Archer Aviation (ACHR) Q1 2026 earnings summary

Executive summary

• Achieved record FAA certification progress, becoming the first eVTOL company to close Phase 3 of the FAA's 4-phase Type Certification process, with US operations expected to begin in 2026 under the eVTOL Integration Pilot Program and in preparation for the LA28 Olympic Games.

• Expanded commercial readiness with a broadened piloted flight test program and operational takeover of Hawthorne Airport in LA, positioning it as a hub for future air taxi operations.

• Multi-billion dollar order book for Midnight continues to grow, with collaborations for the L.A. 2028 Olympic Games and major airlines.

• Advanced dual-use, hybrid, and autonomous aircraft development, with phased government program awards anticipated later in the year and a defense partnership with Anduril.

• Strengthened AI capabilities through partnerships with NVIDIA, Palantir, and Starlink, supporting the DOT's $20B air traffic control modernization initiative.

Financial highlights

• Ended Q1 2026 with $1.8B in liquidity, including cash, cash equivalents, and short-term investments, and limited debt exposure.

• Q1 2026 revenue was $1.6M, up from $0 in Q1 2025, primarily from hangar lease income and expanded operations at Hawthorne Airport.

• Net loss for Q1 2026 was $217.7M, an increase from $93.4M in the prior year, driven by higher R&D and G&A expenses.

• Operating expenses rose to $256.2M, with R&D up 65.6% and G&A up 106.5%.

• Adjusted EBITDA loss for Q1 2026 was $172.5M, within guidance.

Outlook and guidance

• US operations expected to commence in 2026, with a focus on supporting the LA28 Olympic Games and the eVTOL Integration Pilot Program.

• Q2 2026 Adjusted EBITDA loss is projected between $170M and $200M.

• Investments expected to slightly increase in Q2 to support commercial readiness, defense platform development, and AI software advancement.

• Existing liquidity is expected to fund operations for at least the next 12 months.

• Revenue growth anticipated as additional hangar spaces come online and commercialization advances.