Archer Aviation Inc. today announced operating and financial results for the first quarter ended March 31, 2022.
The Company has issued a shareholder letter discussing its first quarter 2022 operating and financial results, as well as its outlook. The shareholder letter may be accessed on the Company’s Investor Relations website here.
Commenting on first quarter results, Adam Goldstein, Archer’s Co-Founder and CEO, said: “The Archer team remains singularly focused on our vision of getting to commercialization as expeditiously as possible.
“In Q1 of 2022, we made great progress across a number of the critical milestones that are required for us to achieve our business goals in 2022 and beyond.
“We are one of the most well capitalized and positioned eVTOL companies in the world to take advantage of the unique eVTOL market opportunity.”
Mr Goldstein added, “We support the FAA’s effort to put a more comprehensive certification framework in place for our industry.
“We don’t believe the rule transition from 14 CFR 21.17a to 21.17b will have a material impact on our certification timeline.”
The Company’s key operating highlights from the first quarter 2022 include:
- Continuing to focus on executing the 2022 goals that the Company outlined in its last earnings call and shareholder letter which support its four key business areas: aircraft technology, FAA certification, manufacturing, and airline operations.
- Building on its G-1 Certification Basis achieved in September 2021, the Company continues to collaborate with various technical and policy sections of the FAA to facilitate agreement on the G-2 Means of Compliance, which is on track for completion in 2022.
- Completing the definition of its production aircraft’s outer mold line (OML), which defines the exact geometry and aerodynamic shape of the aircraft. This milestone allows the Company to kick-off detailed part design and begin procurement of long lead production tooling for the aircraft structure.
- Advancing a number of its key strategic relationships:
- United and Archer formed a Joint eVTOL Advisory Committee to support Archer’s future airline operations.
- Hexcel and Archer entered into a letter of intent for Hexcel to provide Archer with high-performance carbon fiber and resin systems for the Company’s production eVTOL aircraft.
- Carlos Tavares, CEO of Stellantis, and key members of his executive leadership team visited the Company’s headquarters to review progress on the Stellantis-Archer strategic relationship and to discuss ways to further advance it.
First Quarter 2022 Financial Results
| Q1 2022 | Q1 20221 | ||||
Total Operating Expenses | $ | 65.3M | $ | 39.6M | ||
Net Loss and Comprehensive Loss | $ | (59.2M) | NA | |||
Adjusted EBITDA | NA | $ | (39.1M) | |||
Cash and Cash Equivalents | $ | 704.2M | NA | |||
- A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided below in the section titled “Reconciliation of Selected GAAP To Non-GAAP Results for Q1 2022.”
Second Quarter 2022 Financial Estimates
Archer’s financial estimates for second quarter of 2022 are as follows:
- GAAP total operating expenses of $80 million to $86 million
- Non-GAAP total operating expenses of $47 million to $53 million
- This reflects expected stock-based compensation, warrant expense and other one time expenses of approximately $33 million.