Archer Aviation Inc - ACHR STOCK NEWS

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.

Archer Aviation Inc. has delivered its first Midnight aircraft to the U.S. Air Force (USAF) for evaluation under an AFWERX Agility Prime contract valued at up to $142 million. This follows the U.S. Department of Defense's acceptance of Midnight's military airworthiness assessment. USAF personnel collaborated with Archer's flight test team at the company's Salinas facility to conduct simulated medical evacuation, cargo, and intelligence missions.

The Midnight aircraft, with its vertical takeoff and landing capabilities, electric powertrain, and low noise profile, is positioned as a safer, cost-effective, and quieter alternative to existing internal combustion engine options for military aviation operations. This delivery marks a significant step in exploring advanced aircraft technology for enhancing U.S. military operational capabilities.

Archer Aviation Inc. and Future Flight Global (FFG) have signed a memorandum of understanding (MOU) for the planned purchase of up to 116 Midnight Aircraft worth up to $580M. This agreement increases Archer's indicative order book to nearly $6B. FFG, founded by members of Titan Aviation's leadership team, plans to deploy Archer's eVTOL aircraft in key global markets, including Southeast Asia, Europe, and the Middle East.

The partnership aims to launch air taxi services, with FFG operating select routes within Archer's planned network and providing on-demand transit for high-value clients. The companies will collaborate on ecosystem development, infrastructure, regulatory engagement, and demand generation. This strategic alliance marks Archer's entry into premium international markets and solidifies its position in the emerging urban air mobility sector.