Archer Aviation (NYSE:ACHR) said its Midnight aircraft has received a Federal Aviation Administration market survey certificate for conventional takeoff and landing flights, setting the stage for operations in Los Angeles as the company works toward broader certification and passenger flights.
The announcement came as Archer reported third-quarter revenue of $5.1 million, driven by initial engine deliveries to Anduril, and an adjusted EBITDA loss of $178.5 million. The company ended the quarter with $1.4 billion in cash, equivalents and short-term investments.
Founder and CEO Adam Goldstein called the FAA certificate Archer’s most important commercialization milestone to date. Midnight is at Hawthorne Airport in Los Angeles, and the company expects to begin flying it in the area in the coming weeks.
Los Angeles Flights and Certification
Archer’s Los Angeles plans follow its Northern California “No Roads” tour, which included piloted city-to-city flights and flights around San Francisco Bay. Goldstein said the company is developing a Los Angeles network with planned vertiports serving locations including SoFi Stadium, USC and L.A. LIVE.
President of Aircraft OEM Benjamin Lyon clarified during the call that the market survey certificate applies to the conventional takeoff and landing, or CTOL, version of Midnight. Archer intends to pursue the same process for vertical takeoff and landing, or VTOL, after completing its piloted transition campaign and building 50 hours of testing. The company does not intend to sell a CTOL-only aircraft, Lyon said.
Goldstein said Archer plans to fly passengers under market survey certification in 2027 and that he intends to be its first Midnight passenger. The company is also preparing to showcase air taxi operations at the 2028 Los Angeles Olympic Games, for which it was selected as the official air taxi provider.
Full FAA type certification remains a separate process. Goldstein said Midnight is in the fourth and final phase, with systems and equipment testing underway. He said Archer is aiming to complete piloted transition by year-end. Lyon said the company had completed software verification for that campaign and had conducted more than 100 piloted transition test flights.
Archer is building nine Midnight aircraft for flight tests, the federal eVTOL Integration Pilot Program and Los Angeles operations, Lyon said. Goldstein said three additional aircraft were in final assembly and preparing to move into flight testing.
Boeing Deal Nears Closing
Archer expects its pending acquisition of Boeing’s Wisk, SkyGrid and Insitu businesses to close soon. Interim CFO Priya Gupta said the Hart-Scott-Rodino waiting period had expired and all but one remaining regulatory closing condition had been satisfied.
Goldstein said Wisk and SkyGrid are intended to support the development and scaling of Archer’s air taxi business, while Insitu would bring a revenue-generating unmanned aircraft business. Gupta said Insitu historically has generated more than $200 million in annual revenue and positive operating cash flow.
Goldstein said Archer plans to apply Wisk’s autonomy technology first to its Halo defense platform and later to air taxis when the FAA is ready to certify it. Boeing will receive stock and warrants in the transaction and become Archer’s largest shareholder at closing, he said.
Gupta said Archer’s goal is to keep net cash burn relatively flat following the deal. She did not provide an Insitu revenue target for next year, saying the company would share more after closing.
Defense Work and Fourth-Quarter Outlook
Archer has begun testing the turboshaft engine for the hybrid-electric autonomous aircraft it is developing with Anduril. The program remains on track for full-scale flight testing next year, Goldstein said. Archer has also delivered initial battery packs and electric engines to Anduril for Omen, an autonomous aircraft being developed with EDGE Group in the United Arab Emirates.
For the fourth quarter, Archer forecast revenue of $5 million to $6 million and an adjusted EBITDA loss of $185 million to $205 million. The outlook excludes the pending Boeing acquisitions. Gupta said revenue would reflect activity at Hawthorne and additional engine and battery deliveries for Omen.
Goldstein also outlined a planned multiyear partnership with Formula 1 to bring air taxi service to Grand Prix weekends. He said the envisioned arrangement includes dedicated locations at circuits and integration with hospitality and ticketing.
About Archer Aviation (NYSE:ACHR)
Archer Aviation is an aerospace company based in San Jose, California, that develops electric vertical takeoff and landing (eVTOL) aircraft and related services. Its aircraft are designed for short passenger trips, including potential air taxi routes between urban areas and nearby airports.
The company’s primary aircraft is Midnight, a piloted eVTOL designed to carry four passengers and a pilot. Archer is working to bring the aircraft to commercial service, subject to regulatory approvals, and is pursuing operations in the United States and international markets.
Founded in 2018, Archer was co-founded by Adam Goldstein, who serves as its chief executive officer, and Brett Adcock.
