Archer Aviation Guides to $170-200 Million Q3 Loss, Holds $1.56 Billion Cash

3-line summary

• Archer Aviation reported second-quarter revenue of $5 million, mostly from operating Hawthorne Airport in Los Angeles, against a net loss of $263 million, and guided to an adjusted EBITDA loss of $170 million to $200 million for the third quarter, according to a Yahoo Finance report.
• Total operating expenses rose 61% year over year to $284 million, reflecting expanded flight testing, certification work and production of its Midnight aircraft; cash and investments fell by $215 million during the quarter to $1.56 billion, down from $1.96 billion at the end of December.
• In April, Archer became the first in its industry to close the third phase of the FAA's four-phase type certification process and is now in the final phase; in July, Midnight flew its first piloted city-to-city trips in California, with Los Angeles-area operations planned soon and Texas operations expected later this year.

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