Archer Announces Q3 2026 Results; Receives FAA Market Survey Certificate Unlocking LA Operations and Boeing Deal Close Imminent

SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov 9, 2026--

Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the third quarter ended September 30, 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261109535222/en/

Commenting on third quarter 2026 results, Adam Goldstein said:

“I started Archer to unlock the skies, and we are now doing that across both commercial and defense. With our first aircraft in Los Angeles and Boeing set to become our largest shareholder following our transaction close, I believe we are building an end-to-end aerospace and defense platform that very few companies could assemble, and one that will matter for decades.”

Shareholder Letter

The Company issued a letter to shareholders from founder and CEO, Adam Goldstein, discussing highlights from the quarter.

Earnings Call

If you’d like to join Archer’s earnings call, it will be hosted live at 2:00 p.m. Pacific Time today and can be accessed via Archer’s investor relations website at investors.archer.com. After the call, a replay and transcript will be available there.

Q3’26 Highlights

Received Midnight’s Market Survey Certificate from FAA unlocking operations in Los Angeles in coming weeks as Archer prepares for carrying passengers as part of eIPP and LA28 Games

Archer’s Midnight aircraft recently received its Market Survey Special Airworthiness Certificate from the FAA unlocking piloted operations in Los Angeles in preparation for carrying passengers as part of the eIPP and LA28 Olympic Games. This announcement comes on the heels of Archer completing the Northern California portion of its ‘No Roads’ flight tour in October, which included over 300 miles of piloted flights across the Bay Area and culminated in multiple flights around the San Francisco Bay in and out of Oakland International Airport. These city-to-city flights showcased Midnight’s ability to integrate seamlessly into complex air space shared by three major international airports.

Acquisition of Boeing’s Wisk, Insitu, and SkyGrid businesses nearing close, set to accelerate Archer’s evolution into becoming a diversified aerospace and defense platform with significant revenue generating operations 1

The goal of Archer’s acquisitions is to create an end-to-end aerospace and defense platform, combining Wisk, Insitu and SkyGrid’s pioneering autonomy and airspace intelligence technologies with Archer’s Midnight air taxi and Halo/Thunder UAS platform. Insitu alone will add over $200M in annual revenue to Archer’s business with operations across 35 countries 3. As part of the transaction, Boeing is set to become a strategic partner and Archer’s largest shareholder, establishing an ongoing Archer and Boeing collaboration and technology sharing arrangement.

Began testing turboshaft engine for Halo/Thunder hybrid, autonomous VTOL platform; Full-Scale Flight Testing On Track for 2027

Archer began testing the turboshaft engine for its Halo/Thunder autonomous, hybrid-electric VTOL platform it is developing with Anduril. The turbo-generator is one of the central new technologies in the platform, extending Archer’s flight-proven electric powertrain into a new class of range, speed and payload. The same airframe, powertrain and core systems will support both the Halo commercial variant and the Thunder defense variant. The program remains on track to begin full-scale flight testing next year.

Archer partners with Formula 1

Archer and Formula 1 are forming a strategic alliance through a multi-year relationship to explore the future integration of eVTOL air taxi services at Grand Prix events with the goal to fly VIPs and fans to and from Grand Prix circuits in minutes aboard Midnight.

Strong financial performance for the quarter

Revenue was $5.1 million. Net Loss was $274.6 million and Adjusted EBITDA was a loss of $178.5 million, at the favorable end of the Company’s guided range of $170 million to $200 million. Archer ended the quarter with $1.4 billion in cash, cash equivalents and short-term investments, providing the Company a continued strong foundation.

Endnotes

1 Transaction remains subject to receipt of certain regulatory approvals and other closing conditions as previously disclosed
2 Includes cash, cash equivalents and short-term investments
3 Based on Insitu's current financial statements and estimates

Third Quarter 2026 Financial Results

We reference several non-GAAP metrics in the financial discussion that follows. Unless otherwise noted or defined, our non-GAAP metrics are calculated by starting with the equivalent GAAP metric. A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided below in the section titled “GAAP to Non-GAAP Reconciliation.”

Key Financial Highlights

Liquidity & Cash Flows

Revenue

Operating Expenses & Net Loss

Adjusted EBITDA

Q4 2026 Financial Estimates

We have not reconciled our Adjusted EBITDA estimates because certain items that impact non-GAAP metrics are uncertain or out of our control and cannot be reasonably predicted. In particular, stock-based compensation expense and change in fair value of warrants is impacted by the future fair market value of our common stock and warrants along with 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 the fourth quarter of 2026 will have a significant impact on our future GAAP financial results. Accordingly, a reconciliation of non-GAAP metrics is not available without unreasonable effort.

About Archer

Archer builds the aircraft and core technologies that will define the next era of flight for aerospace and defense.

To learn more, visit www.archer.com.

Source: Archer
Text: ArcherIR

Forward-Looking Statements and Disclaimers

This press release contains forward-looking statements regarding Archer's future business plans, expectations, and opportunities. These statements include those regarding its expected financial results for the fourth quarter of 2026; the design, safety, target specifications and use cases of its aircraft and technologies; pace of design, testing, flight testing schedule, and regulatory progress; the timing, phasing, geographic scope and planned operations under the eIPP and LA28 Games, including initial piloted operations in Los Angeles; the multi-year partnership with Formula 1 to explore eVTOL air taxi services at Grand Prix events; the development, testing, and anticipated flight-testing schedule for the Halo/Thunder hybrid VTOL platform in collaboration with Anduril; the expected timing, closing conditions, and strategic benefits of the proposed acquisitions of Wisk Aero, Insitu, and SkyGrid, including Insitu's projected annual revenue contribution and the collaboration arrangement with Boeing; the ability of the parties to complete the contemplated transactions; the expected benefits of the transactions, including future financial and operating results and strategic benefits; and plans, objectives, and anticipated benefits of future acquisitions, strategic investments, partnerships, and collaborations with third parties.

These forward-looking statements are based on Archer's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from Archer's current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (i) that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, or may require conditions, limitations or restrictions in connection with such approvals; (ii) the risk that the transaction may not be completed on the terms or in the time frame expected by Archer, or at all; (iii) unexpected costs, charges or expenses resulting from the transaction; (iv) uncertainty of the expected financial performance of Archer following completion of the transaction; (v) failure to realize the anticipated benefits of the transaction, including as a result of delay in completing the transaction or integrating the businesses, on the expected timeframe or at all; (vi) the occurrence of any event that could give rise to termination of the transaction; (vii) the risk that stockholder litigation in connection with the transaction or other litigation, settlements or investigations may affect the timing or occurrence of the transaction or result in significant costs of defense, indemnification and liability; (viii) risks related to the disruption of management time from ongoing business operations due to the pendency of the transaction, or other effects of the pendency of the transaction on the relationship of any of the parties to the transaction with their employees, customers, suppliers or other counterparties; and (ix) other risk factors detailed from time to time in Archer's reports filed with the Securities and Exchange Commission (the "SEC"), including documents that will be filed with the SEC in connection with the transaction. Any forward-looking statements contained herein are based on assumptions that Archer believes to be reasonable as of the date of this press release. Archer undertakes no obligation to update these statements as a result of new information or future events.

Reconciliation of Selected GAAP to Non-GAAP Results

A reconciliation of total operating expenses to non-GAAP total operating expenses for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025 is set forth below.

Reconciliation of Selected GAAP To Non-GAAP Results

A reconciliation of net loss to Adjusted EBITDA for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively, are set forth below.

Non-GAAP Financial Measures

To supplement our consolidated financial results prepared in accordance with GAAP, we use the following non-GAAP financial measures: Non-GAAP total operating expenses and Adjusted EBITDA. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of 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, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

We believe that the use of non-GAAP financial measures helps us evaluate our business and financial performance, identify trends impacting our business, formulate business plans and financial projections, and make strategic decisions. 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 operating and financial results and enables investors to more fully understand our performance and cash trends by removing the effects of certain non-cash expenses and non-recurring items.

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 exclude stock-based compensation expense, which is a non-cash expense, from these non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information on our operating results and enhances our ability and the ability of investors to understand the impact of non-cash stock-based compensation expense on our operating results.

Warrant Expense and Gains or Losses from Revaluation of Warrants

Expense from our common stock warrants issued to Stellantis, which is recurring (but non-cash), expense from one-time issuance of warrants and gains or losses from change in fair value of warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expenses and gains or losses from change in fair value for similar reasons to our stock-based compensation expense.

Litigation Related-Expense

We exclude one-time accrued cash expenses incurred related to litigation settlement, from these non-GAAP financial measures because we believe these transaction-specific expenses are inconsistent in amount and frequency and do not correlate to the operation of our business and excluding these provides meaningful supplemental information on our operating results and enhances our ability and the ability of the investors to understand the impact of non-recurring litigation-related expense on our operating results.

Acquisition-Related Expense

We exclude cash expenses, including diligence, legal, advisory and other costs incurred with acquisitions, from these non-GAAP financial measures because we believe these transaction-specific expenses are inconsistent in amount and frequency and do not correlate to the operation of our business and excluding these provides meaningful supplemental information on our operating results and enhances our ability and the ability of the investors to understand the impact of non-recurring acquisition-related expense on our operating results.

Midnight flying over the San Francisco Bay in October as part of ‘No Roads’ tour

WASHINGTON (AP) — Democrats in Congress are preparing to flex their soon-to-be majorities in opposition to some of President Donald Trump’s marquee education policies, starting with the dismantling of the U.S. Education Department. But with Trump threatening to use his veto power, they may be limited to opening investigations and using federal funding as leverage.

The White House has given no sign of backing away from its campaigns to close the department and to end diversity, equity and inclusion policies. But Democrats are preparing to use their oversight and appropriations powers to push back against Trump administration decisions that have reverberated through schools and universities.

Rep. Bobby Scott of Virginia, the top Democrat on the House Committee on Education and the Workforce, said he plans to “leave no rock unturned” as he takes the helm of the panel's investigative powers, which include authority to issue subpoenas and hold hearings.

The committee is preparing to explore the Trump administration's dismantling of the Education Department, its oversight of federal student loans and its anti-discrimination policies, Scott said. Under Trump, the Education Department has prioritized investigations into transgender issues while backing away from addressing systemic racism in schools.

A day after the midterm elections, Scott sent a letter to 10 federal agencies reminding them to preserve records that might become part of a congressional review.

Sen. Elizabeth Warren, a Massachusetts Democrat, called on Democrats to “hold the Trump administration accountable for dismantling the Department of Education and turning its back on students.”

Trump officials denounced Democrats' plans, with Education Department spokesperson Savannah Newhouse saying they're plotting to “prematurely sabotage" Education Secretary Linda McMahon. White House spokesperson Liz Huston accused Democrats of failing American students with “disastrous leadership" before Trump returned to office.

Congressional investigations can be used to apply political pressure and uncover how decisions were made, but they are unlikely to present a substantial brake on Trump's education policies that have outraged Democrats over the last two years. And with Trump pledging to veto Democratic bills he sees as harmful, there's little optimism for legislative countermeasures.

“We’re very happy that this Congress is unlikely to pass legislation like the legislation that was passed last year," said Diana Autin, executive director of the SPAN Parent Advocacy Network, a nonprofit based in Newark, New Jersey.

Still, she said, "it’s not very likely that they will be able to undo the harm that’s already been done.”

Democrats on the Senate Appropriations Committee are exploring harder checks through the budgeting process. Some are planning to add conditions to spending bills aimed at reining in the Trump administration's education agenda.

“I think there will be an interest in using the power of the purse to establish guard rails and prevent these abusive practices,” Sen. Chris Van Hollen, a Maryland Democrat on the Appropriations Committee, told The Associated Press.

Last year, Democrats failed to secure broad language in a funding bill to block further dismantling of the Education Department. Now, with majorities in both chambers, they're preparing to try again. Van Hollen described it as one avenue to “stop the bleeding” but not necessarily to reverse the dismantling that has been done.

“It’s a little harder to try to rebuild an entity just through an appropriations bill,” he said. “But we can certainly try to prevent further damage and then seek to reverse the harm that’s been done.”

There’s also interest in conditioning federal funding to rein in Trump’s battle to reshape higher education, Van Hollen said, including the White House’s repeated efforts to cut funding at Harvard and other prestigious universities. “That said,” he added, “we’re dealing with an administration that has demonstrated no respect for the law.”

Education advocates are pushing Democrats to go a step further. Some hope to see appropriations language ordering the administration to reverse decisions moving Education Department functions to other agencies, including one that put special education programs under the Department of Health and Human Services, and another that put the investigation of school discrimination claims under the Justice Department.

“I think it’s going to become more and more apparent that they don’t have the authority just to keep dismantling some of these offices,” said Aaron Ament, president of the advocacy group Student Defense, which is representing plaintiffs in a lawsuit challenging the dismantling of the Education Department.

Some advocates are hoping the next Congress will be in place in time to approve the nomination of a replacement for Harmeet Dhillon, an assistant attorney general who spearheaded the Justice Department's sweeping investigations into elite universities. She announced her resignation last Thursday in the wake of the midterms. Alarming to some education advocates, however, is Trump's decision promoting Stephen Miller, the architect of some of Trump's most hard-line policies, to chief of staff.

Todd Wolfson, president of the American Association of University Professors, said that the higher education environment was so tough that the organization endorsed candidates for the first time during the midterms. Those candidates included Abdul El-Sayed, a former professor, who won a bitter campaign for Michigan’s open Senate seat. Now, Wolfson is looking not just at reversing some of what has happened during the Trump administration, but building a campaign for a free public higher education system.

“Most other countries have figured this out, and we can too,” Wolfson said.

But with Trump's veto power, such a change is unlikely in the next two years.

Trump’s second term in office has been marked by seismic change in education policy. Trump officials cut the Education Department’s staff by nearly half and signed intergovernmental agreements parceling its top duties to other agencies. In higher education, the administration has mounted a battle to eliminate DEI practices and curb international enrollment, using federal funding as leverage to advance policies favored by the White House.

Yet education issues receded to the background in midterm elections that became a referendum on Trump's deeply unpopular economic policies and the Iran war. As Democrats sort out a vast oversight agenda, education is expected to fall farther down the list of priorities, behind big topics like Trump's self-enrichment and federal immigration raids.

Despite their new power, there's little optimism that Democrats will be able to override Trump's veto on big education bills. Some advocates want lawmakers to try anyway.

“Even if he vetoes them, let’s put the pressure on to get it to his desk, and then you see what the contrast is,” said Randi Weingarten, president of the American Federation of Teachers union.

Some on the right are pushing for last-minute legislation to advance Trump's agenda. A day after the midterms, the Heritage Foundation asked Republican lawmakers to propose a bill to close the Education Department and strip any mention of it from federal law. In what amounts to a political Hail Mary, the group argued the agency has failed to prove its value since it opened in 1980.

The letter asked Republicans to collaborate with McMahon “to sunset this failed bureaucracy.”

Hollingsworth reported from Mission, Kansas.

The Associated Press’ education coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.

FILE - A person walks by the Department of Education building, seen with missing letters after removal of America 250 banners, March 18, 2026, in Washington. (AP Photo/Allison Robbert, File)

President Donald Trump speaks to the media before walking across the South Lawn of the White House to board Marine One, Friday, Nov. 6, 2026, in Washington. (AP Photo/Mark Schiefelbein)

Sen. Chris Van Hollen, D-Md., speaks during a panel at Crooked Con at the Walter E Washington Convention Center, in Washington, Wednesday, Nov. 7, 2026. (AP Photo/Nathan Howard)

Sen. Elizabeth Warren, D-Mass., gestures to Michigan Democratic Senate candidate Abdul El-Sayed during a campaign rally at the Majestic Theatre, Monday, Nov. 2, 2026, in Detroit. (AP Photo/Julia Demaree Nikhinson)