Archer Aviation Inc (ACHR)

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Archer Announces First Quarter 2026 Results, Highlighting Record FAA Certification Progress With Initial US Operations Expected In 2026May 11, 2026 4:05 PM
Business Wire US operations expected to begin this year under the White House’s eVTOL Integration Pilot Program (eIPP) and in preparation for LA28 Olympic Games Advanced commercial readiness with expanded piloted flight test program and operations of Hawthorne Airport in LA Record FAA certification progress as the first to close Phase 3 of the FAA’s 4-phase Type Certification process for eVTOL aircraft* Significant progress on dual-use, hybrid, autonomous aircraft with phased program awards expected later this year Rapidly advancing AI stack through partnerships with NVIDIA, Palantir, and Starlink amid the DOT’s ~$20B ATC modernization effort Ended Q1 2026 with strong liquidity of ~$1.8B and spending in line with guidance Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2026. The Company issued a shareholder letter from founder and CEO, Adam Goldstein, discussing highlights from the quarter. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260511456956/en/Archer’s Midnight aircraft during a recent flight test Commenting on first quarter 2026 results, Adam Goldstein said: “This was another banner quarter for Archer. We made tremendous progress towards beginning operations in the US later this year, with record FAA certification progress and our most expansive flight testing to date. But what is clear to me is that Archer is far more than an air taxi company. Our defense and AI software efforts are advancing quickly, and they’re opening up an even bigger future for us. We’re investing and building accordingly.” Live Webcast Details Archer will host a live webcast to discuss its results at 2:00 p.m. Pacific Time today. The live webcast and replay are accessible via Archer’s investor relations website at investors.archer.com or conference call by dialing 1 833-461-5787 (domestic) or +1 585-542-9983 (international) and entering the access code 641143600. Recent Highlights US Operations Expected to Begin this Year Under eIPP and in Preparation for LA28 Olympic Games Archer expects Midnight operations in American cities to begin this year as part of the White House’s eIPP and in preparation to serve as the Official Air Taxi Provider of the LA28 Olympic Games, in coordination with the DOT and FAA. Archer was recently selected as an air taxi partner in 3 winning applications encompassing 8 states, including Florida, Texas, and New York. The eIPP and the LA28 Olympic Games pave the way for Archer to showcase its air taxi technology in parallel with its continued work toward FAA Type Certification for Midnight. Record FAA Certification Progress In April, Archer reached a key milestone on its path to FAA Type Certification of Midnight, becoming the first eVTOL company to close Phase 3 of the FAA’s 4-phase Type Certification process.* In parallel with its work to close out Phase 3, Archer has been driving progress in Phase 4 for some time now. This is where Midnight's compliance with FAA airworthiness requirements will be demonstrated through formal testing and analysis. Phase 4 builds on the certification basis, means of compliance, and test plans established in the earlier phases. Advanced Commercial Readiness Archer’s flight test program continued to expand this quarter, with piloted VTOL and CTOL flights across its expanded fleet occurring nearly every day, often multiple times a day. Click here to view a video of Archer’s recent flight test highlights. Archer also took over operations of Hawthorne Airport in LA, marking a key step in its plan to develop the site into the airport of the future. Located near LAX and several major LA sports and entertainment venues, Hawthorne Airport is expected to anchor Archer’s planned LA air taxi operations while also serving as an innovation hub for next-generation aviation technologies. Significant Progress on Dual-Use, Hybrid, Autonomous Aircraft Archer’s work continues alongside Anduril on its dual-use, hybrid, autonomous aircraft, with the goal of delivering one of the most sophisticated vertical lift platforms ever developed in this category. As part of this program, Archer anticipates beginning to win phased government awards this year. Rapidly Advancing AI Stack Archer continued to advance its AI stack this quarter through partnerships with three category-defining technology leaders. NVIDIA is integrating its IGX Thor platform to power safety-capable onboard compute and autonomy-ready flight systems. Starlink will deliver high-speed, low-latency LEO satellite connectivity for Midnight aircraft. And our partner Palantir was recently downselected as a finalist for the FAA's SMART AI project, instrumental to DOT's ~$20B air traffic control modernization effort. Ended Quarter With ~$1.8 Billion in Liquidity Archer continues to maintain a strong balance sheet with ~$1.8B in liquidity and limited debt exposure. Q1 2026 marks another quarter of demonstrating consistent financial execution, with Archer meeting its Adjusted EBITDA loss guidance for the quarter. *Based on information available to Archer at the time of this release. First 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”. SUMMARY FINANCIALS (In millions; unaudited)     QUARTER ENDED   MAR 31,
2026 DEC 31,
2025 MAR 31,
2025 REVENUE $ 1.6   $ 0.3   $ -   TOTAL OPERATING EXPENSES   256.2     234.7     144.0   NET LOSS   (217.7 )   (188.9 )   (93.4 ) NON-GAAP TOTAL OPERATING EXPENSES   181.9     144.2     113.1   ADJUSTED EBITDA   (172.5 )   (137.9 )   (109.0 )   CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS   1,775.9     1,964.7     1,030.4   Key Financial Highlights Liquidity & Cash Flows We ended Q1 2026 with $1,775.9 million of cash, cash equivalents, and short-term investments on our balance sheet and an additional $7.3 million of restricted cash. Our Q1 2026 cash, cash equivalents, and short-term investments decreased by $188.8 million from Q4 2025, primarily due to the $149.1 million cash used in operating activities and $32.6 million used in the purchase of property and equipment. Revenue Our Q1 2026 Revenue increased by $1.3 million from Q4 2025 to $1.6 million as we expanded operations at the Hawthorne Airport in LA. Operating Expenses & Net Loss Q1 2026 Operating Expenses increased by $21.5 million from Q4 2025 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. Q1 2026 Net Loss increased by $28.8 million from Q4 2025 primarily driven by $21.5 million increase in operating expenses, $7.3 million decrease in non-cash gain within other income (expense), net, and a $1.2 million decrease in interest income, net, offset by $1.3 million increase in revenue generated. Adjusted EBITDA Q1 2026 Adjusted EBITDA was a loss of $172.5 million, which is within the guidance range of $160 million - $180 million. The loss was a planned increase of $34.6 million over Q4 2025, mainly due to the reasons mentioned above for the increase in operating expenses. Q2 2026 Financial Estimates Archer’s financial estimates for the second quarter of 2026 are as follows: Adjusted EBITDA expected to be a loss of $170 million to $200 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 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. 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 second quarter of 2026; the design, safety, and target specifications of its aircraft; pace of design and regulatory progress, the timing, phasing, geographic scope and planned operations under the eIPP; its ability to timely develop, certify, test, manufacture and deploy its eVTOL aircraft and develop vertiport infrastructure, or its ability to do so at all;development of its hybrid aircraft and defense programs; timing and ability to win a defense program award; planned operations of Hawthorne Airport and its intended role as a strategic network hub; 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 press release 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. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K, which is or will be available on its investor relations website at 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 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; unaudited)     As of   MAR 31, 2026   DEC 31, 2025 Assets       Current assets       Cash and cash equivalents $ 951.1     $ 1,021.5   Restricted cash   7.3       7.3   Short-term investments   824.8       943.2   Prepaid expenses   58.1       47.3   Other current assets   58.5       56.8   Total current assets   1,899.8       2,076.1   Property and equipment, net   278.6       253.6   Intangible assets, net   81.6       80.2   Right-of-use assets   39.3       40.8   Goodwill   2.4       0.1   Other long-term assets   21.1       15.1   Total assets $ 2,322.8     $ 2,465.9   Liabilities and Stockholders’ Equity       Current liabilities       Accounts payable $ 25.4     $ 30.2   Current portion of lease liabilities   4.7       5.3   Accrued expenses and other current liabilities   73.7       68.1   Current portion of debt   1.4       0.8   Total current liabilities   105.2       104.4   Debt, net of current liabilities   78.8       79.5   Lease liabilities, net of current portion   36.9       36.3   Warrant liabilities   7.1       29.9   Other long-term liabilities   15.4       13.0   Total liabilities   243.4       263.1   Stockholders’ equity       Class A common stock, $0.0001 par value   0.1       0.1   Additional paid-in capital   4,604.0       4,507.9   Accumulated deficit   (2,521.5 )     (2,303.8 ) Accumulated other comprehensive loss   (3.2 )     (1.4 ) Total stockholders’ equity   2,079.4       2,202.8   Total liabilities and stockholders’ equity $ 2,322.8     $ 2,465.9   ARCHER AVIATION INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share and per share data; unaudited)     QUARTER ENDED   MAR 31,
2026   DEC 31,
2025   MAR 31,
2025 Revenue $ 1.6     $ 0.3     $ -               Operating expenses:           Cost of revenue   1.3       0.3       -   Research and development   171.7       147.1       103.7   General and administrative   83.2       87.3       40.3   Total operating expenses   256.2       234.7       144.0   Loss from operations   (254.6 )     (234.4 )     (144.0 ) Other income (expense), net   20.6       27.9       42.0   Interest income, net   16.4       17.6       8.7   Loss before income taxes   (217.6 )     (188.9 )     (93.3 ) Income tax expense   (0.1 )     -       (0.1 ) Net loss $ (217.7 )   $ (188.9 )     (93.4 )             Net loss per share, basic and diluted $ (0.28 )   $ (0.26 )     (0.17 ) Weighted-average shares outstanding, basic and diluted   766,850,002       714,436,497       540,427,085   ARCHER AVIATION INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions; unaudited)     QUARTER ENDED   MAR 31,
2026   MAR 31,
2025 Cash flows from operating activities       Net loss $ (217.7 )   $ (93.4 ) Adjustments to reconcile net loss to net cash used in operating activities:       Depreciation and amortization expense   7.8       4.1   Stock-based compensation expense   70.4       30.1   Change in fair value of warrant liabilities   (22.8 )     (41.7 ) Non-cash lease expense   1.7       0.8   Research and development warrant expense   -       0.8   General and administrative warrant expense   1.1       -   Amortization of short-term investments purchased at a premium   1.6       -   Others   0.3       -   Changes in operating assets and liabilities:       Prepaid expenses   (5.4 )     (1.6 ) Other current assets   1.9       (1.2 ) Other long-term assets   (6.5 )     (1.7 ) Accounts payable   (5.2 )     0.5   Accrued expenses and other current liabilities   28.0       8.1   Operating lease right-of-use assets and lease liabilities, net   (0.3 )     (1.0 ) Other long-term liabilities   (4.0 )     1.6   Net cash used in operating activities   (149.1 )     (94.6 ) Cash flows from investing activities       Purchase of property and equipment   (32.6 )     (10.0 ) Proceeds from maturities of short-term investments   115.0       -   Business acquisition, net of cash acquired   (3.7 )     -   Net cash provided by (used in) investing activities   78.7       (10.0 ) Cash flows from financing activities       Repayment of long-term debt   (0.1 )     -   Proceeds from PIPE financing   -       10.0   Proceeds from issuance of common stock   -       301.8   Proceeds from exercise of stock options   0.1       -   Payment of offering costs in connection with financing activities   -       (11.6 ) Net cash provided by financing activities   -       300.2           Net change in cash, cash equivalents, and restricted cash   (70.4 )     195.6   Cash, cash equivalents, and restricted cash, beginning of period   1,028.8       841.3   Cash, cash equivalents, and restricted cash, end of period $ 958.4     $ 1,036.9   Reconciliation of Selected GAAP To Non-GAAP Results A reconciliation of total operating expenses to non-GAAP total operating expenses for the quarters ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, are set forth below. RECONCILIATION OF OPERATING EXPENSES (In millions; unaudited)     QUARTER ENDED   MAR 31,
2026 DEC 31,
2025 MAR 31,
2025 TOTAL OPERATING EXPENSES $ 256.2   $ 234.7   $ 144.0   Adjusted to exclude the following:       Stellantis warrant expense (1)   -     (0.9 )   (0.8 ) General and administrative warrant expense   (1.1 )   -     -   Stock-based compensation expense (2)   (70.4 )   (88.9 )   (30.1 ) Acquisition-related expenses(3)   (2.8 )   (0.7 )   -   NON-GAAP TOTAL OPERATING EXPENSES $ 181.9   $ 144.2   $ 113.1   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. Amounts reflect acquisition related cash expenses. Reconciliation of Selected GAAP To Non-GAAP Results A reconciliation of net loss to Adjusted EBITDA for the quarters ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, are set forth below. RECONCILIATION OF ADJUSTED EBITDA (In millions; unaudited)     QUARTER ENDED   MAR 31,
2026 DEC 31,
2025 MAR 31,
2025 NET LOSS $ (217.7 ) $ (188.9 ) $ (93.4 ) Adjusted to exclude the following:       Other (income) expense, net (1)   (20.6 )   (27.9 )   (42.0 ) Interest income, net   (16.4 )   (17.6 )   (8.7 ) Income tax expense   0.1     -     0.1   Depreciation and amortization expense   7.8     6.0     4.1   Stellantis warrant expense (2)   -     0.9     0.8   General and administrative warrant expense   1.1     -     -   Stock-based compensation expense (3)   70.4     88.9     30.1   Acquisition-related expenses (4)   2.8     0.7     -   ADJUSTED EBITDA $ (172.5 ) $ (137.9 ) $ (109.0 ) 1. Amounts primarily include changes in fair value of the public and private 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. Amounts reflect 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 help 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 the investors to understand the impact of non-cash stock-based compensation expense on our operating results. WARRANT EXPENSE & 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 warrant and gains or losses from change in fair value of public and private warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expense and gains or losses from change in fair value for similar reasons to our stock-based compensation expense. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511456956/en/ For Investors
investors@archer.com For Media
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Archer@TheBrandAmp.com Original: Archer Announces First Quarter 2026 Results, Highlighting Record FAA Certification Progress With Initial US Operations Expected In 2026

Archer To Report First Quarter 2026 Operating Update and Financial Results on May 11, 2026April 27, 2026 5:00 PM
Business Wire
Archer Aviation Inc. (NYSE: ACHR) will report its first quarter 2026 operating update and financial results after market close on Monday, May 11, 2026. The company will host a live webcast to discuss its results at 2:00 p.m. Pacific Time.


The live webcast and replay will be available at investors.archer.com.To listen to the conference call, dial 1 833-461-5787 (domestic) or +1 585-542-9983 (international) and enter the access code 641143600.


Archer will also utilize Say Technologies’ Q&A Platform to allow shareholders to submit and vote on questions by visiting https://app.saytechnologies.com/archer-aviation-2026-q1.


About Archer


Archer is designing and developing the technologies and aircraft necessary to power the future of aviation. www.archer.com


Source: Archer

Text: ArcherIR

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427891817/en/
For Investors

investors@archer.com
For Media

The Brand Amp

archeraviation@thebrandamp.com


Original: Archer To Report First Quarter 2026 Operating Update and Financial Results on May 11, 2026

..good posts, own both too, holding my nose atm...

I found this from AI interesting.

As of March 10, 2026, there is no settlement between Archer Aviation (ACHR) and Joby Aviation (JOBY); instead, they are engaged in active, escalating legal battles. Joby sued Archer in November 2025 for trade secret theft, to which Archer responded with a March 2026 counter-suit alleging fraud and illegal ties to China.

Key Details of the Ongoing Legal Dispute:
Joby's Lawsuit (Nov 2025): Joby accused a former employee of stealing confidential files before joining Archer, calling it "corporate espionage".
Archer's Countersuit (Mar 2026): Archer accused Joby of defrauding the U.S. government by misclassifying Chinese-made parts as consumer goods to evade tariffs and hiding ties to the Chinese Communist Party.
Status: A hearing for Joby's suit is scheduled for March 20, 2026. Archer is seeking to dismiss the initial trade secret lawsuit.
Context: These lawsuits are part of an intense rivalry in the electric vertical takeoff and landing (eVTOL) industry as both companies work toward FAA certification.

I was trading it nicely until the last bad news took this one down a good chunk. It just seems the reality of flying taxis will truly require quite a bit of training and background checks. Flying projectiles. I thought even if possible we couldn't allow a lot of air traffic.

I'm in but I think long-term shares will be had cheaper near-term.

Up until now, I have traded shares in both ACHR and JOBY.
Your points are worth some evaluation IMO.

Additionally, ACHR has recently upped its negative information posting against JOBY. Combined with insider selling here, plus their more negative long term chart structure than JOBY I am starting to think they may be in worry/panic mode. It is starting to smack of something unannounced/hidden that is weighing the company down. I may be wrong in this speculation, however I am now much more vigilant and cautious toward ACHR than previously.
There is plenty of market for both companies. I am having difficulty understanding why ACHR has become so publicly aggressive against JOBY.

The leader will rise to the top eventually. That said, there is plenty of growth and profit for both. Hmmm.

Green Trades.

1) CFO selling shares at this level not cool, 2) doesn't look like this will be ready for Olympics.

Archer’s US Air Taxi Operations Take Major Step Forward as Florida, New York and Texas Selected for White House Pilot ProgramMarch 9, 2026 3:21 PM
Business Wire

The US Department of Transportation and Federal Aviation Administration announced today that Archer’s partners in Texas, Florida and New York were selected for the White House’s eVTOL Integration Pilot Program, a major step toward bringing air taxis to market in the United States.



The program creates a first-of-its-kind pathway to help bring the first new category of aircraft in nearly 80 years to market.



Archer will now work directly with partners in Texas, Florida and New York to begin laying the groundwork for early Midnight operations in those states as soon as the second half of 2026.



The speed at which the DOT and FAA are rolling out this program signals the importance the US government is placing on ensuring American leadership in the next generation of aviation.



Archer (NYSE: ACHR) announced today that the US Department of Transportation and Federal Aviation Administration have selected its partners in Texas, Florida and New York to participate in the White House’s eVTOL Integration Pilot Program (eIPP), marking a major step toward bringing electric air taxis to market in the United States.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260309508005/en/Archer’s Midnight air taxi during a test flight
The program creates a first-of-its-kind pathway to help bring the first new category of aircraft in nearly 80 years to market.


The announcement is one of the clearest signs yet that the US government is moving with urgency to support the commercialization of eVTOL aircraft and ensure American leadership in this new category of aviation.


By enabling early operations in select markets, this program is designed to help industry, regulators and local stakeholders work together to build the operational playbook for safe, scalable deployment.


Archer will now work across these locations—with its partners including the Texas Department of Transportation, the Florida Department of Transportation and the Port Authority of New York and New Jersey—to prepare for flights of its Midnight aircraft under the eIPP, including standing up local operating teams, infrastructure and procedures to ensure safe, measured deployment.


“This is the clearest sign yet from the White House, the FAA and the DOT that bringing air taxis to market in the United States is a real priority,” said Adam Goldstein, founder and CEO of Archer. “We appreciate Secretary Duffy and Administrator Bedford’s leadership and are excited to bring Midnight to the skies of some of America’s largest cities.”


Archer expects this effort to generate valuable operational experience that will help inform future deployments in the US and drive public acceptance, including as it continues to prepare for air taxi operations in Los Angeles for the 2028 Olympic Games.


Much like robotaxi pilot programs across the US, this program allows Archer to work with federal regulators, states, and communities to both build trust and establish the playbook for safely scaling electric air taxis across the country.


Midnight is Archer’s piloted electric air taxi designed to carry up to four passengers while producing less noise and emissions than a traditional helicopter. Midnight is built with redundant systems across the aircraft—including 12 total engines and propellers—allowing Archer to target similar levels of safety as commercial airliners.


Archer’s goal is to enable passengers to replace 60-90 minute trips on the ground with quiet, all electric flights using Midnight, dramatically reducing travel times compared to traditional ground transportation and helping avoid growing levels of congestion.


About Archer


Archer is designing and developing the key enabling technologies and aircraft necessary to power the future of aviation. To learn more, visit www.archer.com.


Source: Archer

Text: ArcherIR


Forward-Looking Statements


This press release contains forward-looking statements regarding Archer’s future business plans, expectations, and opportunities. These statements include those regarding the design and target specifications of its aircraft, the pace of design, development, certification, testing, manufacturing and commercialization of its planned eVTOL aircraft, or its ability to do so at all; plans to deploy aircraft and support pre-certification operations under the eIPP; market adoption of eVTOL; and anticipated benefits of acquisitions, strategic investments, and collaborations with third parties. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, available at www.sec.gov. Archer undertakes no obligation to update these statements as a result of new information or future events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260309508005/en/
For Investors

investors@archer.com


For Media

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Archer@TheBrandAmp.com


Original: Archer’s US Air Taxi Operations Take Major Step Forward as Florida, New York and Texas Selected for White House Pilot Program

Archer Announces Fourth Quarter and Full Year 2025 Results, US and UAE Air Taxi Pilot Programs On-Track for 2026March 2, 2026 4:05 PM
Business Wire

On-track for piloted vertical take-off and landing operations as part of the White House’s eVTOL Integration Pilot Program (eIPP) and Archer’s UAE commercial launch program.



Targeting first passenger-carrying flights in 2026.*



Received final FAA acceptance of 100% of “Means of Compliance,” making Archer the first to achieve this certification milestone for an eVTOL aircraft.



Expanded defense opportunities with dual-use, hybrid aircraft program and powertrain sales.



Ended 2025 with record liquidity of ~$2.0B.



Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the fourth quarter and full year ended December 31, 2025. The Company issued a shareholder letter from founder and CEO, Adam Goldstein discussing highlights from the quarter.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260302845172/en/
Commenting on fourth quarter 2025 results, Adam Goldstein said:


“Everything we’ve built over the past seven years is converging, and our strategy is paying off in ways the market is only beginning to understand.”


Live Webcast Details


Archer will host a live webcast to discuss its results at 2:00 p.m. Pacific Time today. The live webcast and replay are accessible via Archer’s investor relations website at investors.archer.com or conference call by dialing 646-844-6383 (domestic) or +1 833-470-1428 (international) and entering the access code 043388.


Recent Highlights


Piloted VTOL Operations on Track for eIPP and UAE with Expanded Midnight Fleet


Archer is growing its Midnight fleet and expanding its flight test program. The newest aircraft is now in its VTOL flight test campaign and will work through progressively more advanced test points ahead of full piloted transition flight.


Archer will continue to expand its piloted Midnight fleet throughout 2026, with several aircraft in various stages of completion.


With its growing fleet, Archer is on track for piloted vertical take-off and landing operations as part of the White House’s eVTOL Integration Pilot Program later this year.


Archer is also on track for piloted VTOL operations in the UAE, where it plans to deliver additional Midnight aircraft.


Archer is targeting its first passenger-carrying flights in 2026*.


100% FAA Acceptance of Midnight’s Means of Compliance


Archer became the first company to achieve 100% FAA acceptance of its eVTOL aircraft’s Means of Compliance.


Means of Compliance is the FAA-agreed-upon criteria by which Archer will demonstrate Midnight meets its airworthiness requirements.


Completing the Means of Compliance unlocks Archer’s ability to finalize the acceptance of its remaining certification plans with the FAA. Archer expects those to be resolved in the coming quarters, clearing the path for Type Inspection Authorization (TIA) activities to begin on its Midnight program as soon as this year.


Expanded Defense Opportunities and Powertrain Sales


Archer’s partnership with Anduril is at the core of its defense strategy, and it continues to expand. The two companies are designing an autonomous, hybrid-electric VTOL aircraft built for dual use.


In November, Archer announced its first third-party powertrain deal with Anduril and UAE’s EDGE Group to power their Omen autonomous air vehicle—an example of how Archer’s proprietary technologies can be adapted and sold for other applications.


Archer also announced its new UK engineering hub in Bristol. This facility will primarily support Archer’s local collaboration with Anduril UK and GKN, initially focused on their joint work to support uncrewed vehicle programs in the UK.


Ended Quarter With ~$2 Billion in Liquidity


Archer ended FY’25 with ~$2.0 billion in liquidity. Archer continues to be disciplined about its spend profile and met its Adjusted EBITDA loss guidance for the quarter.




*





 

Passenger-carrying operations are intended to begin with additional occupant(s) beyond a pilot.







Fourth Quarter & Full Year 2025 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”.




SUMMARY FINANCIALS

(In millions; unaudited)









 



 






QUARTER ENDED






YEAR ENDED








 






DEC 31, 2025






SEP 30, 2025






DEC 31 2024






DEC 31, 2025






DEC 31, 2024








TOTAL OPERATING EXPENSES






$






234.7






 






$






174.8






 






$






124.2






 






$






729.6






 






$






509.7






 








NET LOSS






 






(188.9






)






 






(129.9






)






 






(198.1






)






 






(618.2






)






 






(536.8






)








NON-GAAP TOTAL OPERATING EXPENSES






 






144.2






 






 






121.2






 






 






98.3






 






 






502.1






 






 






380.6






 








ADJUSTED EBITDA






 






(137.9






)






 






(116.1






)






 






(94.8






)






 






(481.8






)






 






(368.9






)








CASH, CASH EQUIVALENTS & SHORT-TERM INVESTMENTS






 






1,964.7






 






 






1,641.3






 






 






834.5






 






 






1,964.7






 






 






834.5






 







Key Financial Highlights


Liquidity



FY 2025 cash, cash equivalents and short-term investments of $1,964.7 million, an increase of $1,130.2 million from FY 2024, and highest quarter ending liquidity watermark in Archer’s history.


Cash used in operating activities: $432.9 million for FY 2025



Cash used for investment in property and equipment: $78.8 million for FY 2025



Cash used for acquisitions: $152.1 million for the acquisitions of Hawthorne Airport and Lilium and Overair IP



Cash provided by financing activities: $1,796.4 million for FY 2025, primarily driven by the three registered direct offerings with gross proceeds of $1.8 billion.






Operating Expenses & Net Loss



FY 2025 Operating Expenses increased by $219.9 million from FY 2024 to $729.6 million as we continued to invest in the development, test, certification and production activities for our aircraft. We also expanded investments in our go-to-market strategy and support infrastructure to enable the early bring-up of our air taxi operations globally. The increase in operating expenses included a $114.7 million increase in non-cash stock-based compensation expense.



Q4 2025 Operating Expenses increased by $59.9 million from Q3 2025 to $234.7 million primarily driven by $36.1 million increase in non-cash stock-based compensation expenses, and other spend related to growing headcount and our supply chain efforts.



FY 2025 Net Loss increased by $81.4 million from FY 2024 to a loss of $618.2 million primarily driven by $219.9 million increase in operating expenses, offset by $107.4 million decrease in non-cash charges within other income (expense), net and $30.9 million increase in interest income, net.



Q4 2025 Net Loss increased by $59.0 million from Q3 2025 to a loss of $188.9 million primarily driven by the $59.9 million increase in operating expenses as described above.



Adjusted EBITDA



Q4 2025 Adjusted EBITDA was a loss of $137.9 million, which is within the guidance range of $110 million - $140 million. The loss was a planned increase of $21.8 million over Q3 2025 mainly due to increase in people and vendor related expenses.



FY 2025 Adjusted EBITDA Loss increased by $112.9 million over FY 2024 due to the investment in the development, test, certification and production activities for our aircraft as mentioned earlier.



Q1 2026 Financial Estimates



Archer’s financial estimates for first quarter of 2026 are as follows:


Adjusted EBITDA to be a loss of $160 million to $180 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 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 is designing and developing the key enabling technologies and aircraft necessary to power the future of aviation. To learn more, visit www.archer.com.


Source: Archer

Text: ArcherIR


Forward-Looking Statements


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 first quarter of 2026; the design, safety and target specifications of its aircraft; pace of design and regulatory outlook, including its ability to finalize remaining certification plans with the FAA and the selection of Archer to participate in the eIPP and its planned trial operations; its ability to timely develop, certify, test, manufacture and deploy its eVTOL aircraft in the US and UAE, or its ability to do so at all; air taxi network buildout, planned operations, and the goal of carrying its first passengers in 2026; expansion of its planned lines of business and development of new business opportunities, including hybrid aircraft and defense programs and UK engineering hub; plans and anticipated benefits of acquisitions, strategic investments, and collaborations with third parties. In addition, this press release 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. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K, which is or will be available on its investor relations website at 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 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.

CONSOLIDATED BALANCE SHEETS

(In millions; unaudited)










 



 






DEC 31, 2025






 






DEC 31, 2024








Assets






 






 






 








Current assets






 






 






 








Cash and cash equivalents






$






1,021.5






 






 






$






834.5






 








Restricted cash






 






7.3






 






 






 






6.8






 








Short-term investments






 






943.2






 






 






 






-






 








Prepaid expenses






 






47.3






 






 






 






12.5






 








Other current assets






 






56.8






 






 






 






4.6






 








Total current assets






 






2,076.1






 






 






 






858.4






 








Property and equipment, net






 






253.6






 






 






 






126.8






 








Intangible assets, net






 






80.2






 






 






 






0.3






 








Right-of-use assets






 






40.8






 






 






 






8.1






 








Goodwill






 






0.1






 






 






 






-






 








Other long-term assets






 






15.1






 






 






 






7.6






 








Total assets






$






2,465.9






 






 






$






1,001.2






 








Liabilities and Stockholders’ Equity






 






 






 








Current liabilities






 






 






 








Accounts payable






$






30.2






 






 






$






14.6






 








Current portion of lease liabilities






 






5.3






 






 






 






3.7






 








Accrued expenses and other current liabilities






 






68.1






 






 






 






52.8






 








Current portion of debt






 






0.8






 






 






 






-






 








Total current liabilities






 






104.4






 






 






 






71.1






 








Debt, net of current liabilities






 






79.5






 






 






 






64.0






 








Lease liabilities, net of current portion






 






36.3






 






 






 






11.3






 








Warrant liabilities






 






29.9






 






 






 






89.4






 








Other long-term liabilities






 






13.0






 






 






 






12.8






 








Total liabilities






 






263.1






 






 






 






248.6






 








Stockholders’ equity






 






 






 








Class A common stock, $0.0001 par value






 






0.1






 






 






 






0.1






 








Additional paid-in capital






 






4,507.9






 






 






 






2,438.4






 








Accumulated deficit






 






(2,303.8






)






 






 






(1,685.6






)








Accumulated other comprehensive loss






 






(1.4






)






 






 






(0.3






)








Total stockholders’ equity






 






2,202.8






 






 






 






752.6






 








Total liabilities and stockholders’ equity






$






2,465.9






 






 






$






1,001.2






 









ARCHER AVIATION INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share and per share data; unaudited)










 



 






QUARTER ENDED

DECEMBER 31,






 






YEAR ENDED

DECEMBER 31,








 






 






2025






 






 






2024






 






 






 






2025






 






 






2024






 








Revenue






$






0.3






 






$






-






 






 






$






0.3






 






$






-






 








 






 






 






 






 






 








Operating expenses:






 






 






 






 






 








Cost of revenue






 






0.3






 






 






-






 






 






 






0.3






 






 






-






 








Research and development






 






147.1






 






 






94.6






 






 






 






493.9






 






 






357.7






 








General and administrative






 






87.3






 






 






29.6






 






 






 






235.4






 






 






152.0






 








Total operating expenses






 






234.7






 






 






124.2






 






 






 






729.6






 






 






509.7






 








Loss from operations






 






(234.4






)






 






(124.2






)






 






 






(729.3






)






 






(509.7






)








Other income (expense), net






 






27.9






 






 






(80.1






)






 






 






58.6






 






 






(48.8






)








Interest income, net






 






17.6






 






 






6.0






 






 






 






52.8






 






 






21.9






 








Loss before income taxes






 






(188.9






)






 






(198.3






)






 






 






(617.9






)






 






(536.6






)








Income tax expense






 






-






 






 






0.2






 






 






 






(0.3






)






 






(0.2






)








Net loss






$






(188.9






)






$






(198.1






)






 






$






(618.2






)






$






(536.8






)








 






 






 






 






 






 








Net loss per share, basic and diluted






$






(0.26






)






$






(0.44






)






 






$






(0.99






)






$






(1.42






)








Weighted-average shares outstanding, basic and diluted






 






714,436,497






 






 






454,010,070






 






 






 






624,307,768






 






 






376,734,395






 









ARCHER AVIATION INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions; unaudited)








 



 






YEAR ENDED DECEMBER 31,








 






 






2025






 






 






 






2024






 








Cash flows from operating activities






 






 






 








Net loss






$






(618.2






)






 






$






(536.8






)








Adjustments to reconcile net loss to net cash used in operating activities:






 






 






 








Depreciation and amortization expense






 






20.0






 






 






 






11.7






 








Debt discount and issuance cost amortization






 






0.1






 






 






 






-






 








Stock-based compensation expense






 






223.5






 






 






 






108.8






 








Change in fair value of warrant liabilities






 






(59.5






)






 






 






49.5






 








Gain on issuance of common stock






 






-






 






 






 






(1.5






)








Non-cash lease expense






 






4.5






 






 






 






3.0






 








Research and development warrant expense






 






3.3






 






 






 






8.1






 








General and administrative warrant expense






 






-






 






 






 






0.2






 








Technology and dispute resolution agreements expense






 






-






 






 






 






5.6






 








Amortization of short-term investments purchased at a premium






 






0.6






 






 






 






-






 








Changes in operating assets and liabilities:






 






 






 








Prepaid expenses






 






(12.2






)






 






 






(4.0






)








Other current assets






 






(6.2






)






 






 






(4.1






)








Other long-term assets






 






(3.1






)






 






 






(2.4






)








Accounts payable






 






8.8






 






 






 






(0.1






)








Accrued expenses and other current liabilities






 






16.5






 






 






 






(4.3






)








Operating lease right-of-use assets and lease liabilities, net






 






(6.1






)






 






 






(3.3






)








Other long-term liabilities






 






(4.9






)






 






 






1.0






 








Net cash used in operating activities






 






(432.9






)






 






 






(368.6






)








Cash flows from investing activities






 






 






 








Purchase of property and equipment






 






(78.8






)






 






 






(82.0






)








Purchase of short-term investments






 






(1,048.1






)






 






 






-






 








Proceeds from maturities of short-term investments






 






103.0






 






 






 






-






 








Acquisition of intangible assets






 






(26.2






)






 






 






-






 








Business Combination, net






 






(125.9






)






 






 






-






 








Net cash used in investing activities






 






(1,176.0






)






 






 






(82.0






)








Cash flows from financing activities






 






 






 








Proceeds from issuance of debt






 






-






 






 






 






57.5






 








Payment of debt issuance costs






 






-






 






 






 






(0.7






)








Proceeds from PIPE financing






 






10.0






 






 






 






590.1






 








Proceeds from shares issued under at-the-market program






 






46.3






 






 






 






138.3






 








Proceeds from shares issued under employee stock purchase plan






 






7.4






 






 






 






4.8






 








Proceeds from issuance of common stock






 






1,801.8






 






 






 






55.0






 








Payment of offering costs in connection with financing activities






 






(69.1






)






 






 






(24.6






)








Net cash provided by financing activities






 






1,796.4






 






 






 






820.4






 








Net increase in cash, cash equivalents, and restricted cash






 






187.5






 






 






 






369.8






 








Cash, cash equivalents, and restricted cash, beginning of period






 






841.3






 






 






 






471.5






 








Cash, cash equivalents, and restricted cash, end of period






$






1,028.8






 






 






$






841.3






 







Reconciliation of Selected GAAP To Non-GAAP Results


A reconciliation of total operating expenses to non-GAAP total operating expenses for the quarters ended December 31, 2025, September 30, 2025, and December 31, 2024, and for the years ended December 31, 2025 and December 31, 2024, respectively, are set forth below.




RECONCILIATION OF OPERATING EXPENSES

(In millions; unaudited)









 



 






QUARTER ENDED






YEAR ENDED








 






DEC 31, 2025






SEP 30, 2025






DEC 31, 2024






DEC 31, 2025






DEC 31, 2024








TOTAL OPERATING EXPENSES






$






234.7






 






$






174.8






 






$






124.2






 






$






729.6






 






$






509.7






 








Adjusted to exclude the following:






 






 






 






 






 








Stellantis warrant expense (1)






 






(0.9






)






 






(0.8






)






 






(2.0






)






 






(3.3






)






 






(8.1






)








General and administrative warrant expense






 






-






 






 






-






 






 






-






 






 






-






 






 






(0.2






)








Stock-based compensation expense (2)






 






(88.9






)






 






(52.8






)






 






(23.9






)






 






(223.5






)






 






(108.8






)








Technology and dispute resolution agreements (3)






 






-






 






 






-






 






 






-






 






 






-






 






 






(12.0






)








Acquisition-related expenses(4)






 






(0.7






)






 






-






 






 






-






 






 






(0.7






)






 






-






 








NON-GAAP TOTAL OPERATING EXPENSES






$






144.2






 






$






121.2






 






$






98.3






 






$






502.1






 






$






380.6






 









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.





 

Amounts reflect charges relating to the Wisk Warrants.








4.





 

Amounts reflect acquisition related cash expenses.







Reconciliation of Selected GAAP To Non-GAAP Results


A reconciliation of net loss to Adjusted EBITDA for the quarters ended December 31, 2025, September 30, 2025, and December 31, 2024, and for the years ended December 31, 2025 and December 31, 2024, respectively, are set forth below.




RECONCILIATION OF ADJUSTED EBITDA

(In millions; unaudited)









 



 






QUARTER ENDED






YEAR ENDED








 






DEC 31, 2025






SEP 30, 2025






DEC 31, 2024






DEC 31, 2025






DEC 31, 2024








NET LOSS






$






(188.9






)






$






(129.9






)






$






(198.1






)






$






(618.2






)






$






(536.8






)








Adjusted to exclude the following:






 






 






 






 






 








Other (income) expense, net (1)






 






(27.9






)






 






(28.7






)






 






80.1






 






 






(58.6






)






 






48.8






 








Interest income, net






 






(17.6






)






 






(16.3






)






 






(6.0






)






 






(52.8






)






 






(21.9






)








Income tax expense






 






-






 






 






0.1






 






 






(0.2






)






 






0.3






 






 






0.2






 








Depreciation and amortization expense






 






6.0






 






 






5.1






 






 






3.5






 






 






20.0






 






 






11.7






 








Stellantis warrant expense (2)






 






0.9






 






 






0.8






 






 






2.0






 






 






3.3






 






 






8.1






 








General and administrative warrant expense






 






-






 






 






-






 






 






-






 






 






-






 






 






0.2






 








Stock-based compensation expense (3)






 






88.9






 






 






52.8






 






 






23.9






 






 






223.5






 






 






108.8






 








Technology and dispute resolution agreements(4)






 






-






 






 






-






 






 






-






 






 






-






 






 






12.0






 








Acquisition-related expenses (5)






 






0.7






 






 






-






 






 






-






 






 






0.7






 






 






-






 








ADJUSTED EBITDA






$






(137.9






)






$






(116.1






)






$






(94.8






)






$






(481.8






)






$






(368.9






)









1.





 

Amounts primarily include changes in fair value of the public and private 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.





 

Amounts reflect charges related to the Wisk Warrants.








5.





 

Amounts reflect 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 help 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 the investors to understand the impact of non-cash stock-based compensation expense on our operating results.


WARRANT EXPENSE & GAINS OR LOSSES FROM REVALUATION OF WARRANTS


Expense from our common stock warrants issued to Stellantis, which is recurring (but non-cash) and gains or losses from change in fair value of public and private warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expense and gains or losses from change in fair value for similar reasons to our stock-based compensation expense.


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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302845172/en/
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Original: Archer Announces Fourth Quarter and Full Year 2025 Results, US and UAE Air Taxi Pilot Programs On-Track for 2026