Archer Expects To Cut eVTOL Aircraft Costs as Certification Work Peaks | Aviation International News

Archer Expects To Cut eVTOL Aircraft Development Costs in Q2

Q1 expenses were bloated by non-recurring payments to suppliers and lawsuit charges

Archer battery pack factory — A new battery pack manafacturing facility in San Jose, California, is one of the investments Archer has made as it works to bring its Midnight eVTOL aircraft into high-volume production. © Archer Aviation

By Charles Alcock • Managing Editor

May 10, 2024

Archer aims to reduce operating expenses during the second quarter of this year, after incurring higher costs in the first quarter as it works to bring its four-passenger Midnight eVTOL aircraft to market in early 2025. On Thursday, the U.S. company reported that first-quarter non-GAAP expenses totaled $142.2 million in the first three months of this year and predicted that it will reduce this to between $80 million and $95 million in the second quarter.

As it heads into critical phases in its type certification program, Archer reported a net loss for the quarter of $116.5 million, which was higher than both the same period in 2023 and the final quarter of last year. As of March 31, the company held $405.8 million in cash and cash equivalents and maintained overall liquidity at $523 million, which is consistent with levels achieved over the previous four quarters.

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