Archer Aviation releases second quarter results, LA air mobility network plans

American eVTOL manufacturer Archer Aviation reported a net loss of $106.9 million during the second financial quarter of 2024, widening its net loss of $184.1 million in the same period last year. The net loss was largely due to investments required to achieve key elements of the company’s commercialisation plan with continued investment into the design, development, test and certification of Archer’s Midnight eVTOL aircraft. The company's total operating expenses amounted to $121.2 million, down from $181.4 million in the second quarter of 2023. In comparison to the same period last year, adjusted EBITDA loss increased by $17.5 million from an adjusted EBITDA loss of $76.3, primarily due to increased investment in people, materials, supply chain build-out and related services for our Midnight program. Archer ended the second financial quarter of the year with $360.4 million of cash and cash equivalents on its balance sheet, with another $6.7 million of restricted cash. The company has secured $230 million of additional equity capital since the end of the quarter. This equity capital consists of the $55 million Archer received from Stellantis on July 1, 2024, under the parties’ strategic funding agreement, as well as a $175 million investment on August 8, 2024, from strategic and institutional investors. Archer's orderbook is valued at nearly $6bn in indicative orders with associated pre-delivery payments. In conjunction with its results, the eVTOL developer unveiled plans for its LA air mobility network. The planned network will include vertical takeoff and landing ports at key locations around the city such as Los Angeles International Airport (LAX), Santa Monica and Hollywood. It hopes to transport passengers within 10 to 20 minutes to their destination. ""Establishing our LA network ahead of the global events that are coming to the region over the next four years is a milestone that will put Midnight on display for the whole world to see,"" said Adam Goldstein, CEO of Archer. ""LA is known for its horrendous traffic—our goal is to offer a safer, faster and sustainable alternative travel option."" Archer expects its air mobility network to be in operation in time for the 2028 Olympics that are taking place in the city.