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PALO ALTO, CA, May 12, 2022 - Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2022. 

Archer will be conducting its earnings conference call at 8:30 a.m. ET /5:30 a.m. PT today. A live webcast of this call can be accessed on Archer’s investor relations website at investors.archer.com or to listen to the conference call, dial 844-200-6205 (domestic) or +1 929-526-1599 (international), and enter the access code 458894.

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

Commenting on first quarter results, Adam Goldstein, Archer’s Co-Founder and CEO said:

“The Archer team remains singularly focused on our vision of getting to commercialization as expeditiously as possible.  In Q1 of 2022, we made great progress across a number of the critical milestones that are required for us to achieve our business goals in 2022 and beyond. We are one of the most well capitalized and positioned eVTOL companies in the world to take advantage of the unique eVTOL market opportunity.”  

Mr Goldstein added, “We support the FAA’s effort to put a more comprehensive certification framework in place for our industry. We don’t believe the rule transition from 14 CFR 21.17a to 21.17b will have a material impact on our certification timeline.” 

The Company’s key operating highlights from the first quarter 2022 include:

Continuing to focus on executing the 2022 goals that the Company outlined in its last earnings call and shareholder letter which support its four key business areas: aircraft technology, FAA certification, manufacturing, and airline operations.  

Building on its G-1 Certification Basis achieved in September 2021, the Company continues to collaborate with various technical and policy sections of the FAA to facilitate agreement on the G-2 Means of Compliance, which is on track for completion in 2022.

Completing the definition of its production aircraft’s outer mold line (OML), which defines the exact geometry and aerodynamic shape of the aircraft.  This milestone allows the Company to kick-off detailed part design and begin procurement of long lead production tooling for the aircraft structure.

Advancing a number of its key strategic relationships:

United and Archer formed a Joint eVTOL Advisory Committee to support Archer’s future airline operations.

Hexcel and Archer entered into a letter of intent for Hexcel to provide Archer with high-performance carbon fiber and resin      systems for the Company’s production eVTOL aircraft.

Carlos Tavares, CEO of Stellantis, and key members of his executive leadership team visited the Company’s headquarters to  review progress on the Stellantis-Archer strategic relationship and to discuss ways to further advance it

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 2022.”

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

GAAP total operating expenses of $80 million to $86 million

Non-GAAP total operating expenses of $47 million to $53 million
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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.


Archer’s mission is to advance the benefits of sustainable air mobility. Archer’s goal is to move people throughout the world’s cities in a quick, safe, sustainable, and cost-effective manner. Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer’s team is based in Palo Alto, CA. 

This press release contains forward looking statements regarding our future business plans and expectations, including statements regarding our estimates for the second quarter of 2022. These forward looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 14, 2022, and our Quarterly Report on Form 10-Q for the three months ended March 31, 2022 which is expected to be filed with the SEC on May 12, 2022, which are available on the SEC website at www.sec.gov, and other documents filed by us from time to time with the SEC. In addition, please note that any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events. 

Reconciliation of Selected GAAP To Non-GAAP Results for Q1 2022

Reconciliation of Total Operating Expenses (in millions; unaudited): A reconciliation of total operating expenses to non-GAAP total operating expenses for the three months ended March 31, 2022 is set forth below.

Amounts include non-cash warrant costs, classified as research and development expenses, for the warrants issued to FCA and FCA Italy in connection with certain services they are providing to the Company.

Amounts include stock-based compensation for options and restricted stock units issued to both employees and non-employees, including the grants issued to our founders in connection with the closing of the business combination.

Reconciliation of Adjusted EBITDA (in millions; unaudited): A reconciliation of net loss and comprehensive loss to Adjusted EBITDA for the three months ended March 31, 2022 is set forth below.

Amounts include changes in fair value of the public and private warrants, which are classified as warrant liabilities.

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of non-GAAP financial measures to help us in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations. 

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting our performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. 

In assessing our business during the quarter ended March 31, 2022, we excluded items in the following general categories from one or more of our non-GAAP financial measures, certain of which are described below: 

Stock-based Compensation Expense: We believe that providing non-GAAP measures excluding stock-based compensation expense, in addition to the GAAP measures, allows for better comparability of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine stock-based compensation expense. We believe that excluding stock-based compensation expenses enhances our ability and the ability of investors to understand the impact of non-cash stock-based compensation on our operating results and to compare our results against the results of other companies. 

Warrant Expense and Gains or Losses from Revaluation of Warrants: Expense from our common stock warrants issued to United Airlines, FCA US LLC (now known as Stellantis) and FCA Italy S.p.A. which is recurring (but non-cash) and gains or losses from change in fair value of public and private warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expense and gains or losses from change in fair value for similar reasons to our stock-based compensation expense.

Each of the non-GAAP financial measures presented in this release should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP and are presented for supplemental informational purposes only. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in our financial results for the foreseeable future. In addition, the non-GAAP measures we use may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information in the reconciliation included in this release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures included in this release.

Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2022. 

Archer Announces First Quarter 2022 Results

PALO ALTO, CA, May 3, 2022 - Archer Aviation Inc. (NYSE: ACHR) will report its first quarter 2022 financial results before the market opens on Thursday, May 12, 2022. The Company will host a conference call and corresponding live webcast at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) to discuss the financial results and provide a business update.

Webcast Information: To access the live webcast, visit the Archer investor relations website at investors.archer.com.

Conference Call Information: To listen to the conference call, dial 844-200-6205 (domestic) or +1 929-526-1599 (international), and enter the access code 458894.

A replay of the webcast will be available on the Archer investor relations website. In addition, a telephonic replay of the conference call will be accessible for one week by dialing 866-813-9403 (domestic) or +1 44-204-525-0658 (international), using the access code 163059.

Archer’s mission is to advance the benefits of sustainable air mobility. Archer’s goal is to move people throughout the world's cities in a quick, safe, sustainable, and cost-effective manner. Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer's team is based in Palo Alto, CA.

Louise Bristow: louise.bristow@archer.com

Archer Aviation Inc. (NYSE: ACHR) will report its first quarter 2022 financial results before the market opens on Thursday, May 12, 2022.

Archer To Report First Quarter 2022 Financial Results on May 12, 2022

Carlos Tavares recently visited our headquarters in Palo Alto to meet with our leadership team and review progress on the Stellantis-Archer strategic partnership


We began our journey together in November 2020 when we entered into a collaboration agreement that allowed us to benefit from the automaker’s cost-efficient supply chain, advanced composite material capabilities, and engineering and design experience


Stellantis was also a strategic investor in our business combination transaction that we closed last year


Our strategic partnership with Stellantis has already resulted in the completion of seven critical joint projects, with plans to continue to tap into Stellantis’ manufacturing expertise as we look to begin high volume eVTOL aircraft production

We recently welcomed Carlos Tavares, CEO of Stellantis, and eight key members of his senior leadership team to our headquarters in Palo Alto. During the visit, the group of Stellantis executives met with our leadership team to review our progress in electric vertical takeoff and landing (eVTOL) aircraft development that has benefitted from the ongoing strategic partnership between the two companies. 

Under our agreements with Stellantis, we are provided access to the automaker’s cost-efficient supply chain, advanced composite material capabilities, and engineering and design experience. Over the past year alone, Stellantis has assisted Archer in completing seven critical joint projects, including those related to high volume composite manufacturing and properties testing, battery development and sourcing for commercial aviation applications, prototype composite part development, and cabin NVH (noise vibration harshness). 

There is also an ongoing collaboration with Stellantis relating to Archer’s manufacturing plant design and process layout activities. As one of the largest automotive manufacturers in the world, Stellantis has extensive experience in utilizing a variety of manufacturing technologies and techniques which will directly benefit Archer as we focus on industrializing our aircraft for production. The intent of our collaboration with Stellantis is to significantly decrease the cost of our eVTOL aircraft, enabling us to provide a competitively priced aerial rideshare service.

Following the visit, both companies are even more excited about exploring additional opportunities to work together to transform transportation through the commercialization of urban air mobility. We are lucky to have such a great partner as we continue to tackle the challenges ahead. 

Stellantis CEO Carlos Tavares Visits Archer

In order to make the dream of Urban Air Mobility a reality, safety is key. It’s at the core of our vision and key to the design and development of our eVTOL aircraft. With the ability to safely complete the flight after any single failure, we’re working to create travel that’s sustainable and safe. Throughout this journey towards creating our production eVTOL aircraft we’ve been working closely with the FAA to ensure a definitive level of safety and compliance. Each milestone brings us closer to an aerial rideshare future, and it’s clear those eager to experience that future want to know more. Here now are some of the latest questions posed by our followers. Round 5 of Flight Club has arrived.

Q: What is needed in square feet to take off and land? - allied_excavating_inc, Instagram

A: For a Vertiport our D value will be less than 50 feet. For a conventional landing we will be able to takeoff and land on a 3000 ft runway.  - Jeff Greenwood, Chief Test Pilot and Head of Flight Safety

Q: Are you utilizing variable pitch props to optimize for the two flight regimes? - defiant_wings, Instagram

A: Yes, our front tilting propellers are also variable pitch. There are big differences between the thrust levels and propeller inflow conditions in hover and cruise conditions. Variable pitch allows for us to optimize the propeller to operate efficiently in both regimes.  - Dr. Geoffrey Bower, Chief Engineer

Q: How many propellers can you lose out of the 12 and still fly? - edisonn_y, Instagram

A: We are designing the aircraft to be capable of continued safe flight and landing after losing thrust from any diagonal pair of propellers (for example, the left forward outboard and the right aft outboard) in hover and in transition. The aircraft can also fly safely after losing thrust from two of the six forward engines (one on each side) when flying conventionally, since wingborne flight demands much less thrust than hovering.

These design points consider the worst-case foreseeable operating conditions, including maximum payload, high altitude and temperature (the propellers are less effective with lower air density, and the electric engines’ power output is limited by our ability to keep them from overheating), and crosswinds (which make the engines on one side work harder to keep the airplane level). That means in most real-life conditions, where not all of those aggravating factors are present at the same time, the airplane can tolerate even more loss of thrust.

We have highly independent power and control systems for the electric engines, where each diagonal pair of engines can be powered from separate batteries, and there are multiple separate electronic communication systems to transmit the commands from the redundant flight computers to the engines. This minimizes the risk of any single failure affecting a combination of engines that is unsafe. - Pedro Carleial, Director, Safety and Systems Engineering

Q: What hurdles is Archer facing in normalizing air taxis with the FAA and the world? - edveeno_, Instagram

A: Archer is designing the operations of our aircraft to work within the already established rules in the National Airspace System (NAS). These rules cover the 29 million square miles of U.S. airspace, and lay a clear framework for aircraft operations within this country’s airspace. You can read more about the NAS on the FAA’s website here. - Eric Wright, Head of Certification

With the ability to safely complete the flight after any single failure, we’re working to create travel that’s sustainable and safe. Throughout this journey towards creating our production eVTOL aircraft we’ve been working closely with the FAA to ensure a definitive level of safety and compliance. Each milestone brings us closer to an aerial rideshare future, and it’s clear those eager to experience that future want to know more. Here now are some of the latest questions posed by our followers. Round 5 of Flight Club has arrived.

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