Archer Aviation Inc. (NYSE: ACHR) Reports Earnings (11/09/2023)
Archer beats earnings expectations; focuses on FAA testing and go-to-market plans.
Archer Aviation Inc. (NYSE: ACHR) yesterday announced 3Q earnings, beating expectations with reported EPS of ($0.26) vs. expected ($0.30). Shares of ACHR closed at $5.26 on November 9th, down slightly from $5.27 at the open; shares closed at $4.97 today.
Courtesy of Archer Aviation: The Midnight
The earnings report focused on:
- – Recent and future milestones – primarily “for credit testing” and the Midnight eVTOL’s transition from hover to full wing-borne flight in the coming months
- – Go-to-market plans, focusing on the UAE and India. Yesterday, Archer announced a partnership with InterGlobe Enterprises, which backs India’s top airline IndiGo, to launch an all-electric air taxi service in India in 2026. The partnership plans to finance the purchase of as many as 200 Midnight aircraft.
- – Strong financials, as per Archer’s press release, specifically citing $600mn of liquidity consisting of: $461m of cash and cash equivalents as of September 30th, $70m from the October 16th investment from Stellantis and $55mn under a forward equity purchase agreement with Stallantis, and a finalized debt facility of up to $65mn to cover the majority of cost of Archer’s new manufacturing facility in Georgia.
** Not financial or investment advice; The FLY Report is not a registered investment advisor.
