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Much of our aviation history has been written by the aircraft of the US Air Force. They’ve continually pushed the envelope of innovation and reimagined what flying can be. It’s only fitting, therefore, that they would work with Archer to help them in their own continuing innovation. We share a vision of what the next revolution in air travel can be and how our aircraft could help transform the industry. At Archer our mission is to unlock the skies, freeing us to reimagine how we live and spend time. What if we could transform other aspects of aviation by expanding the potential benefits of eVTOL aircraft? It’s the question that the US Air Force’s AFWERX Agility Prime program has been asking, and looking to Archer and other industry leaders for the answers.

Recently we welcomed the AFWERX Agility Prime team to our headquarters as part of our continued collaboration. The visit laid out a very specific set of goals. We sought to provide insight into our aircraft testing data, allowing Agility Prime personnel to expand their knowledge of our technology and approach certification. The opportunity would allow for feedback on the path to commercialization and the possible expansion of our partnership. 

The itinerary for the day was comprehensive and undoubtedly immersive. During their visit, the team had the opportunity to tour our Design Studio, as well as our demonstrator Aircraft Assembly area and Integration Test Labs. This allowed them insight into our progress with Maker, which is being used to test the performance capabilities of certain aspects of our eVTOL technology, as well as insight into progress developing our soon-to-be-revealed production aircraft. They were given an overview of our manufacturing progress towards mass production, including recent agreements with key suppliers like Hexcel and Honeywell.

Our collaboration with AFWERX Agility Prime is a key partnership on our path to commercialization. Beginning in September 2021, the collaboration sought to identify opportunities for early adoption of our eVTOL aircraft. We agreed to share our flight testing data to allow the AFWERX Agility Prime Office to assess the potential for  eVTOL aircraft. It was the start of our shared search for humanitarian-focused eVTOL benefits beyond urban aerial ridesharing. And since the agreement was signed, our flight testing progress has provided ample data to share and opportunities to explore. 

The response on this recent visit was overwhelmingly positive, both in regards to the data we’ve compiled through testing and to our business model as a whole. Development of our eVTOL aircraft began in the United States, and we plan to continue our path to production here. We’ve taken a consistent approach to manufacturing and supply chain security. It’s a path that is understandably quite important for the US Air Force. The Agility Prime team also identified other areas of importance and value to our shared goals. They pointed to the simplicity of the aircraft design and focus on safety throughout our operation, allowing for greater reliability and logistical advantages (you can learn more about our approach to safety and more in our Tech Talks video series). They applauded the aircraft performance parameters and capabilities, and our focus on pilot training and maintenance operations. At the close of the day the benefits to this collaboration and information sharing were clear.

We remain focused on our vision for the next chapter in aviation history. With aircraft that are sustainable and safe, the possibilities are wider than perhaps any of us can imagine. And we’ll continue our dedication to the government and industry partnerships that can make it all happen.

Recently we welcomed the AFWERX Agility Prime team to our headquarters as part of our continued collaboration. The visit laid out a very specific set of goals. We sought to provide insight into our aircraft testing data, allowing Agility Prime personnel to expand their knowledge of our technology and approach certification.

US Air Force’s AFWERX Agility Prime Team Visits Archer

SANTA CLARA, CA, August 10, 2022 - Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the second quarter ended June 30, 2022. 

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 this conference call via a live webcast on our investor relations website at investors.archer.com or by dialing 844-200-6205 (domestic) or +1 929-526-1599 (international) and entering the access code 280293.  

The Company has issued a shareholder letter discussing its second quarter 2022 operating and financial results, as well as its third 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:

We announced earlier today that we have received a $10 million deposit from United Airlines for 100 of the company’s initial production eVTOL aircraft

Successfully completed two phases of Maker’s test flight campaign, validating key technical data enabling advancements in Archer’s production aircraft

Successfully completed preliminary design review, PDR, for our four-passenger, piloted production aircraft named MidnightTM

Validated critical performance metrics for Midnight, which is expected to have a payload of 1,000+ pounds and charging turnaround time of approximately 10 minutes on our target missions, enabling our UAM network operating model

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

“Archer is now advancing our commercialization efforts. We are executing our plan including the development and certification of our production aircraft, Midnight, and initiating efforts for our early launch markets for commercial operations. Our recent successful completion of Midnight’s Preliminary Design Review provides us confidence that our technology supports our commercial objectives. These accomplishments are validated by United Airlines $10 million pre-delivery payment. It’s an exciting time at Archer.”

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 Q2 2022.”

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

GAAP total operating expenses of $95 million to $103 million

Non-GAAP total operating expenses of $63 million to $71 million (This reflects expected stock-based compensation, warrant expense and other one-time expenses of approximately $32 million)

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 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.

This press release contains forward looking statements regarding our future business plans and expectations, including statements regarding our estimates for the third quarter of 2022 and our Midnight aircraft. 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 filed with the SEC on May 12, 2022, 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 Q2 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 June 30, 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.

One time severance related expenses for the former co-CEO.

Reconciliation of Adjusted EBITDA (in millions; unaudited): A reconciliation of net loss and comprehensive loss to Adjusted EBITDA for the three months ended June 30, 2022 is set forth below.

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

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 June 30, 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.

Non-Recurring One-Time Expense. We excluded one-time non-recurring expense such as the severance related expense incurred to transition to a sole CEO operating structure.

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.

Success of Maker Flight Test Program, Completion of PDR and United Airlines Pre-Delivery Payment Advances Path To Commercialization

Archer Announces Second Quarter 2022 Results

Financial commitment is the latest vote of confidence by United in the Archer team, after United’s 2021 conditional purchase of Archer’s eVTOL aircraft


$10 million pre-delivery payment for 100 of Archer’s production eVTOL aircraft is believed to be one of the first of its kind in the industry


Deposit has broader implications for the eVTOL industry, validating interest and confidence in the impending commercialization efforts underway across the space


Deposit solidifies United’s place as a leader in sustainable and innovative transportation

SANTA CLARA, CA, August 10, 2022 - Archer Aviation Inc. (NYSE: ACHR) today announced that it has received a $10 million pre-delivery payment from United Airlines for 100 of the company’s initial production eVTOL aircraft. The payment represents a watershed moment for the eVTOL industry, validating confidence in the commercialization of eVTOL aircraft and Archer’s leadership. United is making the deposit on 100 of Archer’s production aircraft which it agreed to purchase in 2021.

Archer recently completed its production aircraft’s Preliminary Design Review (PDR) and is now advancing to the next stage of its development and commercialization efforts. The PDR is a meticulous review of the aircraft design to ensure the program is on track and the design is mature enough to proceed to the next development phase and kick-off of production of long lead time hardware. The PDR lays out all aspects of the aircraft’s specifications and manufacturing requirements, necessary pre-conditions for determinations that the design is feasible for regulatory compliance and viable to bring to market. United’s decision to place a deposit for 100 of Archer’s eVTOL aircraft signals its desire to be one of the first airline operators in the U.S. to bring eVTOL aircraft to market.

The pre-delivery cash deposit continues a trend of strong support by the airline throughout development of its aircraft. Recently, United formed a Joint eVTOL Advisory Committee with Archer, allowing the parties to work more closely on eVTOL maintenance and operational matters. Committee members include Archer’s operations and maintenance leadership, as well as leadership from United’s maintenance, materials, and engineering groups. 

“I am incredibly proud of the entire Archer team as we reach this milestone in our partnership with United Airlines. To receive a cash deposit is validation of Archer’s achievements to date, not only with flight testing and product development, but also a great signal of confidence in our roadmap to commercialization” said Adam Goldstein, Archer’s CEO. “We’re thankful to United for their continued partnership as we usher in this new era in air travel.”

“This announcement marks a new important phase in our relationship with Archer, and our commitment to EVTOL technology. We are witnessing an inflection point where consumers, businesses, and policymakers are all aligned to prioritize technology that reduces the impact of climate change,” said Michael Leskinen, President of United Airlines Ventures. “United Airlines Ventures has invested in a diverse roster of companies working in support of our goal to reach carbon neutrality by 2050, without the use of traditional carbon offsets. We believe eVTOLs have the potential to both help achieve carbon-neutral travel and serve as an innovative new tool to change how United customers experience comfort, convenience, and efficiency during their commutes within cities across the globe.” 

$10 million pre-delivery payment for 100 of Archer’s production eVTOL aircraft is believed to be one of the first of its kind in the industry

Archer Receives $10 million Pre-Delivery Payment From United Airlines for 100 eVTOL Aircraft; Advances Path to Commercialization

Archer completes the second of three key flight test phases, demonstrating takeoff and landing robustness of its Maker aircraft.

Data from the “critical azimuth” tests validates the crosswind capabilities of the aircraft configuration and flight control system. 

After flying up to 15 knots in all directions, the flight test campaign is now shifting quickly to expanding forward flight speed towards full transition.

SANTA CLARA, CA, July 28, 2022 - Archer Aviation Inc. (NYSE: ACHR) today announced that it has successfully completed all of its “critical azimuth” flight tests, marking the completion of the second of three key phases of flight testing. The purpose of these tests are to validate the crosswind capabilities of Archer’s eVTOL aircraft configuration and flight control systems. The company has now successfully flown Maker at increasing speeds of up to 15 knots, in various directions and attitudes.

Maker completed its first hover test flight in December of last year. Following extensive ground testing, and the addition of Archer’s new tilt propeller system, the aircraft returned to flight testing earlier this year and has been flying almost daily of late, allowing the Archer Flight Test Team to evaluate incremental speed increases and complex maneuvers while in hover. The culmination of these tests also demonstrated the robustness of the aircraft’s takeoff and landing capabilities.

Archer’s flight test campaign has been designed to carefully evaluate the company’s systems and technology. The rapid progress made by the company with Maker has allowed the validation of a  number of technologies for Archer’s production aircraft. Having successfully validated various systems through this second phase of flight testing, Archer is now shifting into the third phase of its program during which it will evaluate the aircraft’s performance at increasing forward speeds. At the current rate of progress, the company continues to anticipate expanding to full transition flight by the end of the year. 

“Every flight test we conduct provides us with a treasure trove of data, validating our design and rapidly propelling us towards our vision for eVTOL air travel,” said Adam Goldstein, Archer’s CEO. “This latest milestone is truly exciting and not only reinforces the capabilities of our aircraft design, but of our highly innovative team. We’re excited to share more updates as we move the campaign even further forward in the coming months.”

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 Santa Clara, CA.

Archer completes the second of three key flight test phases, demonstrating takeoff and landing robustness of its Maker aircraft. After flying up to 15 knots in all directions, the flight test campaign is now shifting quickly to expanding forward flight speed towards full transition.

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