Operating losses have expanded significantly from $107.3 million in 2023Q4 to $252.1 million in 2026Q1, reflecting the heavy R&D intensity required to sustain the Midnight aircraft program.
| Sales/Revenue | 1.9M | 300K | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 9M | 300K | 0 | 5.8M | 7.7M | 0 | 103K | 0 |
| COGS % of Revenue | - | 100% | - | - | - | - | - | - |
| Gross Profit | -7.1M | 0 | 0 | -5.8M | -7.7M | 0 | -103K | 0 |
| Gross Margin % | -373.68% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | 24.68% | - | 100% | - | - |
| Operating Expenses | 830.3M | 729.3M | 509.7M | 439M | 328.9M | 358.3M | 24.5M | 891K |
| OpEx % of Revenue | - | 243100% | - | - | - | - | - | - |
| Selling, General & Admin | 278.3M | 235.4M | 152M | 167.9M | 159.7M | 176.7M | 3.5M | 122K |
| SG&A % of Revenue | - | 78466.67% | - | - | - | - | - | - |
| Research & Development | 556.5M | 493.9M | 357.7M | 271.1M | 169.2M | 64.3M | 21.1M | 1.54M |
| R&D % of Revenue | - | 164633.33% | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 117.3M | 0 | -769K |
| Operating Income | -837.4M | -729.3M | -509.7M | -444.8M | -336.6M | -358.3M | -24.6M | -891K |
| Operating Margin % | -44073.68% | -243100% | - | - | - | - | - | - |
| Operating Income Growth % | - | -43.08% | -14.59% | -32.15% | 6.06% | -1356.5% | -2660.94% | - |
| EBITDA | -813.1M | -708.7M | -498M | -439M | -328.9M | -357M | -24.5M | 0 |
| EBITDA Margin % | -42794.74% | -236233.33% | - | - | - | - | - | - |
| EBITDA Growth % | -63.27% | -42.31% | -13.44% | -33.48% | 7.87% | -1357.32% | - | - |
| D&A (Non-Cash Add-back) | 24.3M | 20.6M | 11.7M | 5.8M | 7.7M | 1.3M | 103K | 891K |
| EBIT | -726M | -617.9M | -509.7M | -457.4M | -317.3M | -241M | -24.6M | 0 |
| Net Interest Income | 7.7M | 0 | 21.9M | 0 | 0 | -999K | -199.8K | 53 |
| Interest Income | 7.7M | 0 | 21.9M | 16.4M | 2.3M | 1K | 200 | 53 |
| Interest Expense | 0 | 0 | 0 | 16.4M | 2.3M | 1M | 200K | 0 |
| Other Income/Expense | 95.2M | 111.4M | -26.9M | -12.6M | 19.3M | 10.5M | -200K | -53K |
| Pretax Income | -742.2M | -617.9M | -536.6M | -457.4M | -317.3M | -347.8M | -24.8M | -944K |
| Pretax Margin % | -39063.16% | -205966.67% | - | - | - | - | - | - |
| Income Tax | 300K | 300K | 200K | 500K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.04% | -0.05% | -0.04% | -0.11% | 0% | 0% | 0% | 0% |
| Net Income | -742.5M | -618.2M | -536.8M | -457.9M | -317.3M | -347.8M | -24.8M | -944K |
| Net Margin % | -39078.95% | -206066.67% | - | - | - | - | - | - |
| Net Income Growth % | -44.54% | -15.16% | -17.23% | -44.31% | 8.77% | -1302.42% | -2527.12% | - |
| Net Income (Continuing) | -742.5M | -618.2M | -536.8M | -457.9M | -317.3M | -347.8M | -24.8M | -944K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.97 | -0.99 | -1.42 | -1.69 | -1.32 | -1.46 | -0.21 | -0.02 |
| EPS Growth % | 11.29% | 30.28% | 15.98% | -28.03% | 9.59% | -595.24% | -1011.11% | - |
| EPS (Basic) | - | -0.99 | -1.42 | -1.69 | -1.32 | -1.46 | -0.21 | -0.02 |
| Diluted Shares Outstanding | 766.85M | 624.31M | 376.73M | 270.41M | 240.48M | 237.73M | 116.54M | 50M |
| Basic Shares Outstanding | 766.85M | 624.31M | 376.73M | 270.41M | 240.48M | 237.73M | 116.54M | 50M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
FAA certification and liquidity
As indicated by recent financial disclosures, Archer Aviation remains in a pre-revenue stage, with the $1.6 million reported in 2026Q1 representing non-recurring engineering services rather than a sustainable commercial model, highlighting the significant gap between current developmental activities and scalable, long-term revenue generation for the firm.
The sporadic nature of revenue recognition suggests that the company has not yet achieved a repeatable commercial cadence. Investors should monitor the conversion of non-binding MOUs into firm orders, as this remains the primary indicator of future revenue durability.
Based on reported income statements, Archer's R&D expenditures have climbed steadily from $79.5 million in 2023Q4 to $166.3 million in 2026Q1, reflecting the heavy capital requirements necessary to sustain flight testing and FAA certification efforts during this critical pre-commercialization period for the Midnight aircraft.
The consistent upward trend in R&D spending underscores the high fixed-cost burden inherent in aerospace development. This expense profile suggests that management is prioritizing technical milestones over near-term cost discipline, which may necessitate further capital raises if commercialization timelines slip.
According to quarterly filings, Archer's net income is significantly impacted by non-cash expenses, including $88.9 million in stock-based compensation recorded in 2025Q4, which complicates the assessment of true operational performance and masks the underlying cash burn rate inherent in the company's current business model.
The reliance on equity-based incentives to attract specialized engineering talent creates a disconnect between reported net losses and actual cash outflows. Analysts should adjust for these non-cash items to better understand the company's true runway and the potential for future shareholder dilution.
Financial data reveals that operating losses have widened from $107.3 million in 2023Q4 to $252.1 million in 2026Q1, demonstrating that the company has yet to achieve the operating leverage required to scale its infrastructure without incurring proportional increases in overhead and engineering-related expenses.
The lack of scaling in operating income suggests that the business remains in a high-burn phase where every incremental dollar of activity requires substantial investment. This trend warrants further investigation into whether the Stellantis partnership will eventually provide the manufacturing efficiencies needed to reverse this negative leverage.
While the market focuses on aircraft performance, the income statement fails to capture the significant off-balance-sheet risks associated with vertiport zoning and pilot labor shortages, which may create a substantial lag in revenue generation even if the Midnight aircraft achieves full FAA certification as planned.
The current financial trajectory assumes a seamless transition to commercial operations that may be overly optimistic given the regulatory hurdles. Investors should consider that the absence of revenue-generating assets on the balance sheet leaves the company vulnerable to any delays in the broader urban air mobility ecosystem.
Quick answers to the most common questions about buying ACHR stock.
For fiscal year 2025, Archer Aviation Inc. (ACHR) reported total revenue of $0.3M.
Archer Aviation Inc. (ACHR) reported a net loss of $618.2M for the fiscal year ending 2025.
Archer Aviation Inc. (ACHR) reported an operating income of $-729.3M, resulting in an operating profit margin of -243100.0%. This margin reflects the operational efficiency of the business before interest and taxes.