Archer Reports Q3 2026 Revenue of $5.1M, Net Loss of $274.6M; Midnight Gets FAA Market Survey Certificate for Los Angeles Flights

Archer Aviation Inc. (NYSE: ACHR) announced results for the third quarter ended September 30, 2026. Revenue was $5.1 million and net loss was $274.6 million. Adjusted EBITDA was a loss of $178.5 million, at the favorable end of the company's guided range of $170 million to $200 million. The company ended the quarter with $1.4 billion in cash, cash equivalents and short-term investments.

Archer's Midnight aircraft recently received its Market Survey Special Airworthiness Certificate from the FAA. That unlocks piloted operations in Los Angeles in the coming weeks, in preparation for carrying passengers as part of the eIPP and the LA28 Olympic Games. The certificate follows completion in October of the Northern California portion of the company's 'No Roads' flight tour, which included more than 300 miles of piloted flights across the Bay Area and multiple flights around San Francisco Bay in and out of Oakland International Airport.

Archer's acquisition of Boeing's Wisk, Insitu and SkyGrid businesses is nearing close, subject to certain regulatory approvals and other closing conditions. Insitu alone is expected to add more than $200 million in annual revenue, with operations in 35 countries, based on Insitu's current financial statements and estimates. Under the transaction Boeing is set to become Archer's largest shareholder and a strategic partner, with an ongoing collaboration and technology-sharing arrangement.

Archer has also begun testing the turboshaft engine for its Halo/Thunder autonomous hybrid-electric VTOL platform, developed with Anduril. The same airframe, powertrain and core systems will support both the Halo commercial variant and the Thunder defense variant, and full-scale flight testing remains on track to begin next year.

Archer and Formula 1 are forming a multi-year strategic alliance to explore integrating eVTOL air taxi services at Grand Prix events, with the goal of flying VIPs and fans to and from circuits aboard Midnight. The company held its earnings call at 2:00 p.m. Pacific Time on the day of the announcement.

The gap between $5.1 million in quarterly revenue and a $274.6 million net loss shows how eVTOL developers operate at this stage: spending is driven by certification, flight test and demonstration programs, and it is carried by cash reserves rather than by sales. The $1.4 billion balance matters in that light, because it sets how long the programs can continue before passenger revenue exists.

The other items in the announcement point to how companies in this segment try to close that gap. An Insitu business expected to add more than $200 million in annual revenue would give Archer a revenue base unrelated to air taxi demand, and a hybrid platform sold in both commercial and defense variants spreads development cost across two customer sets. Event-led demonstrations such as the Los Angeles flights tied to LA28 and the proposed Formula 1 arrangement serve a different purpose: they put aircraft in front of regulators, venues and the public before routine service is available.

The next dated markers are concrete. The regulatory approvals and closing conditions on the Boeing businesses decide whether the revenue contribution materializes, and the piloted Los Angeles operations expected in the coming weeks are the first test of the Market Survey certificate in practice.