Archer Aviation Inc (NYSE:ACHR) reported financial results for the second quarter Monday after the bell. Here’s an overview of the electric vertical take-off and landing (eVTOL) company’s report.
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Q2 Earnings: Archer reported a second-quarter loss of 36 cents per share, missing analyst estimates for a loss of 26 cents per share, according to Benzinga Pro.
Archer highlighted the ongoing production of six Midnight aircraft across its supply chain, with three aircraft in final assembly across the company’s facilities.
Archer said it delivered its first Midnight aircraft to the UAE during the quarter and commenced its flight test program in Abu Dhabi. The company expects initial commercial payments later this year.
Archer reported total second-quarter non-GAAP operating expenses of $123.5 million. The company ended the period with approximately $1.72 billion in cash and cash equivalents.
“This quarter, we ramped aircraft manufacturing across our facilities in California and Georgia with six Midnight aircraft in production, including three in final assembly,” said Adam Goldstein, founder and CEO of Archer.
“Alongside major progress in the UAE, our selection as the Official Air Taxi Provider of LA28 Olympic Games, and two acquisitions to accelerate our defense program, we’re executing from a position of strength with a sector-leading $1.7 billion of liquidity.”
Archer reported an adjusted EBITDA loss of $118.7 million in the quarter and guided for a third-quarter adjusted EBITDA loss of $110 million to $130 million.
Archer’s management team will further discuss the quarter on an earnings call with investors and analysts at 5 p.m. ET.
ACHR Price Action: Archer Aviation shares were down 1.68% in after-hours, trading at $9.38 at the time of publication on Monday, according to Benzinga Pro.
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