The eVTOL developer’s $1.8 billion liquidity faces pressure as FAA certification delays extend its cash runway.
Archer Aviation’s quarterly cash burn of $180 million has eroded investor confidence, pushing its stock down nearly 50% from its October high. The company, which has yet to generate significant revenue, relies on $1.8 billion in liquidity to fund operations until FAA certification is secured.
Competitor Joby Aviation achieved a key milestone in March by flying an FAA-conforming aircraft, while Archer remains in Stage 4 of certification. Management now targets a piloted transition flight for the second half of the year, but further delays could force additional funding needs.
Shares traded below $14 after peaking above that level, reflecting concerns over dilution risks if certification timelines slip. The company’s Midnight aircraft aims to operate urban air taxi routes but requires regulatory approval to begin commercial service.