NEW YORK, June 2, 2026, 06:05 EDT
- Archer Aviation traded at $6.84 last before the New York open, putting the value of the company at around $5.25 billion.
- Even with the recent focus on certification and plans for an early launch, the stock is still well under its 52-week high of $14.62.
- Archer had around $1.78 billion in cash, cash equivalents and short-term investments as of March, but reported a net loss of $217.7 million for the first quarter.
Archer Aviation Inc. traded under $7 before the U.S. open Tuesday, keeping shares down as investors remained cautious about the electric air-taxi firm’s 2026 plans while costs stayed high and revenue low.
Timing is key as Archer wants to go from promises to operations this year. The main New York Stock Exchange session is open 9:30 a.m. to 4 p.m. Eastern, and June 2 is not on the exchange’s 2026 holiday calendar.
Archer shares were last at $6.84, putting its market cap near $5.25 billion. The figure stands out for a company with $1.6 million in first-quarter revenue, mostly from Hawthorne Airport operations, not commercial air-taxi flights.
Shares are flat with no new company news out since yesterday. The market is still stuck on the problem that’s lingered over Archer: whether the company can convert its test flights, certification work and big cash position into passenger service before losses drive another round of changes.
Archer said it finished Phase 3 of the FAA’s four-step type certification process for its Midnight aircraft. Type certification means FAA has signed off that the aircraft’s design clears safety rules. Archer said Phase 4 will include formal tests and analysis to prove the design meets FAA airworthiness requirements.
Founder and CEO Adam Goldstein said Archer is “far more than an air taxi company,” pointing to defense and AI software projects in a bid to show the business has range beyond urban rides. Goldstein also said Archer made “record FAA certification progress” in Q1. Archer Aviation
Archer describes Midnight as an eVTOL aircraft—electric vertical takeoff and landing. It’s a battery aircraft that takes off vertically, so it can get up like a helicopter and then fly short city trips like a small plane.
Archer’s first-quarter report paints a picture of continued swings in the stock. Net loss hit $217.7 million, higher than the $93.4 million loss a year ago, as operating expenses climbed to $256.2 million. By March 31, Archer held $1.7759 billion in cash, cash equivalents and short-term investments. Management says that’s enough for its current plan for at least the next 12 months.
Wall Street analysts are staying positive on the stock. Canaccord Genuity trimmed its price target to $12 from $13 after the first quarter but left its Buy rating unchanged. Cantor Fitzgerald also dropped its target, to $11 from $13, while maintaining an Overweight.
Investors use peers as a quick reference. Joby Aviation last changed hands at $11.97 for a market cap near $11.3 billion. Vertical Aerospace was at $2.70, below $600 million in value. Joby is working to get certified and start up early, and Reuters said in March its first production electric air taxi entered flight tests.
Archer is working on a second launch effort outside the U.S. In May, the UAE regulator placed Midnight in a Restricted Type Certificate program. Archer said this path might allow some commercial flying in Abu Dhabi. Goldstein said that was “a major step” for getting electric air taxis into the UAE. Archer Aviation
Timing is the risk here. Archer has told investors it still has almost no revenue, expects losses to continue, and sees operating costs going higher for now. The company warned about risks that could hit its business or stock. Delays in FAA approval, a slower start in the UAE, soft demand, or a new equity raise could put the focus back on cash burn, not launch goals.
Archer is trading more like a bet on 2026 results than a transportation name at this point. The stock trades at less than half its 52-week high of $14.62. What happens next may come down to whether test flights and certification news start to look like money coming in rather than just checking boxes.
