Archer announces fourth quarter & full year 2024 results, sets plans for Midnight commercial deployments ahead of FAA certification

Archer Aviation Inc. (“Archer” or the “Company”) today announced operating and financial results for the fourth quarter and fiscal year ended December 31, 2024. The Company issued a shareholder letter discussing those results, as well as its first quarter 2025 estimates.

Commenting on fourth quarter 2024 results, Adam Goldstein, Archer’s founder and CEO said:

“With our new Launch Edition program now in place and aircraft production starting at ARC, we are on track to deliver our first revenue-generating Midnight aircraft later this year. Our billion-dollar plus liquidity position gives us the resources we need to execute against our civil and defense business strategies while also setting us up to seize new opportunities around AI and more.”

Fourth quarter highlights

Early Commercial Deployment of Aircraft

Archer announced a comprehensive “Launch Edition” commercialization program for its Midnight aircraft. The goal of this program is to establish a pragmatic and repeatable playbook to deploy Midnight commercially in dozens of early adopter markets in advance of type certification of the aircraft by the FAA. This approach is intended to enable Archer to build operational expertise, generate revenue and continue to strengthen long-term demand.

Abu Dhabi Aviation (ADA) will be Archer’s first Launch Edition customer, with plans to deploy an initial fleet of Midnight aircraft beginning later this year. In addition to the Launch Edition aircraft, Archer also plans to provide ADA with a team of pilots, technicians and engineers to support the initial operational ramp, helping ensure a safe and efficient deployment.

Outsized Defense Opportunity

In December, Archer announced an exclusive partnership with Anduril to jointly develop a hybrid vertical take off and landing (VTOL) aircraft for critical defense applications. Archer believes the potential demand for this aircraft is stronger than expected. Archer is working closely with Anduril on future vertical lift use cases for defense, and expects this to result in sizable programs of record without the need to certify these aircraft with the FAA.

Starting Production at ARC

Archer is now starting production of its first Midnight aircraft at its ARC facility in Covington, GA. Archer is planning to build up to 10 Midnight aircraft this year to support ongoing certification testing programs and deployments with its key partners.

Liquidity Position

Archer’s total liquidity is now over $1B¹ . Archer has long maintained one of the strongest balance sheets in its industry, and, with the additional capital raised since the end of Q3’24, has further strengthened its leadership position. Archer’s spending in Q4’24 remained within its guided range, and stayed nearly flat for the second straight quarter.

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¹ Includes Q4’24 ending cash balance of $835M, and the $302M raised through our equity offering in February that was previously announced.

Fourth quarter and fiscal 2024 financial results

First quarter 2025 financial estimates

Archer’s financial estimates for first quarter of 2025 are as follows:

• Adjusted EBITDA to be a loss of $95 million to $110 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 is impacted by the future fair market value of our common stock and 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 2025 will have a significant impact on our future GAAP financial results. Accordingly, a reconciliation of non-GAAP metrics is not available without unreasonable effort.

SOURCE: Archer