Archer Reported FY & 4Q 2023 Results Yesterday, Highlighted Final Phase of Midnight’s Certification Program Pre- 2025 Launch
Archer’s 4Q EPS came in at ($1.69), $1.38 below analyst estimates of ($0.31); 4Q revenues of $0 were in line with consensus estimates.
(San Jose, California) Electric vertical takeoff and landing (eVTOL) vehicle developer Archer Aviation Inc. (NYSE: ACHR) reported full year and fourth quarter 2023 earnings yesterday at 2pm PST (5pm EST); fourth quarter EPS of ($1.69) was below analysts’ estimate of ($0.31) and revenue for the quarter came in in-line with expectations at $0, according to Investing.com.
Photo of Archer’s Midnight electric vertical takeoff and landing (eVTOL) vehicle in-flight courtesy of Archer.
A link to the earnings report can be found here.
ACHR shares opened today at $4.75, below their previous closing price of $4.92. The stock has dropped about 18.5% in the last three months and is up nearly 75% over the last 12 months.
On yesterday’s call, Archer’s Chief Executive Officer Adam Goldstein highlighted that the company’s Midnight eVTOL aircraft is currently in the final phase of its certification program.
“With the vast majority of the aircraft’s subsystems and components being sourced from leading aerospace suppliers with certification heritage we have a significantly de-risked path to certification from here,” Goldstein said. “2024 will be all about building conforming Midnight aircraft to be used in piloted for credit testing with the FAA and completing the build out, alongside Stellantis, of our volume manufacturing facility in Georgia. We’re not just innovating within the realm of transportation, we’re redefining it, turning once-dreamt-of flying cars into an everyday reality.”
Additional highlights from Archer’s press release include:
- “Approximately 80% of Archer’s Midnight aircraft’s subsystems and components are sourced from leading aerospace suppliers with certification heritage giving it a significantly de-risked path to certification
- Construction of three conforming Midnight aircraft underway as flight test program makes rapid progress and Archer expects to complete 400 test flights in 2024
- On track to complete build out of volume manufacturing facility alongside Stellantis in Georgia later this year
- Strong liquidity position of ~$625M at end of Q4 2023 with cash balances increasing QoQ”
** Not investment advice; The FLY Report is not a registered investment advisor.
