Archer Aviation Inc (NYSE:ACHR) reported financial results for the second quarter after the market close on Monday. Here’s a look at the key details from the print.
- Archer Aviation shares are climbing with conviction. Why is ACHR stock up?
Archer Aviation Q2 Earnings Details
Archer reported $5 million of total revenue in the second quarter, beating estimates of approximately $1.96 million, according to Benzinga Pro. The company posted a second-quarter loss of 34 cents per share, in line with analyst estimates.
Archer reported total second-quarter operating expenses of $284.20 million. The company said it exited the period with approximately $1.56 billion in cash, cash equivalents and short-term investments.
“Today is an important inflection point for Archer,” said Adam Goldstein, founder and CEO of Archer. “With the planned acquisitions of Wisk, Insitu and SkyGrid from Boeing, coupled with our recent unveiling of Halo, ZEE, and ACES, we are rapidly advancing our diversified, multi-platform strategy across air taxis, UAS and AI to lead the next generation of aerospace and defense.”
Archer reported an adjusted EBITDA loss of $177.10 million in the second quarter and guided for a second-quarter adjusted EBITDA loss of $170 million to $200 million.
Archer said it completed piloted Midnight flights during the second quarter in preparation for operations later this year under the White House’s eVTOL Integration Pilot Program.
Archer executives will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.
ACHR Stock Moves Higher After The Bell
ACHR Price Action: Archer Aviation shares were up 0.72% in after-hours Monday, trading at $6.30 at the time of publication, according to Benzinga Pro. The stock closed up 11.99% in Monday’s regular trading session.
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