Archer Aviation (ACHR) Q4 2024 earnings summary

Executive summary

• Achieved significant engineering, manufacturing, and commercialization milestones in Q4 2024, including readiness for revenue-generating operations and defense diversification.

• Announced first Launch Edition partnership with Abu Dhabi Aviation, enabling early international commercial deployment and revenue generation.

• Initiated production of Midnight aircraft at the ARC facility in Covington, GA, with plans to build up to 10 units in 2024 for certification and partner deployments.

• Defense business with Anduril progressing, targeting multi-billion-dollar opportunities with hybrid VTOL aircraft for military and civilian use.

• Raised $820.4 million in 2024, ending the year with $835 million in cash and over $1 billion in liquidity, the strongest position to date.

Financial highlights

• Q4 2024 non-GAAP operating expenses were $98.3 million, within the guided range of $95–$110 million.

• GAAP operating expenses for Q4 were $124.2 million, also within guidance.

• Q4 2024 GAAP net loss was $198.1 million; full-year GAAP net loss was $536.8 million.

• Cash used in operations and investing activities for 2024 was $450.6 million, including $50 million for ARC facility build-out.

• Raised $820.4 million in 2024 through equity raises, ATM programs, and construction loan drawdowns; $302 million raised post-Q4 2024.

Outlook and guidance

• Confident in sufficient capital to support manufacturing ramp, commercialization, and defense development in 2025.

• Pivoting to adjusted EBITDA guidance; Q1 2025 adjusted EBITDA expected to be a loss of $95–$110 million.

• Anticipate building up to 10 Midnight aircraft in 2024, with plans to scale to tens of aircraft in 2025–2026 and larger volumes post-2027.

• Expect continued progress on FAA type certification and international operational approvals.

• Plans to deliver the first revenue-generating Midnight aircraft later in 2025.