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.