Archer Aviation has announced operating and financial results for the fourth quarter and full year ended December 31, 2025. The Company issued a shareholder letter from founder and CEO, Adam Goldstein discussing highlights from the quarter.
Highlights of the financial report include:
- FY 2025 cash, cash equivalents and short-term investments of USD1,964.7 million, an increase of USD1,130.2 million from FY 2024, and highest quarter ending liquidity watermark in Archer’s history.
- Cash provided by financing activities: USD1,796.4 million for FY 2025, primarily driven by the three registered direct offerings with gross proceeds of USD1.8 billion.
- FY 2025 Operating Expenses increased by USD219.9 million from FY 2024 to USD729.6 million as the company continued to invest in the development, test, certification and production activities for its aircraft. FY 2025 Net Loss increased by USD81.4 million from FY 2024 to a loss of USD618.2 million primarily driven by USD219.9 million increase in operating expenses, offset by USD107.4 million decrease in non-cash charges within other income (expense), net and USD30.9 million increase in interest income, net.
- Q4 2025 Net Loss increased by USD59.0 million from Q3 2025 to a loss of USD188.9 million primarily driven by the USD59.9 million increase in operating expenses as described above.
Archer also announced it was growing its Midnight fleet and expanding its flight test program. “The newest aircraft is now in its VTOL flight test campaign and will work through progressively more advanced test points ahead of a full piloted transition flight,” said the company. “Archer will continue to expand its piloted Midnight fleet throughout 2026, with several aircraft in various stages of completion. With its growing fleet, Archer is on track for piloted vertical take-off and landing operations as part of the White House’s eVTOL Integration Pilot Program later this year. Archer is also on track for piloted VTOL operations in the UAE, where it plans to deliver additional Midnight aircraft. Archer is targeting its first passenger-carrying flights in 2026.”
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(Image: Archer)