Archer Aviation (NYSE: ACHR) Earnings Live: What You Need to Follow

ACHR is now up 2.4% after-hours.

Q2 2025 Adjusted EBITDA is projected to be a loss of $100 million to $120 million, with Archer noting that certain non-GAAP adjustments-like stock-based compensation-are unpredictable and not reconciled in advance.

This quarter, the team made strong progress across our civil and defense efforts as we continue to deepen our strategic partner relationships and prepare for commercialization in the UAE later this year

-Adam Goldstein, CEO

Shares now up 7.60% after receding from over a 10% pop right after earnings were released.

Conference call scheduled to kick off at 5 pm and will likely swing the share price as we find out more information about quarterly results. Stay tuned as we break this down for you.

Archer reaffirmed plans to deliver its first piloted Midnight aircraft to Abu Dhabi in the coming months, with launch operations still guided for later this year. That confirms the timeline from earlier calls — and solidifies the UAE as Archer’s first true market deployment.

• “Plans to deliver a piloted Midnight aircraft to the UAE this summer.”
• Hybrid heliport in Abu Dhabi now approved.

Earnings are out and the stock in now up 11% after-hours.

Archer Aviation Inc. reported its Q1 2025 financial results, highlighting a significant improvement in its financial position with a cash balance exceeding $1 billion, up from $834.5 million in the previous quarter, primarily due to a capital raise. The company recorded a net loss of $93.4 million, which is a substantial improvement from the $198.1 million loss in Q4 2024.

Operating expenses increased to $144 million from $124.2 million in the previous quarter, reflecting strategic investments in growth and development. Archer announced key partnerships and initiatives, including a collaboration with Palantir to develop AI technologies for aviation and the introduction of its ‘Launch Edition’ program with customers like Abu Dhabi Aviation and Ethiopian Airlines.

The company is also progressing with its NYC air taxi network in partnership with United Airlines and plans to deliver its Midnight aircraft to the UAE soon. These strategic moves are aimed at accelerating Archer’s commercialization efforts and expanding its market presence in the urban air mobility sector.

In a notable clarification during the last call, Archer executives directly rejected any plan to operate air taxis themselves, instead positioning the company as a pure aircraft OEM. That matters, because many investors still assume Archer will need to run its own fleet in early markets.

“We are not building a ride-sharing business. Our business model is aircraft sales and services… to commercial and government partners.”

This means revenue, margins, and capital intensity should eventually look more like an aerospace supplier — not a capital-heavy operator like Uber or Joby. It’s also a signal that Archer will lean on partners like United, ADIO (UAE), and potential defense primes to scale actual operations.

One of the most specific pricing disclosures Archer has ever given came last quarter during the Q&A. In describing how its Launch Edition deal with the UAE might scale to other markets, CEO Adam Goldstein said pricing would generally fall in the $10 to $15 million per aircraft range, depending on how much support infrastructure and training is bundled into the contract.

“You can think about it in the terms of $10 million to $15 million per aircraft… But it really depends on the goals of the different countries and the partners we’re working with.”

This is a rare concrete datapoint and gives analysts a tangible framework for modeling early-stage commercial revenue. If Archer can lock in 10–20 international aircraft between now and 2026, that would translate into meaningful margin-positive income even before U.S. certification arrives.

1. Revenue Starts This Year via UAE Launch Edition — Not FAA Dependent

CEO Adam Goldstein confirmed Archer will start generating revenue in 2025—ahead of FAA certification—via a paid “Launch Edition” program in Abu Dhabi. The UAE will receive two Midnight aircraft plus full support (infrastructure, pilot training, MRO), and the deal is valued at “$20+ million,” with additional markets in discussion.

“We’ll spend the next 18 months… setting up infrastructure, training, and support. They’re paying us—$20M+—and we believe it will be margin positive.”

This gives Archer a clear near-term revenue stream that doesn’t rely on U.S. regulatory timing.

2. Cash Liquidity Tops $1 Billion — Before Stellantis Commitment

Archer exited 2024 with $835M in cash, but total liquidity was over $1 billion thanks to Q1 equity raises and construction loan draws. This doesn’t include Stellantis’ potential $400M contract manufacturing contribution, which is still expected to finalize this quarter.

“We currently have a liquidity position of over $1 billion… not including the up to $400 million Stellantis has agreed in principle to commit.”

This significantly derisks the ramp to scale and offsets burn concerns.

3. Defense Aircraft Is a Hybrid, Low-Signature System Built on Midnight Platform

The Anduril-backed Archer Defense project is progressing toward a new hybrid-power VTOL with low thermal and acoustic signature, designed directly on top of the Midnight platform. The dual-use positioning (military + commercial) gives Archer potential revenue outside FAA timelines.

“It builds directly on Midnight’s tech… a hybrid powertrain VTOL aircraft with low thermal and acoustic signature.”

This reinforces the optionality and IP leverage embedded in Archer’s product roadmap.

Archer reports earnings this evening with the spotlight squarely on execution. The company is still guiding to FAA type certification for its Midnight eVTOL in the second half of 2025, and the Georgia facility is expected to begin tooling aircraft in the coming weeks. But meaningful revenue isn’t expected until at least 2026, and the success of the next phase depends on what happens between now and year-end.

The biggest near-term uncertainty is whether Stellantis finalizes its role in manufacturing. Archer’s FY-24 10-K confirmed that a definitive cost-sharing agreement is still pending. Without it, the company may need to tap capital markets sooner than expected—especially if certification milestones slip. Cash stood at $408 million at year-end, giving Archer roughly 12 months of funding under current plans.

Tonight’s call needs to address:
• Progress on closing the FAA Means-of-Compliance matrix
• A clear timeline for TIA flight testing
• Updates on the UAE launch and new DoD contracts
• Status of Stellantis labor/tooling partnership

Analysts already expect minimal Q1 revenue and widening losses. The upside case depends entirely on credible forward progress.