Archer Aviation has moved its Maker eVTOL technology demonstrator from its Palo Alto, California development lab to an undisclosed site in the state where it is expected to make an initial hover flight in December. According to the company, the FAA’s manufacturing inspection district office has issued the certificate of authorization and aircraft limitations required for the special airworthiness certificate required for flight testing to start.
As it prepares to step up its type certification campaign, Archer today reported its first earnings since completing its merger with Atlas Crest and New York Stock Exchange flotation in September. For the period ending on September 30, it had an adjusted EBITDA loss of $28 million and $796 million in cash on its balance sheet. Operating expenses for the quarter totaled $176 million and capital expenditure $1.1 million, with these costs mainly associated with development of the Maker and expanding the company's payroll and business premises.
