Archer Aviation Inc. (ACHR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$3.3B

Cash

$852.7M

Debt

$80.1M

Debt to equity

0.04

Shares outstanding

770.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Q2 2026 results, filed 10 August 2026.

• Cash position near $1.6 billion. Q2 ended with about $1.6 billion of cash and cash equivalents, which the company says includes short-term investments. The letter gives no revenue, earnings or expense figures for the quarter.
• Integration planned without added cash burn. Management said it has tasked its team with integrating the acquired companies in a way that will not structurally increase overall cash burn.
• Insitu revenue figure is an estimate. A footnote says the Insitu revenue figure is based on its current financials and financial estimates.
• Acquisition of three Boeing businesses. Archer signed an agreement to acquire Wisk Aero, Insitu and SkyGrid from Boeing. Boeing takes a strategic equity stake in Archer in exchange.
• Product portfolio after closing. After closing, Archer says its portfolio will cover piloted air taxis, UAS in Groups 2 through 5, purpose-built AI for aviation, and a vertical technology stack for autonomous flight.
• Deal framed as diversification. Management says the transaction will help accelerate Archer's evolution into a diversified aerospace and defense platform.
• Insitu adds near-term revenue base. Management says Insitu, described as profitable with over $200M in annual revenue across 35 countries, gives Archer a near-term revenue base. Its fleet has flown nearly 2 million autonomous flight hours.
• Halo/Thunder joint autonomous VTOL. Archer and Anduril unveiled the platform in July. Thunder is the defense version and Halo the commercial version, sharing one airframe and hybrid powertrain.
• Wisk technology and team. Management says Wisk would help round out the Halo/Thunder team that Archer has been building over the past year.
• ZEE aviation AI model introduced. ZEE is described as a unified aviation intelligence model designed to run on-device across air taxis, UAS, commercial airlines and air traffic management.
• SkyGrid airspace software in use. SkyGrid's airspace management technology is in use today. Management says SkyGrid plus ZEE can become a must-have air traffic management product.
• ZEE safety prediction breakthrough. The company announced the week before the letter that ZEE delivered real-time airport surface trajectory prediction, which it calls a frontier breakthrough in aviation safety.
• ZEE testing begun at Hawthorne. Testing of ZEE has started at Hawthorne Airport, which the letter describes as Archer's future LA air taxi hub.
• Path to significant AI revenue. Management says it sees a clear path to significant AI revenue and that the team is building toward it.

Company events

The newest 8-K filings of 98 held.

Every filing

The newest filings with the SEC of 245 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

604 funds held it at 30 Jun 2026: 232 added and 146 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Boeing Co. (BA): revenue $94.9B, market value $132.4B
• AeroVironment Inc. (AVAV): revenue $2.0B, market value $6.4B

What the company does

Archer Aviation develops electric aircraft and related technologies for commercial and defense customers. Its main product is Midnight, an electric vertical take-off and landing ("eVTOL") aircraft built for air taxi operations. It builds aircraft in California and Georgia. As of 31 December 2025 it had a workforce of 1,660 people.

What it is building

Midnight is built on a proprietary 12-tilt-6 distributed electric propulsion platform and is designed to carry four passengers plus a pilot. Its range and payload are set for short, frequent trips of around 20-miles, with minimal charging time between trips. It has redundant electric motors. The aircraft combines in-house electric propulsion and flight control systems with components from aerospace suppliers, many of which are already used on certified aircraft.

Archer is also developing a dual-use hybrid-electric, autonomous vertical take-off and landing ("VTOL") aircraft with Anduril Industries Inc. ("Anduril") for defense and commercial customers. For commercial customers it can be tailored for cargo and medical evacuation. In 2025 Archer acquired Overair Inc.'s patent portfolio and a license to Karem Aircraft's tiltrotor and rotor technology. It is also developing artificial intelligence and autonomy technologies for an air traffic control system.

How it plans to earn revenue

The company describes two planned lines of business. The Commercial line consists of selling aircraft and related technologies and services, and providing direct-to-consumer air taxi services in select metropolitan areas. The Defense line consists of selling aircraft and related technologies for defense uses, starting with the hybrid-electric VTOL aircraft developed with Anduril.

In November 2025 Archer announced its first third-party adoption of its technology in defense. Anduril and EDGE Group chose its electric powertrain for their Omen autonomous air vehicle. Archer has also worked with the Department of Defense since 2021 through the United States Air Force's AFWERX program, including the AFWERX Agility Prime program.

Today's revenue comes from leasing hangar space at Hawthorne Airport. The related costs are ground lease payments to the City of Hawthorne, utilities, property taxes and insurance.

Where it operates

In the United States, Archer has applied to the eVTOL Integration Pilot Program ("eIPP"), a White House initiative. It has partnered with cities across California, Florida, Texas, Georgia and New York on applications. It recently acquired control of Hawthorne Airport, near Los Angeles International Airport, and says it plans to use it as the operational hub for its Los Angeles network.

Outside the United States, the Launch Edition program offers aircraft, technologies and services to governments and customers, with the United Arab Emirates ("UAE") first. Archer works with the General Civil Aviation Authority ("GCAA"), which has moved Midnight into a Restricted Type Certification program. The company is working with partners on a vertiport network across Abu Dhabi and the country. It says it sees demand in Europe, the Middle East, Africa and Asia-Pacific.

How it makes the aircraft

Archer uses a "golden manufacturing line" at one of its Silicon Valley facilities for final assembly of early Midnight builds. It applies lessons from that line to the design and ramp of high-volume manufacturing in Georgia. The Federal Aviation Administration ("FAA") reviews and inspects its manufacturing operations as part of its production certificate efforts.

Archer focuses its own component development on electric and hybrid propulsion systems, flight control software and composites. For other parts it uses the existing aerospace supply base, including U.S. and non-U.S. suppliers. Key raw materials are aluminum and composites.

Certification and regulation

The FAA type certification process for Midnight has 4 phases, under a "special class" definition in 14 CFR Part 21.17(b). The FAA published final airworthiness criteria in May 2024 and the certification basis was finalized in June 2024. In January 2026 the FAA fully accepted Midnight's Means of Compliance. Piloted test flights began in June 2025. In the fourth phase, the implementation phase, the company estimates it has received approximately 15% of the compliance verification documents.

Archer also needs a production certificate and airworthiness certificates for each aircraft. It holds a Part 135 Air Carrier and Operator Certificate, a Part 145 Repair Station Certificate and a Part 141 Certificate for pilot training. Operations at Hawthorne Airport are regulated by several federal, state and local bodies, including the FAA, the Department of Transportation and the California Department of Transportation.

Competition and people

Archer competes with many U.S. and international aerospace and defense companies. In defense, development programs are often run in partnership with firms that may also be competitors, and contracts involve competitive bids. Its planned air taxi service would compete with cars, ride-sharing and helicopter charter services. The company names safety, trip duration, technology, user experience and cost as the key differences.

The workforce of 1,660 people includes 1,160 full-time employees and 500 contingent workers. None are covered by a collective bargaining agreement. Archer's issued patents generally expire between 2040 and 2046.

*From Archer Aviation's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1824502/000182450226000019/achr-20251231.htm)*

From the company's 10-K.