California based eVTOL manufacturer Archer Aviation has reported “steady” progress during its third quarter, highlighting the near completion its new manufacturing facility and continued momentum toward FAA certification.
The completion of Archer’s high-volume manufacturing facility is expected within weeks, with the company stating that the facility has been built on schedule and on budget at a cost of approximately $65 million. Archer expects the facility will begin production in early 2025 with a goal to achieve two aircraft per month by the end of the year. Archer’s facility will support the production of its piloted Midnight aircraft.
Continuing on progress made during the quarter, Archer is moving towards the final stages of the FAA’s four-phase type certification process. Following the FAA's issuance of Midnight’s airworthiness criteria in May, the company is concluding up the third phase of certification, while advancing through phase four.
Additionally, the FAA's recent release of Special Federal Aviation Regulation (SFAR) guidelines for powered-lift aircraft offers clear regulations for commercial eVTOL operations in the US.
Commenting on third quarter 2024 results, Adam Goldstein, Archer’s founder and CEO said: “Over the past six years, we have established the foundation to allow Archer to seamlessly transition from concept to commercialization. As we enter the final stretch of bringing Midnight to market, our strategy is paying off in the form of strong certification progress, the eVTOL industry's most mature scalable manufacturing facility in the US and launch plans that are solidifying in the U.S and abroad. We believe we are in the strongest position in the industry to lead the transition to commercialisation."
Archer also made progress in international markets during the period, establishing a UAE-based consortium led by the Abu Dhabi Investment Office (ADIO) to launch air taxi services from as the fourth quarter of 2025. In Japan, Archer partnered with Japan Airlines and Sumitomo’s joint venture, Soracle, in a potential $500 million aircraft purchase deal, targeting densely populated urban regions for air taxi operations. This agreement brings Archer’s order book to over $6 billion.
In terms of operating expense, the company reported $122.1 million in total operating expenses, along with total liquidity at the end of the quarter totalling $500 million in cash and cash equivalents. The company has also acquired shareholder approval for an additional $400 million in capital from Stellantis, aimed at scaling production capabilities for the Midnight aircraft.