Archer has secured a $215 million investment from a group of investors including Stellantis, Boeing, United Airlines, and ARK Investment Management. The company has also received an FAA Special Airworthiness Certificate for their Midnight eVTOL aircraft.
On Thursday (August 10, 2023), Archer reported their second quarter financial results for the period ending June 30, 2023. The company reported a second quarter net loss of $181.4 million and ended the period with $407.6 million in cash, cash equivalents and short-term investments. In tandem with their Q2 results, Archer also announced that they have secured an additional $215 million investment from investors including Stellantis, Boeing, United Airlines and Ark Investment Management LLC, increasing their total to date funding to over $1.1 billion. Additionally, the company announced that they have received an FAA Special Airworthiness Certificate for their Midnight eVTOL aircraft.
In Thursday’s announcement, Archer’s Founder and CEO, Adam Goldstein, said,
“Over the last quarter, we’ve seen the U.S. government make an unwavering commitment that America will lead the way in commercializing eVTOL aircraft, the FAA validated the timeline for eVTOL aircraft to begin operations in the U.S. in 2025, and leaders in the mobility industry, Stellantis, United Airlines and Boeing, have come together to invest in Archer’s future. The pace at which our industry is advancing is unprecedented. Our team’s hard work and dedication have brought us to this exciting moment, and we can't wait to see Midnight soar.”
With the FAA Special Airworthiness certification, Archer will begin flight testing and is expected to become the first company to deliver an eVTOL aircraft to a customer as part of their contracts with the U.S. Department of Defense (DoD). As part of Archer’s recently announced agreements with the DoD valued at up to $142 million, the company announced that they will deliver the Midnight aircraft to the U.S. Air Force later this year or early next year.
With a range of up to 100 miles, Archer’s Midnight is designed to perform rapid back-to-back flights with a minimal charge time in between. The company’s plans on transforming inter-city travel, replacing 60-90 minute automobile commutes with 10-20 minute electric air taxi flights.
Santa Clara, California based Archer Aviation, Inc. (NYSE: ACHR) is designing and developing eVTOL aircraft to be deployed in urban air mobility (UAM) networks. The company’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer’s early launch ‘trunk’ routes will connect airports with city centers, and once established, will be branched out to connect surrounding communities. The first phase of their UAM network is targeted to launch in 2025.
Source: Archer