Archer Aviation (ACHR) Q4 2025 earnings summary

Executive summary

• Achieved significant milestones in flight testing and regulatory progress, including 100% FAA acceptance of Means of Compliance for eVTOL aircraft and piloted VTOL/CTOL campaigns, with Midnight aircraft exceeding 50 miles and 30 minutes of flight time at over 10,000 feet and 150 mph.

• On track to begin commercial air taxi operations in U.S. cities and the UAE in 2025, with participation in the White House's eVTOL Integration Pilot Program and a commercial launch in Abu Dhabi; first passenger-carrying flights targeted for 2026.

• Secured partnerships with major industry players (Anduril, SpaceX, NVIDIA, Palantir), expanded order book to billions, and completed first third-party powertrain deal with Anduril and EDGE Group.

• Opened a new engineering hub in the UK to support uncrewed vehicle programs and international collaborations.

• Strong leadership team with new President of Aircraft OEM and continued focus on execution, certification, and scaling manufacturing.

Financial highlights

• Ended FY 2025 with record liquidity of $2 billion, up $1.13 billion year-over-year, driven by $1.8 billion in direct offerings.

• FY 2025 net loss was $618.2 million, an increase of $81.4 million year-over-year, mainly due to higher operating expenses and stock-based compensation.

• Q4 2025 net loss was $188.9 million, up $59 million sequentially from Q3 2025.

• FY 2025 Adjusted EBITDA loss was $481.8 million, up $112.9 million year-over-year; Q4 2025 Adjusted EBITDA loss was $137.9 million, within guidance.

• Q4 spending was tightly aligned with prior guidance, reflecting disciplined capital allocation.

Outlook and guidance

• Commercialization of Midnight remains the top priority, with focus on certification, manufacturing scale-up, and market launch.

• Q1 2026 Adjusted EBITDA loss expected to be between $160 million and $180 million.

• Plans to expand piloted Midnight fleet and advance certification activities with the FAA in 2026.

• Investment priorities include hybrid aircraft development and software platform expansion, targeting long-term market leadership.

• No annual or multi-year guidance provided; quarterly updates will continue.