By Al Root

Archer Aviation reported solid first-quarter cost control and made progress in commercializing its electric vertical takeoff and landing, or eVTOL, aircraft.

Investors look happy.

Monday, Archer reported an adjusted Ebitda loss of $173 million from sales of $1.6 million. (Ebitda is short for earnings before interest, taxes, depreciation, and amortization.) Wall Street was looking for an Ebitda loss of about $175 million from sales of $1.7 million. A year ago, Archer reported an adjusted Ebitda loss of $109 million

For the second quarter, Archer expects an Ebitda loss of between $170 million and $200 million. Wall Street currently projects $177 million.

Things look about as expected. Shares were up 6.4% in after-hours trading at $6.96. Through Monday trading, Archer stock was down 26% over the past 12 months.

The company ended the quarter with about $1.8 billion in liquidity. Wall Street sees the company using about $600 million in 2026 and $740 million in 2027. Analysts expect positive free cash flow in 2029, when sales are estimated at $1.6 billion.

The company remains on track for flights in 2026, although it didn't mention the U.A.E. in its first-quarter shareholder letter. Archer planned to start commercial service there this year, but geopolitical tensions could upend the timeline.

eVTOLs are quieter and easier to operate than conventional helicopters, opening up urban air taxi opportunities. Archer and its peers are on the cusp of commercialization.

Write to Al Root at allen.root@dowjones.com

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May 11, 2026 16:32 ET (20:32 GMT)

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