Summary by ATFCars.com

Referenced article published on finance.yahoo.com on May 11, 2023. Link to original article:

Archer Announces First Quarter 2023 Results

Prepare to soar as Archer Aviation, the pioneering architect of electric vertical takeoff and landing (eVTOL) aircraft, announces major progress in its quest to revolutionize urban mobility! A triumphant first quarter of 2023 sees the completion of the final assembly on Archer’s ground-breaking Midnight aircraft, readying it for its debut flight this summer.

But the advancements don’t stop there. Archer is firing on all cylinders, and their manufacturing capabilities are expanding at an exhilarating pace. A cutting-edge integrated test lab and manufacturing facility in San Jose, California, is springing into action, while construction surges forward on a high-volume manufacturing facility in Covington, Georgia.

It’s clear skies ahead as Archer forges a path towards certification with the Federal Aviation Administration (FAA), putting the wheels, or rather propellers, in motion for service entry in 2025. They’re making robust headway, submitting a whopping 15 of their 18 Subject Specific Certification Plans to the FAA.

Cash is fueling their flight, with a robust liquidity position boasting $450M in cash, cash equivalents, and short-term investments as of March 31st. This financial firepower is bolstered by a strategic funding of up to $150M from Stellantis, further empowering Archer’s lofty ambitions.

Archer’s CEO, Adam Goldstein, reflects on the thrilling milestones reached in the first quarter of 2023, expressing his elation over the progress made towards their goal of revolutionizing urban mobility. He pays tribute to the unwavering commitment, dedication, and hard work of Archer’s world-class team, reiterating the company’s steadfast commitment to delivering safe, sustainable, and low noise urban air mobility by 2025.

Buckle up, the future of travel is here, and it’s electrifying! It’s time to unlock the skies and reimagine how we move and spend time. With Archer, the possibilities are limitless. So, keep your eyes on the horizon, because the dawn of a new era of transportation is almost upon us.

View the full release here: https://www.businesswire.com/news/home/20230511005892/en/