Archer Announces 2022 Q3 Results to 30 September 2022

Archer Announces 2022 Q3 Results to 30 September 2022

28-Nov-2022 Source: Archer

Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) announced operating and financial results for the third quarter ended September 30, 2022.

Archer conducted its earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on 10 November 2022.

The Company has issued a shareholder letter discussing its third quarter 2022 operating and financial results, as well as its fourth quarter 2022 estimates. The shareholder letter may be accessed on the Company’s Investor Relations website here.

The Company’s recent key operating highlights include:

  • Completion of the first wing-borne flight with Maker demonstrator aircraft; on-track to complete first full transition flight in the coming weeks.
  • In partnership with United Airlines, announcement of the industry’s first specific commercial eVTOL aircraft route in the US: between Newark Liberty International Airport and the Downtown Manhattan Heliport.
  • Unveiling of our production aircraft, MidnightTM, at our upcoming Open House event.

Commenting on third quarter results, Adam Goldstein, Archer’s CEO said:

“With the announcement of our first urban air mobility route in New York with our partner, United Airlines, and the completion of our first full wingborne flight by our Maker aircraft, we are building on our momentum towards commercialization.  In addition to these milestones, Archer’s world-class team is executing successfully across all areas of our business.  We are looking forward to sharing more on Midnight’s capabilities at our upcoming Open House Event.”

Third Quarter 2022 Financial Results

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Default 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 Q3 2022.”

Fourth Quarter 2022 Financial Estimates

 Archer’s financial estimates for fourth quarter of 2022 are as follows:

  • GAAP total operating expenses of $100 million to $110 million
  • Non-GAAP total operating expenses of $70 million to $80 million undefined

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 2022 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.

For the full results, including financial statements click here. 

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