Archer this week said it is on track to launch commercial flights with its four-passenger Midnight eVTOL aircraft in 2025. Reporting year-end financial results on Monday, the company said that at the end of the fourth quarter of 2023, it had overall liquidity of around $625 million as it embarks on the latter stages of an FAA type certification process it aims to complete this year.
With three more certification-conforming prototypes now being built, Archer aims to expand its flight test program and achieve 400 test flights in 2024. The company said it also expects to complete the construction of its series production facility in Georgia this year with automotive group Stellantis, which is its main strategic partner and investor.
In 2023, Archer’s operating expenses totaled $446.9 million and its cash and cash equivalents were reported at $464.6 million. For the first quarter of 2024, the company expects to have operating expenses of between $100 million and $120 million. The net loss for 2023 was $457.9 million.
“The Archer team is excited to announce that Midnight is now in the final phase of its certification program,” commented CEO Adam Goldstein. “With the vast majority of the aircraft’s subsystems and components being sourced from leading aerospace suppliers with certification heritage, we have a significantly de-risked path to certification from here. For Archer, 2024 will be all about building conforming Midnight aircraft to be used for piloted credit testing with the FAA and completing the build-out, along with Stellantis, of our volume manufacturing facility in Georgia.”
