Archer Aviation Inc.

What they do

Archer is developing Midnight, an electric vertical take-off and landing (eVTOL) aircraft for air taxi operations, and is working toward certification and commercial launch in the U.S. and UAE. It is also developing Halo/Thunder, a hybrid-electric autonomous VTOL platform with Anduril for defense and commercial cargo/rescue, and ZEE, an AI foundation model for aviation. The company is scaling production at its Silicon Valley and Georgia facilities and operates Hawthorne Airport as a hub for its Los Angeles network.

Revenue drivers

• Air taxi operations (Midnight) — Planned direct-to-consumer air taxi services and aircraft sales; no significant revenue generated to date.
• Defense and UAS (Halo/Thunder) — Sale of next-generation autonomous VTOL aircraft and related technologies; initial partnership with Anduril and EDGE Group for electric powertrain on Omen.
• AI and aviation services (ZEE) — Physical AI solutions and aviation intelligence platform; planned sales to operators, airlines, and air traffic management; no revenue yet.

Recent performance

Second quarter 2026 revenue was $5.0 million, up from $1.6 million in Q1 2026, but no revenue was reported in 2025 or earlier quarters. Net loss for 2025 was $618.2 million, with operating cash flow of -$432.9 million. Cash and equivalents stood at $852.7 million as of June 30, 2026, with total assets of $2.21 billion and shareholder equity of $1.89 billion. Annual revenue in 2025 was $300,000, the first reported revenue in the company's history.

Strategy

Archer plans to launch air taxi operations under the eIPP in the U.S. later this year and in the UAE via its Launch Edition program. The company is acquiring Boeing's Wisk Aero, Insitu, and SkyGrid to create an end-to-end physical AI platform and add over $200 million in annual revenue. It is also advancing Halo/Thunder with Anduril and has unveiled ZEE, an AI foundation model. The company is scaling production at its golden manufacturing lines and Georgia facility, and positioning Hawthorne Airport as an operational and AI innovation hub.

Risks

• Certification and regulatory delays — Midnight requires FAA and GCAA type certification; any delays could push back commercial operations.
• Significant losses and negative cash flow — Company has a history of losses (approximately $2.3 billion cumulative) and expects continued losses until generating meaningful revenue.
• Early-stage and unproven market — No significant revenue from planned lines of business; uncertainty about financial viability of air taxi, UAS, and AI markets.
• Execution and integration risk — Planned acquisitions of Wisk, Insitu, and SkyGrid are subject to closing conditions and may face integration challenges.

Outlook

Management expects to begin Midnight operations under the eIPP in several states later this year and deliver additional aircraft in the UAE. The company anticipates continued losses and expenses as it scales development, certification, manufacturing, and operations. The acquisitions of Boeing's businesses are expected to add over $200 million in annual revenue and establish Boeing as a strategic partner.