Overview
- Archer announced completion of the FAA’s Phase 3 Type Certification process on Tuesday, May 26, which authorizes FAA-supervised flight tests of its four-seat Midnight eVTOL.
- The company still must complete Phase 4, the extensive final testing and validation step, and reported problems with vertical-to-wing transition during flight tests remain a key technical risk.
- Archer is largely pre-revenue, reporting roughly $1.6 million in first-quarter revenue and a net loss near $218 million, while holding roughly $1.8–2.0 billion in cash that supports ongoing development.
- The firm plans limited U.S. trial operations under the White House eVTOL Integration Pilot Program with partners in New York/New Jersey, Texas, and Florida and is advancing operator and defense ties including Abu Dhabi Aviation and work with Anduril.
- Investors have pushed the stock to multi-year lows near and below $7 and are trading around certification milestones rather than earnings, making the Phase 4 schedule and successful transition fixes the main near-term valuation triggers.