Electric vertical takeoff and landing (eVTOL) developer Archer Aviation ended 2024 with a strong liquidity position of over $1bn, the company said in its fourth quarter and full year 2024 results.
"Our billion-dollar plus liquidity position gives us the resources we need to execute against our civil and defense business strategies while also setting us up to seize new opportunities around AI and more," said founder and CEO Adam Goldstein.
In the company's earnings call, Goldstein said 2025 was going to be a “huge year” for the company.
The company had additionally secured $300 million in funding from institutional investors along with funds and accounts managed by BlackRock in February 2025.
The liquidity position will support the company moves towards FAA certification for its eVTOL aircraft Midnight.
“This past quarter has been really focused on our safety of flight preparation for this upcoming piloted flight,” said Goldstein in the call. “And so, a lot of those tests, in addition to giving us confidence to fly, give us data to submit to the FAA, which is great.”
The first Midnight aircraft has begun production at its ARC facility in Covington, GA. Archer is planning to build up to 10 aircraft this year to support the certification testing programmes and deployments with its partners.
For the fourth quarter, the company's operating expenses totalled $124.2 million. Full year operating expenses totalled $509.7 million.
Net losses totalled $198.1 million in the fourth quarter and $536.8 million in the full year. Adjusted EBITDA was $94.8 million in the fourth quarter and $368.9 million in the full year.
As of the end of 2024, the company held $834.5 million in cash and cash equivalents.
Abu Dhabi Aviation (ADA) will be the first customer of Archer's 'launch edition' commercialisation programme for its electric vertical takeoff and landing (eVTOL) aircraft Midnight.