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Max Knoblauch8/11/25

Archer Aviation posts Q2 loss, but builds up its cash pile

Air taxi and military aircraft builder Archer Aviation reported a worse-than-expected loss in the second quarter, though its cash pile climbed.

Archer posted a loss of $0.36 per share, worse than the $0.25 loss expected by analysts polled by FactSet. The company reported adjusted operating expenses totaling $123.5 million versus estimates of $113.8 million.

The stock was down 1.4% after-hours.

For the third quarter, Archer said it expects adjusted earnings before interest and taxes to be a loss in the range of $110 million to $130 million, compared with analysts’ forecast for a loss of $110 million.

Archer, which is the official air taxi partner of the 2028 LA Olympics, has been heavily focused on the defense sector as of late, with CEO Adam Goldstein telling Sherwood News last month that he expects its military aircraft business to be larger than commercial air taxi operations for at least the next 10 years. The company signed an AI deal with Palantir in March.

Cash is vital for Archer, which is still largely without revenue as it seeks FAA certification. The company ended its second quarter with $1.72 billion in cash (and equivalents), nearly 5x its total from the same period last year ($360.4 million) and up 67% from its first-quarter figure. Its air-taxi-meets-defense-contractor rival Joby Aviation ended the quarter with a cash pile of $991 million.

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Stocks continue to climb on hopes of an end to the war

Stocks rallied and oil fell as traders digested comments from President Trump.

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SpaceX reportedly files confidentially for IPO

SpaceX confidentially filed its draft IPO paperwork with the Securities and Exchange Commission, Bloomberg reports, citing people familiar with the matter, the next step toward what is expected to be a blockbuster summer listing.

Elon Musk’s satellite and rocket company could raise around $75 billion in an IPO that would value it at more than $1.75 trillion — both records — though the exact amounts won’t be settled until it goes public, likely in June.

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Matt Phillips8h

Energy stocks tumble after massive March

Energy and chemical stocks tumbled early Wednesday on growing expectations that the US participation in the Iran war is nearing an end, and West Texas Intermediate crude oil futures slipped back below $100 a barrel.

LyondellBasell, APA Corporation, Dow, Inc., CF Industries, and Marathon Petroleum — the S&P 500’s top 5 gainers last month — all sank.

Natural gas drillers EOG Resources, Devon Energy, Coterra Energy, and Diamondback Energy dropped, as did integrated oil giants Exxon and Chevron. Fuel refiners and marketers such as Phillips 66 and Valero also fell.

Don’t shed too many tears for these energy giants; the S&P 500 energy sector rose 10% in March and 37% in Q1 2026.

The Energy Select Sector SPDR Fund is coming off its second-best quarter on record relative to the SPDR S&P 500 ETF, based on data going back to 1999.

Max Knoblauch8h

Nio, Li Auto rise as Q1 delivery totals beat internal guidance

China’s EV startup trio — Nio, Li Auto, and XPeng — are all climbing on Wednesday, following the release of March and first-quarter delivery totals.

Nio delivered 83,465 vehicles in the three months that ended in March, up 99% from the same quarter a year ago and slightly beating the upper end of its guidance. Li Auto delivered 95,142 vehicles in the period, up 2.5% and ahead of its guidance range. The figure was bolstered by 12% growth in March deliveries.

XPeng, on the other hand, saw Q1 deliveries drop 33% year over year to 62,682 vehicles — the company’s first quarterly drop since 2023. Shares are still up as of 10 a.m. ET on Wednesday, as the automaker’s March deliveries were up 80% from February’s total.

BYD is down more than 2% on Wednesday, as the automaker posted its seventh consecutive month of sales declines. First-quarter sales fell 30% year over year, Reuters reported.

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