Archer Aviation has six Midnight aircraft in concurrent production, with three in final assembly across its Silicon Valley and Georgia manufacturing facilities.
The California-based eVTOL developer reported second quarter results showing manufacturing progress alongside a sector-leading balance sheet of over US$1.7 billion in cash and cash equivalents.
The company operates what it terms a “golden manufacturing line” in Silicon Valley alongside its high-volume facility in Georgia. The Federal Aviation Administration continues conducting reviews and inspections of Archer’s manufacturing operations as part of production certificate efforts.
“This quarter, we ramped aircraft manufacturing across our facilities in California and Georgia with six Midnight aircraft in production, including three in final assembly,” said Adam Goldstein, founder and chief executive officer. “We’re executing from a position of strength with a sector leading US$1.7 billion of liquidity.”
The LA 2028 Olympic Games selected Archer as its official air taxi provider, aligning federal and local stakeholders around achieving FAA type certification and scaled operations of Midnight. Archer partnered with the US Department of Transportation, the FAA and the White House on an Executive Order in June to promote American dominance in electric vertical takeoff and landing aircraft and create a Presidential mandate for early US deployments.
According to Archer, the company signed definitive agreements with Abu Dhabi Aviation and the Abu Dhabi Investment Office to activate the first of several planned Launch Edition programs globally. Archer delivered its first Midnight aircraft to the UAE, commenced flight testing in Abu Dhabi and expects initial commercial payments later this year.
The company made two strategic acquisitions during the quarter to accelerate its defense program. Archer acquired a patent portfolio and personnel from Overair, and specialized defense composite manufacturing assets from Mission Critical Composites in Southern California. According to Archer, Archer Defense is seeing demand from four major allied defense programs worldwide.
For the second quarter ended June 30, Archer reported total operating expenses of US$176.1 million and a net loss of US$206.0 million. The company estimates third quarter adjusted earnings before interest, taxes, depreciation and amortization to be a loss of US$110 million to US$130 million.
