Archer Aviation, a developer of electric vertical take-off and landing (eVTOL aircraft), reported a net loss of $113.1 million for the first quarter of the year (Q1 2023) as operating expenses hit $112 million.
However, the company said it "continues to maintain a strong liquidity position with cash, cash equivalents and short-term investments of $450 million as of March 31st".
During Q1 2023 Archer announced strategic funding of up to $150 million from investor group Stellantis.
“I am thrilled with the milestones our team has achieved in the first quarter of 2023. We have continued to make significant progress towards our goal of revolutionising urban mobility, and our accomplishments are a testament to the dedication and hard work of our world-class team. We remain steadfast in our commitment to delivering safe, sustainable, and low noise urban air mobility beginning in 2025," said chief executive Adam Goldstein.
Archer gave a projected Q2 2023 operating expense of between $110 million and $120 million, with the non-GAAP equivalent seen as between $75 million and $85 million.