Archer Aviation Inc., a leader in electric vertical takeoff and landing (eVTOL) aircraft, announced operating and financial results for the second quarter ended June 30, 2023.
In tandem with earnings, Archer made a series of announcements that reinforce its path to FAA certification and commercial operations in 2025.
Archer has landed a $215 million equity investment from industry leaders Stellantis, Boeing and United Airlines, as well as other financial institutions, including ARK Invest, increasing the company’s total funding to over $1.1 billion to date, received FAA approval to begin flying its Midnight eVTOL aircraft, and reached an agreement with Boeing and Wisk to enter into an autonomous flight collaboration and settle litigation between the companies.
Additionally, Archer announced that it is on track to complete what it believes will be the first ever eVTOL aircraft delivery to a customer as part of its recently announced contracts with the Department of Defense (DoD).
These announcements come on the heels of the FAA Administrator leaving to join Archer and the DoD awarding Archer the largest total contract value of any eVTOL company.
Archer today issued a shareholder letter providing additional details on these updates along with its second quarter operating and financial results and third quarter 2023 estimates. The shareholder letter is available on its investor relations website here.
“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,” said Adam Goldstein, Archer’s Founder and CEO. “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,” added Goldstein.