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Archer Aviation Inc. (NYSE: ACHR) is pioneering the future of urban air mobility with the design and development of fully electric vertical takeoff and landing (eVTOL) aircraft. The core mission of the company is to revolutionize urban transportation by introducing sustainable, efficient, and safe electric air taxis.
Headquartered in Santa Clara, CA, Archer aims to reduce urban congestion and commute times by providing an innovative alternative to traditional ground transportation. Archer’s flagship aircraft, the Midnight, is designed to perform rapid back-to-back flights with minimal charge time between flights. This piloted, four-passenger vehicle boasts a low-noise profile, positioning it as an environmentally friendly option for urban travel.
Archer has made significant strides in the regulatory landscape, securing both Part 135 and Part 145 certificates from the Federal Aviation Administration (FAA), positioning it to commence commercial operations. The company has also achieved the issuance of final airworthiness criteria for the Midnight aircraft, marking a critical step towards Type Certification. Additionally, Archer is actively collaborating with prominent partners, such as United Airlines and Falcon Aviation, to expand its operational footprint globally, including strategic partnerships in the UAE and South Korea.
In recent developments, Archer has announced partnerships to advance urban air mobility (UAM) infrastructure. This includes the creation of vertiports in Dubai and Abu Dhabi, and joint ventures to establish training centers for future pilots. Notably, the company has also completed rigorous battery pack testing, reinforcing the safety and durability of its designs.
Financially, Archer demonstrates a robust liquidity position, maintaining over $520 million in liquidity as it advances its aircraft development programs. The company’s strategic investments and partnerships underscore its commitment to leading the urban air mobility revolution, with plans to launch across major global cities in the coming years.
Archer Defense has added Lieutenant General (Ret) Scott Howell to its Advisory Board. Howell, a highly decorated retired military leader, will support Archer Defense, a new business unit focused on next-gen military aircraft. He will guide the team in their work with the Department of Defense and other military branches.
Archer Defense, announced in December, aims to leverage expertise in aircraft development, advanced flight controls, and scalable manufacturing. Its first project, in partnership with Anduril, involves a hybrid-propulsion, vertical-take-off-and-landing (VTOL) aircraft. Howell's military career includes leadership roles in Iraq, Afghanistan, the Pentagon, and the White House, notably accelerating military transformation and securing the largest-ever budget for U.S. Special Operations Command.
In the private sector, Howell will continue his advisory role with General Catalyst, focusing on modern defense and intelligence. Archer's CEO, Adam Goldstein, expressed confidence in Howell's ability to accelerate innovation in military aviation. Howell joins an advisory board that includes seven other retired military leaders.
Archer Aviation (NYSE: ACHR) has completed construction of its ~400,000 square foot manufacturing facility (ARC) in Covington, GA, receiving the certificate of occupancy. The company is preparing for initial production in early 2025, targeting a production rate of two aircraft monthly by year-end. Stellantis is partnering with Archer as its exclusive contract manufacturer, providing capital, technology, and expertise to help scale production to 650 aircraft annually by 2030.
The facility, connected to Covington Municipal Airport, will manufacture Archer's Midnight eVTOL aircraft, designed as a sustainable, low-noise alternative to ground transportation in congested urban areas. The project represents a shift from R&D to commercialization in the eVTOL industry.
Archer Aviation (NYSE: ACHR) has announced an exclusive partnership with Anduril Industries to jointly develop a hybrid VTOL aircraft for defense applications, targeting a potential U.S. Department of Defense program. Alongside this partnership, Archer has secured $430 million in additional equity capital from investors including Stellantis, United Airlines, Wellington Management, and Abu Dhabi's 2PointZero.
The collaboration combines Archer's expertise in VTOL aircraft development using commercial parts with Anduril's capabilities in AI and systems integration. Archer ended Q3'24 with $502 million in cash, bringing total capital raised to nearly $2 billion. The company's new defense initiative, Archer Defense, will be led by Joseph Pantalone, a former Lockheed Martin and Sikorsky executive.
Archer Aviation (NYSE: ACHR) has entered into a multi-party collaboration agreement with UAE and Abu Dhabi entities to establish electric air taxi operations in Abu Dhabi. The agreement positions Archer as the first eVTOL aircraft manufacturer in the MENA region and the first to launch commercial flying taxi operations in the Emirate.
The partnership involves key stakeholders including the Abu Dhabi Investment Office, Abu Dhabi Airports, Falcon Aviation Services, Etihad Aviation Training, GCAA, GANS, GAL, and the Integrated Transport Centre. The UAE General Civil Aviation Authority has been working with Archer through certification workshops to establish the necessary regulatory framework for commercial air taxi operations.
Archer Aviation (NYSE: ACHR) has appointed Dr. Talib Alhinai as its UAE Lead to spearhead the launch of electric air taxi services in the region. Alhinai, who serves on the Board of Directors for the UAE's aviation regulator GCAA, joins Archer from the Abu Dhabi Executive Office. This appointment supports Archer's plan to commence operations in the UAE as early as late next year, building on its strategic initiative with the Abu Dhabi Investment Office (ADIO). Alhinai brings expertise in aerial robotics, aviation, and national policy, along with experience from McKinsey & Company in high-growth tech and advanced air mobility.
Archer announced its Q3 2024 results, highlighting significant progress in manufacturing, certification, and commercial launch efforts. The company is nearing completion of its high-volume manufacturing facility, set to produce piloted, type-design aircraft by early 2025. Archer is also advancing through Phase 4 of the FAA's type certification process. The company has established a consortium with ADIO to launch air taxi services in the UAE by Q4 2025 and signed a $500M aircraft order agreement with Japan Airlines and Sumitomo 's joint venture, Soracle, increasing its indicative order book to $6B+. Archer ended Q3 with $501.7M in cash and cash equivalents, maintaining a strong liquidity position. However, the company reported a net loss of $115.3M for the quarter. Archer is seeking shareholder approval for up to $400M of additional capital from Stellantis to scale manufacturing. The company projects Q4 2024 non-GAAP total operating expenses between $95M and $110M.
Archer Aviation has signed agreements with Soracle , a joint venture between Japan Airlines and Sumitomo , to bring advanced air mobility services to Japan. Soracle has secured rights to order up to 100 Midnight aircraft, valued at approximately $500M. The partnership aims to establish electric air taxi operations in major Japanese cities including Tokyo, Osaka, and Nagoya.
The companies plan to conduct a public flight demonstration at the World Expo, expected to attract 28 million visitors. Archer's Midnight aircraft can travel at speeds up to 150 mph, operates flights of 20-50 miles, and is designed to carry four passengers with luggage.
Archer Aviation Inc. (NYSE: ACHR) has announced it will release its third quarter 2024 operating update and financial results after market close on Thursday, November 7, 2024. The company will host a conference call and live webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the results.
Investors can access the live webcast through the Archer investor relations website at investors.archer.com. For those preferring to listen via phone, the conference call can be accessed by dialing +1 404-975-4839 (domestic) or +1 833-470-1428 (international), using the access code 286379.
A replay of the webcast will be available on the investor relations website, and a telephonic replay will be accessible for one week after the call by dialing 866-813-9403 (domestic) or + 44 204-525-0658 (international), with the access code 205749.
Archer Aviation has surpassed its 2024 goal of 400 test flights four months ahead of schedule, completing 402 flights in the past eight months. This milestone is important as the company prepares for FAA-credited flight testing. The tests focus on five key areas: transition flights, high-rate operations, landing profiles, acoustic measurement, and control law optimization.
CEO Adam Goldstein expressed pride in the team's achievement, highlighting the importance of the data collected for evaluating and refining the aircraft's performance. This accomplishment follows recent developments with Southwest Airlines, United Airlines, and the U.S. Air Force, as well as Archer's certification to operate as a commercial airline.
Archer Aviation has closed a PIPE investment as part of $230M in capital raised since Q2'24, strengthening its liquidity position. The funding includes participation from United Airlines and Stellantis, bringing Archer's total funding to over $1.5B. Archer also reached key terms with Stellantis for additional support in manufacturing, potentially accessing up to $400M in capital in exchange for equity.
With $360M cash on hand at Q2'24 end, Archer now has one of the strongest liquidity positions in its industry. The company is advancing its industrialization and commercialization efforts, with its high-volume manufacturing facility in Covington, GA, scheduled to open by year-end. This funding follows Archer's planned network in Los Angeles and developments with Southwest Airlines and United Airlines.
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