Shares of Archer Aviation Inc. (NYSE:ACHR) tumbled 5.56% in after-hours trading on Monday following the release of its second-quarter earnings report. The electric vertical takeoff and landing (eVTOL) aircraft company reported a wider-than-expected loss, disappointing investors and raising concerns about its near-term financial performance.

Archer reported a second-quarter loss of $0.36 per share, significantly missing analyst estimates of a $0.26 per share loss. This represents a 39.53% larger loss than expected and a 12.5% increase from the $0.32 per share loss reported in the same period last year. The company's financial results reflect the ongoing investments in its Midnight aircraft program and other operational expenses.

Adding to investor concerns, Archer provided guidance for the third quarter, projecting an adjusted EBITDA loss between $110 million and $130 million. This outlook suggests continued significant cash burn as the company works towards commercializing its air taxi technology.

Despite the negative financial results, Archer highlighted some operational progress, including the production of six Midnight aircraft across its supply chain, with three in final assembly. The company also mentioned its selection as the Official Air Taxi Provider for the LA28 Olympic Games and the initiation of its UAE Launch Edition program. However, these developments were overshadowed by the financial performance in investors' minds, leading to the sharp after-hours decline.