NEW YORK, June 24, 2026, 16:01 EDT
- Archer finished Wednesday down 3.8% at $5.05 after the NYSE closed at 4 p.m. ET.
- Archer shareholders are set to vote Friday on a plan to switch the company’s legal home from Delaware to Texas.
- Archer said its Midnight aircraft is now in Phase 4 of FAA type certification, where formal testing and analysis are used to prove compliance.
Archer Aviation shares dropped for a third session Wednesday, with the electric air-taxi firm slipping as investors focus on an upcoming shareholder vote on its legal base while the market weighs its cash needs against progress on certification.
The shares ended the session at $5.05, down 3.8%. The stock touched $5.00 during the day. MarketWatch reported volume at 37.4 million shares, which is close to its 65-day average. MarketWatch StockAnalysis data showed Archer also lost ground on June 22 and June 23, making three straight days of declines.
Archer’s annual meeting is set for June 26 at 12 p.m. Pacific. Shareholders will vote on directors, auditor ratification, executive pay and a move to redomesticate to Texas by conversion. The board is backing all items.
Archer founder and CEO Adam Goldstein told shareholders the board and management want to move the company’s legal base to Texas. Goldstein said Archer doesn’t have operational plans in Delaware except for being incorporated there.
Archer is working on electric vertical takeoff and landing aircraft, or eVTOLs. These battery aircraft are built to lift off and land vertically like helicopters and cover short trips. The company’s Midnight aircraft targets air-taxi use, built for a pilot and four passengers.
Archer Aviation posted first-quarter revenue of $1.6 million and booked a net loss of $217.7 million. Cash, cash equivalents and short-term investments ended March at $1.78 billion. Adjusted EBITDA loss came in at $172.5 million.
Archer said in May it was the first eVTOL company to wrap up Phase 3 in the FAA’s four-step type certification process. Type certification is the FAA sign-off on an aircraft design. Goldstein said the quarter was one of “tremendous progress,” pointing to “record FAA certification progress.” Archer Aviation
Archer CEO Adam Goldstein said this week the company is taking a similar approach to Tesla’s early vehicles, according to a Fox Business interview cited by TipRanks. Goldstein said Archer’s focus is to validate its product with smaller aircraft before moving up to bigger models. “We’re going through that journey ourselves,” he said. He added that short air-taxi rides could win over customers: “we’ll have everybody convinced.” TipRanks
Peers slipped late Wednesday. Shares of Joby Aviation lost roughly 3.2%, while Vertical Aerospace dropped about 7.4%, market data showed. Joby is Archer’s nearest listed U.S. air-taxi rival. Vertical is a smaller public eVTOL developer.
But the risks remain. Archer hasn’t finished FAA type certification for Midnight, and Phase 4 testing can drag out. The company forecast a second-quarter adjusted EBITDA loss between $170 million and $200 million. It cautioned that certification, manufacturing, eVTOL deployment and infrastructure could end up looking different from what it’s planning now.
