Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2024. The Company issued a shareholder letter discussing those results, as well as its second quarter 2024 estimates. The shareholder letter may be accessed on the Company’s investor relations website here.
Commenting on first quarter 2024 results, Adam Goldstein, Archer’s CEO said:
“The electrification of aviation continues to increasingly emerge into the mainstream every day. From the outset, we’ve been clear that our strategy is to keep the design of our first electric aircraft, Midnight, as simple as possible while delivering industry-leading performance balanced with safety. We are accomplishing this by partnering with what we believe to be the best suppliers in the aerospace industry, rather than take on the cost and risk of vertically integrating every aspect of a novel aircraft program. This capital-light strategy continues to pay dividends that are more clear today than ever, as we continue to make rapid progress towards commercializing electric aviation.”
Archer will be conducting its earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. You can access a live webcast on our investor relations website at investors.archer.com or the conference call by dialing 404-975-4839 (domestic) or +1 833-470-1428 (international) and entering the access code 781391.
A replay of the webcast will be available on our investor relations website. In addition, a telephonic replay of the conference call will be accessible for one week following the call by dialing 866-813-9403 (domestic) or +44 204-525-0658 (international), and entering the access code 792154.
First Quarter 2024 Financial Results
| | Q1 2024 (GAAP) | Q1 20241 (Non-GAAP) | |||
| Total Operating Expenses | $ | 142.2M | $ | 89.1M | |
| Net Loss | $ | (116.5M) | NA | ||
| Adjusted EBITDA | NA | $ | (86.8M) | ||
| Cash and Cash Equivalents | $ | 405.8M | NA | ||
| 1. | A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided below in the section titled “Reconciliation of Selected GAAP To Non-GAAP Results for Q1 2024.” |
Second Quarter 2024 Financial Estimates
Archer’s financial estimates for second quarter of 2024 are as follows:
- Non-GAAP total operating expenses of $80M to $95M
We have not reconciled our non-GAAP total operating expense estimates because certain items that impact non-GAAP total operating expense are uncertain or out of our control and cannot be reasonably predicted. In particular, stock-based compensation expense is impacted by the future fair market value of our common stock and other factors, all of which are difficult to predict, subject to frequent change, or not within our control. The actual amount of these expenses during 2024 will have a significant impact on our future GAAP financials. Accordingly, a reconciliation of non-GAAP total operating expenses is not available without unreasonable effort.
About Archer
Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer’s team is based in Santa Clara, CA.