New York, June 3, 2026, 08:06 (EDT)
Archer Aviation Inc. traded under $7 before the bell on Wednesday after closing at $6.74 on Tuesday. Shares finished down 1.46% with volume around 48.6 million. The New York Stock Exchange’s regular session was set for a 9:30 a.m. EDT open.
Trading in the stock isn’t really about new headlines from Archer. It’s more about whether the company turns certification steps into first flights soon, or if losses and cash burn take over the narrative.
Archer builds battery-powered eVTOLs meant for short city flights, taking off and landing like helicopters. The company said last month it aims to start U.S. service this year through the White House’s eVTOL Integration Pilot Program and as it prepares for the 2028 Los Angeles Olympics. Founder and CEO Adam Goldstein said it was a “banner” quarter and that Archer is “far more than an air taxi company.” Nasdaq
Bulls may see a case here. But cash burn is the tougher figure.
Archer said first-quarter revenue came in at $1.6 million. The company posted a net loss of $217.7 million for the quarter. Cash, cash equivalents and short-term investments totaled about $1.78 billion. Adjusted EBITDA, which Archer further adjusts, was negative $172.5 million. The company expects second-quarter adjusted EBITDA loss to be between $170 million and $200 million.
Archer is still getting support from analysts. Cantor Fitzgerald cut its price target to $11 from $13 but kept its Overweight rating, pointing to timing, and said the new target means about 75% upside from when shares traded at $6.29. Cantor also mentioned Archer’s plan for first passenger flights later this year.
The peer group didn’t see much lift either. Joby Aviation traded at $11.87, down 0.9%. Eve Holding was last at $3.38, slipping 1.2% early on.
Speculative transport stocks struggled as the overall setup wasn’t strong. U.S. stock futures were mixed to down Wednesday. Oil prices went higher after new Middle East tensions. S&P 500 and Dow futures slipped, while Nasdaq futures traded higher, according to Reuters.
Archer carries a separate overhang tied to its stock. Its most recent risk review listed 46 risks in the company’s profile, with finance and corporate risk at the top. The review pointed out Archer still needs to certify its aircraft, ramp up production, meet safety standards, build out commercial ops, and secure funding since revenue is still in the early stages.
This is the warning for investors. Certification might take longer, costs could run higher, or the first routes might need more time before revenue turns reliable. If that happens, Archer’s cash just gives it extra time—not a guarantee—and bulls would have to deal with new worries about dilution and more delays before the stock can move up.
Archer is still trading under $7, and the stock looks more like a high-beta certification bet than a standard aerospace earnings play right now. It’s a gamble that regulators, plane tests and cash control all fall into place this year.
