reasonable as of the date of this shareholder letter. Archer undertakes no obligation to update these statements as a result of new information or future events.
UNLOCK THE SKIES Q2 2026 SHAREHOLDER LETTER | 163 Midnight in hangar at Hawthorne airport in LA
Archer Announces Q3 2026 Results; Receives FAA Market Survey Certificate Unlocking LA Operations and Boeing Deal Close Imminent Midnight flying over the San Francisco Bay in October as part of ‘No Roads’ tour ● Received Midnight’s Market Survey Special Airworthiness Certificate from the Federal Aviation Administration (FAA) unlocking operations in Los Angeles in coming weeks as Archer prepares for carrying passengers as part of Department of Transportation’s eVTOL Integration Pilot Program (eIPP) and LA28 Games. ● Acquisition of Boeing’s Wisk, Insitu, and SkyGrid businesses nearing close, set to accelerate Archer’s evolution into becoming a diversified aerospace and defense platform with significant revenue generating operations1. ● Began testing the turboshaft engine for Archer’s Halo/Thunder hybrid, autonomous VTOL platform and remain on-track to begin full-scale flight testing next year with Anduril. ● Archer partners with Formula 1 on a multi-year relationship to explore the future integration of eVTOL air taxi services at Grand Prix events. ● Strong financial performance for the quarter with Adjusted EBITDA in line with guidance and $1.4B in liquidity2. SANTA CLARA, CA, November 9, 2026 - Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the third quarter ended September 30, 2026.
Commenting on third quarter 2026 results, Adam Goldstein said: “I started Archer to unlock the skies, and we are now doing that across both commercial and defense. With our first aircraft in Los Angeles and Boeing set to become our largest shareholder following our transaction close, I believe we are building an end-to-end aerospace and defense platform that very few companies could assemble, and one that will matter for decades.” Shareholder Letter The Company issued a letter to shareholders from founder and CEO, Adam Goldstein, discussing highlights from the quarter. Earnings Call If you’d like to join Archer’s earnings call, it will be hosted live at 2:00 p.m. Pacific Time today and can be accessed via Archer’s investor relations website at investors.archer.com. After the call, a replay and transcript will be available there. Q3’26 Highlights Received Midnight’s Market Survey Certificate from FAA unlocking operations in Los Angeles in coming weeks as Archer prepares for carrying passengers as part of eIPP and LA28 Games Archer’s Midnight aircraft recently received its Market Survey Special Airworthiness Certificate from the FAA unlocking piloted operations in Los Angeles in preparation for carrying passengers as part of the eIPP and LA28 Olympic Games. This announcement comes on the heels of Archer completing the Northern California portion of its ‘No Roads’ flight tour in October, which included over 300 miles of piloted flights across the Bay Area and culminated in multiple flights around the San Francisco Bay in and out of Oakland International Airport. These city-to-city flights showcased Midnight’s ability to integrate seamlessly into complex air space shared by three major international airports. Acquisition of Boeing’s Wisk, Insitu, and SkyGrid businesses nearing close, set to accelerate Archer’s evolution into becoming a diversified aerospace and defense platform with significant revenue generating operations1 The goal of Archer’s acquisitions is to create an end-to-end aerospace and defense platform, combining Wisk, Insitu and SkyGrid’s pioneering autonomy and airspace intelligence technologies with Archer’s Midnight air taxi and Halo/Thunder UAS platform. Insitu alone will add over $200M in annual revenue to Archer’s business with operations across 35 countries3. As part of the transaction, Boeing is set to become a strategic partner and Archer’s largest shareholder, establishing an ongoing Archer and Boeing collaboration and technology sharing arrangement. Began testing turboshaft engine for Halo/Thunder hybrid, autonomous VTOL platform; Full-Scale Flight Testing On Track for 2027 Archer began testing the turboshaft engine for its Halo/Thunder autonomous, hybrid-electric VTOL platform it is developing with Anduril. The turbo-generator is one of the central new technologies in the platform, extending Archer’s flight-proven electric powertrain into a new class of range, speed and payload. The same airframe, powertrain and core systems will support both the Halo commercial variant and the Thunder defense variant. The program remains on track to begin full-scale flight testing next year.
Archer partners with Formula 1 Archer and Formula 1 are forming a strategic alliance through a multi-year relationship to explore the future integration of eVTOL air taxi services at Grand Prix events with the goal to fly VIPs and fans to and from Grand Prix circuits in minutes aboard Midnight. Strong financial performance for the quarter Revenue was $5.1 million. Net Loss was $274.6 million and Adjusted EBITDA was a loss of $178.5 million, at the favorable end of the Company’s guided range of $170 million to $200 million. Archer ended the quarter with $1.4 billion in cash, cash equivalents and short-term investments, providing the Company a continued strong foundation. Endnotes 1 Transaction remains subject to receipt of certain regulatory approvals and other closing conditions as previously disclosed 2 Includes cash, cash equivalents and short-term investments 3 Based on Insitu's current financial statements and estimates
Third Quarter 2026 Financial Results We reference several non-GAAP metrics in the financial discussion that follows. Unless otherwise noted or defined, our non-GAAP metrics are calculated by starting with the equivalent GAAP metric. A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided below in the section titled “GAAP to Non-GAAP Reconciliation”. Key Financial Highlights Liquidity & Cash Flows ● We ended Q3 2026 with $1,353.6 million of cash, cash equivalents, and short-term investments on our balance sheet and an additional $18.4 million of restricted cash. ● Our Q3 2026 cash, cash equivalents, and short-term investments decreased by $207 million from Q2 2026, primarily due to the $164.6 million cash used in operating activities, $31.7 million used in the purchase of property and equipment and $10.0 million used for an investment in a private company. Revenue ● Our Q3 2026 Revenue was $5.1 million compared to $5.0 million in Q2 2026. We delivered our first engines for Omen to Anduril in Q3 2026. Operating Expenses & Net Loss ● Q3 2026 Operating Expenses increased by $10.1 million from Q2 2026 as we continued to invest in expanding flight testing, certification efforts, and production activities for our Midnight aircraft, along with the investment in the design and development efforts for our hybrid aircraft, and the development of our AI products, with research and development expenses increasing by $12.3 million, partially offset by a $2.9 million decrease in general SUMMARY FINANCIALS (In millions; unaudited) QUARTER ENDED SEP 30, 2026 JUN 30, 2026 SEP 30, 2025 REVENUE $ 5.1 $ 5.0 $ - TOTAL OPERATING EXPENSES 294.3 284.2 174.8 NET LOSS (274.6) (263.2) (129.9) NON-GAAP TOTAL OPERATING EXPENSES 195.4 192.2 121.2 ADJUSTED EBITDA (178.5) (177.1) (116.1) CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS 1,353.6 1,560.6 1,641.3
and administrative expenses. ● Q3 2026 Net Loss increased by $11.4 million from Q2 2026 primarily driven by $10.1 million increase in operating expenses and a $1.6 million decrease in interest income, net. Adjusted EBITDA ● Q3 2026 Adjusted EBITDA was a loss of $178.5 million, which is on the favorable end of the guidance range of $170 million - $200 million. The loss was an increase of $1.4 million over Q2 2026, mainly due to the reasons mentioned above for the increase in operating expenses. Q4 2026 Financial Estimates ● Archer’s financial estimates for the fourth quarter of 2026 are as follows: ○ Revenue is expected to be $5 million to $6 million ○ Adjusted EBITDA expected to be a loss of $185 million to $205 million. We have not reconciled our Adjusted EBITDA estimates because certain items that impact non-GAAP metrics are uncertain or out of our control and cannot be reasonably predicted. In particular, stock-based compensation expense and change in fair value of warrants is impacted by the future fair market value of our common stock and warrants along with other factors, all of which are difficult to predict, subject to frequent change, or not within our control. The actual amount of these expenses during the fourth quarter of 2026 will have a significant impact on our future GAAP financial results. Accordingly, a reconciliation of non-GAAP metrics is not available without unreasonable effort.
About Archer Archer builds the aircraft and core technologies that will define the next era of flight for aerospace and defense. To learn more, visit www.archer.com. For Investors investors@archer.com For Media The Brand Amp archer@thebrandamp.com Source: Archer Text: ArcherIR Forward-Looking Statements and Disclaimers This press release contains forward-looking statements regarding Archer's future business plans, expectations, and opportunities. These statements include those regarding its expected financial results for the fourth quarter of 2026; the design, safety, target specifications and use cases of its aircraft and technologies; pace of design, testing, flight testing schedule, and regulatory progress; the timing, phasing, geographic scope and planned operations under the eIPP and LA28 Games, including initial piloted operations in Los Angeles; the multi-year partnership with Formula 1 to explore eVTOL air taxi services at Grand Prix events; the development, testing, and anticipated flight-testing schedule for the Halo/Thunder hybrid VTOL platform in collaboration with Anduril; the expected timing, closing conditions, and strategic benefits of the proposed acquisitions of Wisk Aero, Insitu, and SkyGrid, including Insitu's projected annual revenue contribution and the collaboration arrangement with Boeing; the ability of the parties to complete the contemplated transactions; the expected benefits of the transactions, including future financial and operating results and strategic benefits; and plans, objectives, and anticipated benefits of future acquisitions, strategic investments, partnerships, and collaborations with third parties. These forward-looking statements are based on Archer's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from Archer's current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (i) that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, or may require conditions, limitations or restrictions in connection with such approvals; (ii) the risk that the transaction may not be completed on the terms or in the time frame expected by Archer, or at all; (iii) unexpected costs, charges or expenses resulting from the transaction; (iv) uncertainty of the expected financial performance of
Archer following completion of the transaction; (v) failure to realize the anticipated benefits of the transaction, including as a result of delay in completing the transaction or integrating the businesses, on the expected timeframe or at all; (vi) the occurrence of any event that could give rise to termination of the transaction; (vii) the risk that stockholder litigation in connection with the transaction or other litigation, settlements or investigations may affect the timing or occurrence of the transaction or result in significant costs of defense, indemnification and liability; (viii) risks related to the disruption of management time from ongoing business operations due to the pendency of the transaction, or other effects of the pendency of the transaction on the relationship of any of the parties to the transaction with their employees, customers, suppliers or other counterparties; and (ix) other risk factors detailed from time to time in Archer's reports filed with the Securities and Exchange Commission (the "SEC"), including documents that will be filed with the SEC in connection with the transaction. Any forward-looking statements contained herein are based on assumptions that Archer believes to be reasonable as of the date of this press release. Archer undertakes no obligation to update these statements as a result of new information or future events.
ARCHER AVIATION INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions; except par value; unaudited) As of SEP 30, 2026 DEC 31, 2025 Assets Current assets Cash and cash equivalents $ 785.1 $ 1,021.5 Restricted cash 7.5 7.3 Short-term investments 568.5 943.2 Prepaid expenses 73.5 47.3 Other current assets 21.5 56.8 Total current assets 1,456.1 2,076.1 Property and equipment, net 352.1 253.6 Intangible assets, net 92.4 80.2 Right-of-use assets 83.5 40.8 Goodwill 80.5 0.1 Other long-term assets 45.7 15.1 Total assets $ 2,110.3 $ 2,465.9 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 27.8 $ 30.2 Current portion of lease liabilities 7.6 5.3 Accrued expenses and other current liabilities 142.8 68.1 Current portion of debt 3.4 0.8 Total current liabilities 181.6 104.4 Debt, net of current portion 88.9 79.5 Lease liabilities, net of current portion 80.8 36.3 Warrant liabilities - 29.9 Other long-term liabilities 18.4 13.0 Total liabilities 369.7 263.1 Stockholders’ equity Class A common stock, $0.0001 par value 0.1 0.1 Additional paid-in capital 4,780.5 4,507.9 Accumulated deficit (3,059.2) (2,303.8) Accumulated other comprehensive loss (4.0) (1.4) Total stockholders’ equity 1,717.4 2,202.8 Noncontrolling interest 23.2 - Total liabilities and stockholders’ equity $ 2,110.3 $ 2,465.9
ARCHER AVIATION INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data; unaudited) QUARTER ENDED SEP 30, 2026 JUN 30, 2026 SEP 30, 2025 Revenue $ 5.1 $ 5.0 $ - Operating expenses: Cost of revenue 5.0 4.3 - Research and development 198.3 186.0 120.7 General and administrative 91.0 93.9 54.1 Total operating expenses 294.3 284.2 174.8 Loss from operations (289.2) (279.2) (174.8) Other income (expense), net 2.0 1.8 28.7 Interest income, net 12.6 14.2 16.3 Loss before income taxes (274.6) (263.2) (129.8) Income tax expense - - (0.1) Net loss (274.6) (263.2) (129.9) Net loss attributable to noncontrolling interest 0.1 - - Net loss attributable to common stockholders $ (274.5) $ (263.2) $ (129.9) Net loss per share attributable to common stockholders, basic and diluted $ (0.35) $ (0.34) $ (0.20) Weighted-average shares outstanding, basic and diluted 793.4 781.7 660.9
ARCHER AVIATION INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions; unaudited) NINE MONTHS ENDED SEP 30, 2026 SEP 30, 2025 Cash flows from operating activities Net loss $ (755.5) $ (429.3) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 29.7 14.0 Stock-based compensation expense 242.5 134.6 Change in fair value of warrant liabilities (29.9) (30.8) Non-cash lease expense 7.0 3.0 Research and development warrant expense 8.6 2.4 General and administrative warrant expense 1.1 - Loss on disposal of property and equipment, net 0.4 - Amortization of short-term investments purchased at a premium 4.0 - Others 0.8 0.1 Changes in operating assets and liabilities: Prepaid expenses and other assets (15.4) (9.3) Accounts payable, accrued expenses and other liabilities 41.2 15.5 Operating lease right-of-use assets and lease liabilities, net (4.6) (3.8) Net cash used in operating activities (470.1) (303.6) Cash flows from investing activities Purchase of property and equipment (101.4) (49.2) Purchase of short-term investments - (1,048.1) Proceeds from maturities of short-term investments 368.0 - Investment in a private company (10.0) - Acquisition of intangible assets - (5.3) Business acquisition, net of cash acquired (28.7) - Net cash provided by (used in) investing activities 227.9 (1,102.6) Cash flows from financing activities Proceeds from issuance of debt 11.8 - Proceeds from PIPE financing - 10.0 Proceeds from issuance of common stock - 1,151.8 Proceeds from share issuance under the at-the-market program - 46.3 Proceeds from exercise of stock options 0.1 - Proceeds from shares issued under employee stock purchase plan 5.2 3.8 Payment of offering costs in connection with financing activities - (44.2) Repayment of debt (0.3) - Net cash provided by financing activities 16.8 1,167.7 Effect of exchange rate changes on cash 0.1 - Net change in cash, cash equivalents, and restricted cash (225.3) (238.5) Cash, cash equivalents, and restricted cash, beginning of period 1,028.8 841.3 Cash, cash equivalents, and restricted cash, end of period $ 803.5 $ 602.8
Reconciliation of Selected GAAP to Non-GAAP Results A reconciliation of total operating expenses to non-GAAP total operating expenses for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025 is set forth below. RECONCILIATION OF OPERATING EXPENSES (In millions; unaudited) QUARTER ENDED SEP 30, 2026 JUN 30, 2026 SEP 30, 2025 TOTAL OPERATING EXPENSES $ 294.3 $ 284.2 $ 174.8 Adjusted to exclude the following: Stellantis warrant expense (1) (8.6) - (0.8) Stock-based compensation expense (2) (86.5) (85.6) (52.8) Litigation-related expense (3) (0.3) (6.0) - Acquisition-related expenses(4) (3.5) (0.4) - NON-GAAP TOTAL OPERATING EXPENSES $ 195.4 $ 192.2 $ 121.2 1. Amounts include non-cash warrant costs, classified as research and development expenses, for the warrants issued to Stellantis in connection with certain services they are providing to the Company 2. Amounts primarily include stock-based compensation expense for options and restricted stock units issued to employees, non-employees, including the grants issued to our founder and shares issued to vendors 3. Amount reflects an accrued one-time litigation settlement-related cash expense 4. Amount reflects acquisition-related cash expenses
Reconciliation of Selected GAAP To Non-GAAP Results A reconciliation of net loss to Adjusted EBITDA for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively, are set forth below. RECONCILIATION OF ADJUSTED EBITDA (In millions; unaudited) QUARTER ENDED SEP 30, 2026 JUN 30, 2026 SEP 30, 2025 NET LOSS $ (274.6) $ (263.2) $ (129.9) Adjusted to exclude the following: Other (income) expense, net (1) (2.0) (1.8) (28.7) Interest income, net (12.6) (14.2) (16.3) Income tax expense - - 0.1 Depreciation and amortization expense 11.8 10.1 5.1 Stellantis warrant expense (2) 8.6 - 0.8 Stock-based compensation expense (3) 86.5 85.6 52.8 Litigation-related expense (4) 0.3 6.0 - Acquisition-related expenses (5) 3.5 0.4 - ADJUSTED EBITDA $ (178.5) $ (177.1) $ (116.1) 1. Amounts primarily include changes in fair value of the warrants, which are classified as warrant liabilities 2. Amounts include non-cash warrant costs, classified as research and development expenses, for the warrants issued to Stellantis in connection with certain services they are providing to the Company 3. Amounts primarily include stock-based compensation expense for options and restricted stock units issued to employees, non-employees, including the grants issued to our founder and shares issued to vendors 4. Amount reflects an accrued one-time litigation settlement-related cash expenses 5. Amounts reflects acquisition-related cash expenses
Non-GAAP Financial Measures To supplement our consolidated financial results prepared in accordance with GAAP, we use the following non-GAAP financial measures: Non-GAAP total operating expenses and Adjusted EBITDA. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. We believe that the use of non-GAAP financial measures helps us evaluate our business and financial performance, identify trends impacting our business, formulate business plans and financial projections, and make strategic decisions. We believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our operating and financial results and enables investors to more fully understand our performance and cash trends by removing the effects of certain non-cash expenses and non-recurring items. We excluded items in the following general categories from one or more of our non-GAAP financial measures, certain of which are described below: Stock-Based Compensation Expense We exclude stock-based compensation expense, which is a non-cash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information on our operating results and enhances our ability and the ability of investors to understand the impact of non-cash stock-based compensation expense on our operating results. Warrant Expense and Gains or Losses from Revaluation of Warrants Expense from our common stock warrants issued to Stellantis, which is recurring (but non-cash), expense from one-time issuance of warrants and gains or losses from change in fair value of warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expenses and gains or losses from change in fair value for similar reasons to our stock-based compensation expense.
Litigation Related-Expense We exclude one-time accrued cash expenses incurred related to litigation settlement, from these non-GAAP financial measures because we believe these transaction-specific expenses are inconsistent in amount and frequency and do not correlate to the operation of our business and excluding these provides meaningful supplemental information on our operating results and enhances our ability and the ability of the investors to understand the impact of non-recurring litigation-related expense on our operating results. Acquisition-Related Expense We exclude cash expenses, including diligence, legal, advisory and other costs incurred with acquisitions, from these non-GAAP financial measures because we believe these transaction-specific expenses are inconsistent in amount and frequency and do not correlate to the operation of our business and excluding these provides meaningful supplemental information on our operating results and enhances our ability and the ability of the investors to understand the impact of non-recurring acquisition-related expense on our operating results. ###