NEW YORK, May 27, 2026, 14:01 EDT
Archer Aviation Inc. shares slipped 2.5 cents to $6.49 Wednesday afternoon after swinging between $6.315 and $6.72 earlier in the session. About 39 million shares exchanged hands. The electric air-taxi company’s market cap is near $5.0 billion.
Archer is no longer just trading on the promise of flying taxis. Investors are now looking at whether its cash and its progress with the Federal Aviation Administration will be enough to fund the company’s big spending before the Midnight aircraft starts regular commercial service. That’s why the move matters.
Archer is listed on the New York Stock Exchange, which reopened Tuesday after closing for the Memorial Day holiday on Monday, May 25. U.S. growth stocks slipped, with the SPDR S&P 500 ETF and Invesco QQQ Trust, tracking the Nasdaq-100, both down in early afternoon trade.
Archer shares are still trading far from the 52-week top of $14.62 but above the $4.80 low. On Wednesday, Investing.com showed the stock at $6.515, moving between $6.31 and $6.62 during the day.
The company makes electric vertical takeoff and landing aircraft, or eVTOLs. These are battery-powered, able to lift like a helicopter and fly like a small plane. The target market is short hops between cities and airports. Certification and production remain tough, and the company still has to show it can get passengers to buy tickets.
Archer reported first-quarter revenue of $1.6 million, up from $300,000 in the previous quarter, but said its net loss grew to $217.7 million. The company closed the quarter with $1.78 billion in cash, cash equivalents, and short-term investments, along with $7.3 million in restricted cash.
Archer CEO Adam Goldstein said it was “another banner quarter” and pointed to “record FAA certification progress” along with more focus on defense and AI software. The company said it’s the first eVTOL manufacturer to finish Phase 3 of the FAA’s four-step type certification, the approval needed before normal commercial flights can begin. Archer Aviation
Costs are still in focus. Archer posted an adjusted EBITDA loss of $172.5 million for the first quarter, landing inside its guidance range. Adjusted EBITDA strips out interest, taxes, depreciation and amortization, plus some other items, to give investors a sense of core operating losses before certain accounting entries. Archer projected a second-quarter adjusted EBITDA loss between $170 million and $200 million.
Barron’s said after the quarter that Wall Street was looking for a first-quarter adjusted EBITDA loss near $175 million and sales of $1.7 million. Analysts don’t expect positive free cash flow until 2029, when forecasts call for $1.6 billion in sales.
Competition is still close. Joby Aviation, the main U.S.-listed rival to Archer, slipped 15 cents to $11.37. Eve Holding picked up a penny to trade at $3.22.
Archer is looking to defense contracts to grow past its core passenger air taxi business. On the earnings call, Goldstein said Archer’s defense aircraft with Anduril was “pretty far into the development” phase. He added that if Archer does not secure a defense contract, “we will immediately cut the spend.” Investing.com
Risks are clear. Certification might slip, production could lag, and losses may stay high if early revenue doesn’t ramp. Archer has warned its plans rely on hitting timelines for development, certification, manufacturing and deployment, and that some deals aren’t final.
