Archer Aviation Inc (NYSE:ACHR) reported first-quarter financial results Monday after the bell. Here’s a rundown of the company’s report.
Q1 Earnings: Archer Aviation, which designs electric vertical take-off and landing (eVTOL) aircraft, reported a first-quarter loss of 17 cents per share, beating analyst estimates for a loss of 28 cents per share, according to Benzinga Pro.
Archer highlighted the announcement of its first two customers for its Midnight Edition launch in the first quarter and said it plans to deliver its first Midnight aircraft to the UAE in the coming months, with planned deployment slated for later this year.
The company also highlighted a partnership it signed with Palantir Technologies Inc (NASDAQ:PLTR) in the first quarter to build AI for the future of next-generation aviation technologies. The companies plan to work together to develop AI software to improve a range of aviation systems.
Archer said its quarterly spending stayed within the previously guided range. The company ended the period with $1.03 billion in cash and cash equivalents, the highest cash position in company history.
“Archer’s pushing the boundaries of what’s possible and reshaping the future of aviation for years to come. This quarter, the team made strong progress across our civil and defense efforts as we continue to deepen our strategic partner relationships and prepare for commercialization in the UAE later this year,” said Adam Goldstein, founder and CEO of Archer.
Archer reported an adjusted EBITDA loss of $109 million in the quarter and guided for a second-quarter adjusted EBITDA loss of $100 million to $120 million.
Archer Aviation executives will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.
ACHR Price Action: Archer Aviation shares were up 5.29% in Monday’s after-hours session, trading at $9.56 at the time of publication, per Benzinga Pro.
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Photo: courtesy of Archer Aviation.
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