Archer Aviation has announced operating and financial results for the first quarter ended March 31, 2026. The Company issued a shareholder letter from founder and CEO, Adam Goldstein, discussing highlights from the quarter.
“We ended Q1 2026 with USD1,775.9 million of cash, cash equivalents, and short-term investments on our balance sheet and an additional USD7.3 million of restricted cash, according to the company’s financial report, said the financial report. “Our Q1 2026 cash, cash equivalents, and short-term investments decreased by USD188.8 million from Q4 2025, primarily due to the USD149.1 million cash used in operating activities and USD32.6 million used in the purchase of property and equipment.
“Our Q1 2026 Revenue increased by USD1.3 million from Q4 2025 to USD1.6 million as we expanded operations at the Hawthorne Airport in LA. Q1 2026 Operating Expenses increased by USD21.5 million from Q4 2025 as we continued to invest in expanding flight testing, certification efforts, and production activities for our Midnight aircraft, along with the investment in the design and development efforts for our hybrid aircraft. Q1 2026 Net Loss increased by USD28.8 million from Q4 2025 primarily driven by USD21.5 million increase in operating expenses, US|D7.3 million decrease in non-cash gain within other income (expense), net, and a USD1.2 million decrease in interest income, net, offset by USD1.3 million increase in revenue generated.”
“Q1 2026 Adjusted EBITDA was a loss of USD172.5 million, which is within the guidance range of USD160 million – USD180 million. The loss was a planned increase of USD34.6 million over Q4 2025, mainly due to the reasons mentioned above for the increase in operating expenses.”
Archer expects Midnight operations in US cities to begin this year as part of the White House’s eIPP and in preparation to serve as the Official Air Taxi Provider of the LA28 Olympic Games, in coordination with the DOT and FAA. Archer was recently selected as an air taxi partner in three winning programmes.
In April, Archer reached a key milestone on its path to FAA Type Certification of Midnight, becoming the first eVTOL company to close Phase 3 of the FAA’s 4-phase Type Certification process, said the company. In parallel with its work to close out Phase 3, Archer has been driving progress in Phase 4 for some time now. “This is where Midnight’s compliance with FAA airworthiness requirements will be demonstrated through formal testing and analysis,” said Archer. “Phase 4 builds on the certification basis, means of compliance, and test plans established in the earlier phases.
Archer also took over operations of Hawthorne Airport in LA, marking a key step in its plan to develop the site into the airport of the future. Located near LAX and several major LA sports and entertainment venues, Hawthorne Airport is expected to anchor Archer’s planned LA air taxi operations while also serving as an innovation hub for next-generation aviation technologies.
Archer’s work continues alongside Anduril on its dual-use, hybrid, autonomous aircraft. As part of this program, Archer anticipates beginning to win phased government awards this year.
For more information