New York, May 28, 2026, 09:04 EDT
- Archer Aviation was recently indicated at $6.55 ahead of the New York open, ticking up 0.5%.
- The stock faces a near-term test on certification progress against high cash burn and the risk of dilution.
- Joby Aviation and BETA Technologies traded a bit lower. The SPDR S&P 500 ETF stayed close to unchanged.
Archer Aviation Inc. shares moved up in early trading ahead of Thursday’s session, with the electric air-taxi company still on traders’ radar as its plans for 2026 faced off with persistent losses.
The stock traded at $6.55 in early moves, up 3 cents. That puts the company’s market cap near $5.0 billion. The quote posted before regular NYSE hours, which are 9:30 a.m. to 4:00 p.m. ET.
Archer shares are trading more on signs of progress than on actual revenue at this stage. Investors are waiting to see if the company can get its Midnight aircraft cleared by the Federal Aviation Administration and start limited U.S. operations this year.
Archer said this month it plans to launch Midnight’s operations in U.S. cities in 2026, using the eVTOL Integration Pilot Program to help test electric vertical takeoff and landing planes. eVTOLs run on batteries, lift off like helicopters, and are aimed at short routes like urban air taxis.
Archer CEO Adam Goldstein called Q1 “another banner quarter” and told investors the company is “far more than an air taxi company,” mentioning its defense and software businesses as well. Archer Aviation
Archer’s balance sheet shows some strain. The company posted $1.6 million in first-quarter revenue and a net loss of $217.7 million, with $1.78 billion in cash, cash equivalents and short-term investments. For the second quarter, Archer is guiding to an adjusted EBITDA loss between $170 million and $200 million. Adjusted EBITDA removes interest, tax, depreciation and some other line items.
Rivals are closing in. Joby Aviation and BETA Technologies, public players in the advanced air mobility sector, slipped a bit in early trading. The FAA named eight pilot projects covering 26 states, with Archer, Joby and BETA among those taking part in New York/New Jersey, Texas, Florida and some other efforts.
Archer is working on the same narrative outside the US too. On May 7, it said the UAE’s General Civil Aviation Authority shifted Midnight into a Restricted Type Certificate program. That route is set up for limited commercial operations. Goldstein called this a “major step toward bringing electric air taxis to the UAE.” Archer Aviation
But there are still clear risks. Archer could see certification delayed, flight tests might turn up new technical problems, and losses could continue to weigh on its balance sheet despite current cash. Archer’s May 14 SEC filing included notice for the resale of 3.27 million Class A shares and a plan to issue up to $8 million in shares to vendors. That keeps dilution in the picture for investors.
Needham’s Chris Pierce said to Reuters earlier this year that more aircraft orders helped, but called a “more meaningful positive” the moment Archer shows the entire flight envelope for Midnight. That includes all flight speeds, loads and the conditions the aircraft must handle safely. Reuters
No standout company news drove trading on Thursday. Archer shares moved as usual on the open concerns about how soon it can secure certification, start early pilot operations, and win defense business before burn eats into its story.
Related articles: NYSE:ACHR
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