Archer Aviation Inc. announced operating and financial results for the second quarter ended June 30, 2023. In tandem with earnings, Archer made a series of announcements that reinforce its path to FAA certification and commercial operations in 2025. Archer has landed a $215 million equity investment from industry leaders Stellantis, Boeing, and United Airlines, as well as other financial institutions, including ARK Invest, increasing the company’s total funding to over $1.1 billion to date, received FAA approval to begin flying its Midnight eVTOL aircraft, and reached an agreement with Boeing and Wisk to enter into an autonomous flight collaboration and settle litigation between the companies. Additionally, Archer announced that it is on track to complete what it believes will be the first-ever eVTOL aircraft delivery to a customer as part of its recently announced contracts with the Department of Defense (DoD). These announcements come on the heels of the FAA Administrator leaving to join Archer and the DoD awarding Archer the largest total contract value of any eVTOL company.
Archer also announced that its Midnight aircraft received its Special Airworthiness Certificate from the Federal Aviation Administration (FAA). This certification signals that Archer’s Midnight aircraft has successfully met all FAA safety requirements allowing it to begin flight test operations, which Archer expects to commence in the coming weeks.
Archer continues to make strong progress on Midnight’s certification program with the FAA in support of the company’s planned entry into service in 2025. This is an important step as Archer readies to begin its piloted “for credit” testing of its Midnight aircraft with the FAA in early 2024 and bring online the world’s first high-volume eVTOL production facility in Covington, Georgia, in mid-2024 alongside Stellantis.
As part of Archer’s recently announced landmark agreements with the Department of Defense valued at up to $142 million1, Archer announced today that it is on track to deliver the Midnight aircraft to the U.S. Air Force later this year or early next year. Archer believes this would make Midnight the first-ever eVTOL aircraft delivered to a customer.