NEW YORK, July 26, 2026, 16:00 EDT — U.S. markets have finished trading for the day.
Archer ended Friday at $4.77, maintaining a 7.4% rise for the week.
The stock gave up 62% of its Monday gain after Halo revealed it had not disclosed the order value.
As of March, cash and investments accounted for 48.6% of the company’s market value as of Friday.
Archer shares ended last week up 7.4% following its Farnborough defense push, though this increase hid a steep drop in momentum. The stock dropped 6.7% on Friday, closing at $4.77.
The stock climbed 19.6% on Monday, rising by 87 cents to close at $5.31. By Friday, it had lost 54 cents of those gains, wiping out 62% of the initial increase.
Investor response followed the announcement of Thunder, an autonomous hybrid-electric rotorcraft created in partnership with Anduril. Designed for military attack operations, cargo transport, and remote logistics tasks, the platform is slated for its maiden flight in 2027.
Archer later introduced Halo, its commercial iteration of the platform. Marubeni Aerospace was named as its strategic launch partner. The arrangement is focused on market research, exploring use cases, and a possible future deployment. No specific details regarding the number of aircraft, pricing, or confirmed order value were provided.
Weekly changes are based on closing prices from July 17 and July 24. Market capitalizations are as of Friday’s close.
Archer outperformed Joby by 11.6 percentage points for the week and exceeded Eve’s performance by 2.4 points. In contrast, the Nasdaq Composite fell 2.1%. The gains did not reflect a general air-taxi sector surge.
Anduril has recognized a clear military requirement, Chief Executive Adam Goldstein said. “They identified a need, and we built a very specific aircraft for that need,” he told Reuters. Reuters
Archer’s expansion remains backed by its balance sheet. As of March 31, the company reported $1.7759 billion in cash, equivalents and short-term investments, representing 48.6% of its $3.66 billion market capitalisation as of Friday.
Archer Aviation reported $149.1 million in operating cash outflows for the first quarter, with capital expenditures contributing an additional $32.6 million. Combined, the total represented 10.2% of cash and investment holdings at the end of the quarter.
Archer expects an adjusted EBITDA loss between $170 million and $200 million for the second quarter, based on its preliminary estimates. The midpoint of $185 million represents 10.4% of its liquid assets as of March. Adjusted EBITDA differs from cash burn.
The buffer allows Archer to focus on obtaining certification and defense contracts. It also increases the importance of binding deals compared to partnership disclosures.
As trading reopens Monday, investors will focus on those economic indicators. Archer anticipates announcing additional Halo partners and incremental government contract wins. A firm order would be seen as more significant than simply naming another launch partner.
Risks are still elevated. Delays in certification, an extended award process, or quicker cash burn may undermine the defense premium. Archer reported first-quarter revenue of only $1.6 million.
Archer finished the week outperforming its nearest publicly traded competitors. The pullback from a 62% surge illustrates that further gains depend on contract announcements rather than unveiling another aircraft.
What was the closing price for Archer shares, and how much of the rally from Monday remained?
Archer ended Friday, July 24, at $4.77, marking a 6.65% drop for the day. Despite the decline, the stock advanced 7.43% for the week after starting at $4.44. Shares surged 19.59% on Monday following Thunder’s reveal, closing at $5.31. By Friday, Archer had fallen 10.17% from Monday’s close. The current share price is now 10.9% above its 52-week low, but remains down 67.4% from the 52-week high of $14.62.
Have Thunder and Halo contributed genuine orders or immediate revenue?
Archer and Anduril revealed Thunder, the defense version, on July 20, followed by Archer’s debut of Halo, the commercial version, two days after. Marubeni Aerospace was identified as Halo’s initial public strategic launch partner. Their partnership includes conducting market research, exploring use cases, and evaluating potential future introduction. Archer has not specified aircraft numbers, contract value, or revenue timeline. Thunder’s inaugural official flight is targeted for 2027. Immediate commercial effects remain uncertain.
Does Archer have a robust enough balance sheet to support ongoing development?
As of March 31, Archer reported $1.776 billion in cash and short-term investments, with about $80 million in debt, leaving net cash close to $1.70 billion. In the first quarter, operating cash outflow reached $149.1 million, along with $32.6 million in capital expenditures. The total cash burn for the quarter was approximately $182 million. Maintaining that rate, liquidity would sustain the company for roughly ten quarters. This figure is based on straightforward arithmetic and does not represent an official estimate from management. Spending levels may increase as the company advances with certification, production, and commercial launch.
After dropping close to its yearly low, is the stock now undervalued?
Archer trades at $4.77, giving it a market cap near $3.6 billion. Net cash accounts for roughly 47% of that total. Enterprise value stands at about $1.9 billion. First-quarter revenue was $1.6 million, of which $1.0 million came from lease-related income. The quarter ended with a net loss of $217.7 million. Valuation still hinges primarily on certification milestones and aircraft economics.
What can investors anticipate in the upcoming earnings release?
Archer forecasts an adjusted EBITDA loss of $170 million to $200 million for the second quarter. The adjusted EBITDA loss in the first quarter was $172.5 million. Investors are monitoring the cash burn, following a $188.8 million quarter-over-quarter drop in liquidity. Attention is also on progress in Phase 4 testing and UAE operating milestones. Archer has yet to announce the precise date for its Q2 results. External financial calendars currently suggest an August 6 to August 10 window, but those projections remain unconfirmed and are not within the next week.
What is the status of Midnight's FAA certification process and its readiness for U.S. operations?
Archer reported the completion of Phase 3 in the FAA's four-phase certification process in April. The upcoming Phase 4 involves official testing and assessment based on airworthiness standards. Archer has also taken part in pilot projects in New York, Texas, and Florida. According to the FAA, public pilot operations could get underway in summer 2026, collecting operational safety data in a managed program. These flights would not constitute full type certification. The timeline continues to be the main uncertainty.
Is Archer still able to launch paid services in the UAE in 2026?
In May, the UAE regulator placed Midnight in a Restricted Type Certificate program, designed to enable limited commercial operations. Archer intends to operate in the UAE with Abu Dhabi Aviation. Entry into the program does not mean final certification has been granted. No timeline for starting paid services or details on the allowed operating scale have been given. A launch in 2026 is still possible but not guaranteed.
What level of impact does dilution have on current shareholders?
Archer reported 759.6 million Class A shares outstanding as of May 6, 2026, compared to 549.0 million shares at the same point the previous year, marking a 38.4% increase over 12 months. First-quarter stock-based compensation totaled $70.4 million, up from $30.1 million in the prior year’s period. An additional 66.3 million potentially dilutive securities were not included in diluted EPS calculations. A significant number of warrants have an $11.50 exercise price, higher than Friday’s closing price. As a result, dilution continues to be a considerable concern for current shareholders.
Might short covering trigger another significant shift next week?
As of July 15, Archer's short interest reached 95.1 million shares. Analysts estimate short interest at about 13%-15% of the float, depending on float calculation methods. Trading volume Monday hit 98.3 million shares, nearly three times the stock's typical recent average. Such conditions can intensify upward surges or reversals. However, this does not confirm that Monday's activity was a short squeeze. Actual progress on defense contracts or certifications would have more fundamental significance.
Michał Rogucki is a senior markets reporter at TS2.tech. His coverage ranges from stocks and technology to economic developments affecting global markets. He graduated from Humboldt University of Berlin and worked in investment research and market analysis before becoming a financial journalist.
