Archer Aviation closed the Q3 of 2022 with cash, cash equivalents, and short-term investments of $600 million. The company reported total operating expenses of $93.8 million and a net loss of $91 million. During the reporting period, Archer achieved an important milestone of completing its first wing-borne flight and launched the first eVTOL route in partnership with United Airlines.
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 wing-borne 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.”
Going ahead, Archer estimated to close the fourth quarter of 2022 with total operating expenses of $100 million to $110 million.
