NEW YORK, June 4, 2026, 09:08 EDT
- Archer traded at $6.53 ahead of the open, slipping $0.22, or 3.3%.
- Shares of Joby Aviation and BETA Technologies fell, leaving the electric-aircraft group under pressure.
- Investors are looking at FAA progress at even as the company guides for another big quarterly loss.
Archer Aviation Inc. shares traded lower before the bell Thursday, with the air-taxi maker sliding ahead of the New York open. The stock was last indicated at $6.53, off $0.22, or around 3.3%. Archer’s market cap stood near $5.0 billion.
Archer is moving into a pricier phase with certification, more aircraft testing, and building out manufacturing alongside starting airport operations. The market isn’t just watching for milestones anymore. Investors want to know how Archer plans to cover the cash it needs to get from milestones to real service.
The weakness wasn’t just in Archer. Joby Aviation dropped around 3.7% ahead of the open. BETA Technologies slipped about 1.9%. Reuters reported S&P 500 futures off 0.36% and Nasdaq 100 futures down 1.16% as a pullback in chips weighed on risk appetite.
Archer said last month that it expects U.S. operations to start this year as part of the White House’s electric vertical take-off and landing Integration Pilot Program. An eVTOL, or electric aircraft that lifts off like a helicopter and then flies like a plane, is at the center of the update. Archer said it was the first eVTOL firm to close Phase 3 in the FAA’s four-step type certification for its Midnight aircraft.
Archer founder and CEO Adam Goldstein said in a May 11 release the company is “far more than an air taxi company,” citing defense and AI software projects as Archer looks to expand past passenger flights. Archer Aviation
Numbers are still tough for Archer. The company booked $1.6 million in first-quarter revenue, with operating expenses at $256.2 million. Net loss hit $217.7 million. Adjusted EBITDA—a loss of $172.5 million—stripped out interest, taxes, depreciation, amortization and some other items. For the second quarter, Archer is guiding for an adjusted EBITDA loss of $170 million to $200 million.
Some analysts are still covering Archer. Canaccord Genuity maintained its buy rating and a $12 price target on May 12, after the Q1 results, according to Benzinga data.
The market is still looking for real proof that these aircraft can fly, not just more deals and partnerships. “It’s a positive” to land new orders, Needham analyst Chris Pierce told Reuters earlier this year. But he said showing Midnight fly its full range is what matters more. Reuters
Archer CTO Benjamin Taussig told analysts on the earnings call the company is “flying multiple aircraft multiple times a day” as it moves into more complex testing before a full transition flight. He also said Archer is “confident in the timeline.” Investing.com
But the risk is clear. Archer’s 10-Q shows it hasn’t made much revenue from its commercial or defense segments. The company doesn’t expect that to change until it finishes designing, developing, certifying, and scaling up manufacturing for its aircraft. Archer also said in the filing that it can’t predict timing or costs for development, and if it needs money on unattractive terms, it might have to reduce plans for design, certification, or manufacturing.
That puts the stock up against two timelines. The first is regulatory—FAA testing and steps toward launching U.S. flights. The second is financial: Archer has to keep spending enough to get to service, but not run back to investors for money on tougher terms.
