NEW YORK, August 7, 2026, 16:10 (EDT) — U.S. cash markets have finished trading.
- Archer shares ended Friday at $5.58, gaining 6.7% for the day and advancing 20.3% across the week.
- Second-quarter revenue is projected at approximately $2 million. Earnings per share estimates indicate a loss between 25 cents and 34 cents.
- In Q1, liquid investments were approximately 9.8 quarters’ worth of combined operating cash usage and capital expenditures, presented here as an indicative run-rate.
Archer Aviation Inc. NYSE:ACHR finished Friday up 6.7% at $5.58. The stock gained 20.3% over the week spanning August 3–7. The company is set to report second-quarter results after the market closes on Monday.
The rally boosts hopes. Archer continues to report low revenue, despite climbing certification and production costs. Monday’s test will show if that investment leads to quicker progress.
Archer closed March holding $1.7759 billion in cash, equivalents and short-term investments. The company spent $149.1 million on operating activities. An additional $32.6 million went towards property and equipment acquisitions.
| Q1 2026 item | Value | Percentage of liquid holdings |
|---|---|---|
| Cash, equivalents and short-term holdings | $1,775.9 million | 100.0% |
| Operating cash consumed | $149.1 million | 8.4% |
| Acquisition of property and equipment | $32.6 million | 1.8% |
| Total usage | $181.7 million | 10.2% |
| Example coverage period | 9.8 quarters | — |
Combined spending amounted to $181.7 million, making up 10.2% of the fund. Dividing the figures results in 9.8 quarters, which equals approximately 2.4 years. This does not represent Archer’s outlook. Future variables such as revenue, working capital, investment, and financing may significantly alter this.
Losses are growing. The adjusted EBITDA loss for Q1 rose 58% year-on-year. Archer projects a Q2 midpoint estimate of $185 million, which is 7% higher than Q1.
| $ millions; losses reported as positive | Q1 2025 | Q4 2025 | Q1 2026 | Q2 2026 company forecast |
|---|---|---|---|---|
| Revenue | 0.0 | 0.3 | 1.6 | — |
| GAAP net loss | 93.4 | 188.9 | 217.7 | — |
| Adjusted EBITDA loss | 109.0 | 137.9 | 172.5 | 170–200 |
| Cash, equivalents and short-term investments | 1,030.4 | 1,964.7 | 1,775.9 | — |
Initial Q2 projections vary. Revenue is expected between $1.94 million and $1.96 million. Estimates for EPS indicate a loss of 25 cents to 34 cents, with differences based on the chosen provider method.
A minor revenue beat alone would not settle the broader discussion. Investors require evidence that expenditures are facilitating certification, flight testing, or initial service deployment.
Archer provided new operational data this week. Its piloted Midnight aircraft completed a round-trip flight between Salinas and Monterey. The journey lasted about nine minutes each way, compared to a minimum of 35 minutes by road.
Chief Executive Adam Goldstein described it as “exactly the kind of route we plan to fly.” Archer reported it is gearing up for federal pilot-program operations later this year. Archer Aviation
Archer stated that its ZEE model forecasts airport-surface trajectories several minutes in advance. Trials have started at Hawthorne Airport. Mario Srouji, AI products chief, described the output as a “window into the future.” The company continues to pursue broader pilot testing. Archer Aviation
A similar surge at Joby Aviation Inc. NYSE:JOBY points to sector-wide momentum. The stock climbed 20.8% over the week, following its Q2 revenue report of $38.6 million. The majority originated from a newly acquired passenger service operating traditional aircraft.
| Company | Friday close | Friday move | Weekly move | Q2 revenue status |
|---|---|---|---|---|
| Archer Aviation NYSE:ACHR | $5.58 | up 6.7% | up 20.3% | $1.94 million–$1.96 million estimated range |
| Joby Aviation NYSE:JOBY | $8.64 | rose 4.9% | gained 20.8% | $38.6 million announced |
Analysts are divided, depending on approach. Google Finance lists three Buys and one Hold in the past three months. MarketBeat’s ratings over 12 months average to a Hold from eight analysts.
| Analyst | Firm | Latest action | Rating | Target |
|---|---|---|---|---|
| Noah Poponak | Goldman Sachs Group NYSE:GS | July 27 | Hold, reaffirmed | $8 |
| Amit Dayal | H.C. Wainwright | July 20 | Buy, repeated | $18 |
| Austin Moeller | Canaccord Genuity Group (TSE:CF) | May 12 | Buy, repeated | $12 |
| Chris Pierce | Needham | May 12 | Buy, repeated | $9 |
Analyst targets range from $8 to $18. Based on Friday’s closing price, this means a potential increase of about 43% to 223%. The spread reflects both optimism and uncertainty.
Risk exposure remains significant. FAA postponements, a lag in pilot rollouts or increased cash outflow may compress available runway. Prospective equity funding could result in dilution for current shareholders. ZEE’s assertions also require wider verification.
Focus next week will be on Monday’s webcast at 5 p.m. EDT. Investors are advised to track final liquidity, operating cash consumption, and any updates to the Q3 spending outlook. Phase 4 certification proof and manufacturing levels are considered higher priorities than minor sales surprises.
What does Archer need to demonstrate in its Q2 report on Monday?
Archer is scheduled to report after the U.S. market close on August 10, as spending remains closely watched. The company projected an adjusted EBITDA loss between $170 million and $200 million. Liquidity at the end of Q1 stood at $1.776 billion, falling $188.8 million quarter-on-quarter. Q1 revenue was $1.6 million, while net loss reached $217.7 million. Investors will look for evidence that increased investment is being managed within financial limits.
Has Midnight cleared the primary FAA certification milestone?
No. Archer finished Phase 3 of the FAA’s four-stage process in April. Work to achieve Phase 4 compliance and full type certification is still ongoing. The Midnight intercity flight on July 30 lasted about nine minutes each way. The eIPP allows for initial operations, but does not finalize certification.
Is it likely that Thunder and Halo will generate meaningful revenue in the near future?
Not at this time. Archer and Anduril introduced the hybrid-autonomous platform in July. Marubeni was named as Halo’s launch partner, with the initial emphasis on market research. No specific order value, firm quantity, or delivery timeline has been announced. Thunder’s inaugural flight is scheduled for 2027. Archer notes further related deals are still subject to conditions.
What level of dilution should investors monitor in the second quarter?
Class A shares rose 1.9% in Q1 to 757.9 million, with the total reaching 759.6 million as of May 6. Archer distributed 6.55 million vendor shares during the quarter. Stock-based compensation climbed to $70.4 million, more than twice the year-ago level. That boosts the challenge for generating value per share.