{"id":758164,"date":"2023-05-11T17:34:50","date_gmt":"2023-05-11T21:34:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/archer-announces-first-quarter-2023-results\/"},"modified":"2023-05-11T17:34:50","modified_gmt":"2023-05-11T21:34:50","slug":"archer-announces-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/archer-announces-first-quarter-2023-results\/","title":{"rendered":"Archer Announces First Quarter 2023 Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistcircle { list-style-type: circle }\n.bwlistdecimal { list-style-type: decimal }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadl4 { padding-left: 20px }\n.bwpadr0 { padding-right: 0px }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth15 { width: 15% }\n.bwwidth2 { width: 2% }\n.bwwidth20 { width: 20% }\n.bwwidth4 { width: 4% }\n.bwwidth48 { width: 48% }\n.bwwidth66 { width: 66% }\n.bwwidth67 { width: 67% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Archer Announces First Quarter 2023 Results<\/b><\/p>\n<p class=\"bwalignc\"><b><i>Final Assembly of Midnight Now Complete, Aircraft Prepares for Flight Test<\/i><\/b><\/p>\n<p>SANTA CLARA, Calif.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nArcher Aviation Inc. (\u201cArcher\u201d or the \u201cCompany\u201d) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2023.<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20230511005892\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230511005892\/en\/<\/a><\/p>\n<div id=\"bwbodyimg\" style=\"width: 468px;float:left;padding-left:0px;padding-right:20px;padding-top:0px;padding-bottom:0px\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230511005892\/en\/1791641\/4\/Q1_2023_Earnings_Press_Release_Image.jpg\" alt=\"Archer's Midnight aircraft. (Photo: Business Wire)\" \/><\/p>\n<p style=\"font-size:85%\">Archer&#8217;s Midnight aircraft. (Photo: Business Wire)<\/p>\n<\/div>\n<p>\nArcher will be conducting its earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. You can access a live webcast on our investor relations website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Finvestors.archer.com&amp;esheet=53398959&amp;newsitemid=20230511005892&amp;lan=en-US&amp;anchor=investors.archer.com&amp;index=1&amp;md5=26ab76ae57b3dd5b03a2efd37b8c41d3\">investors.archer.com<\/a> or the conference call by dialing 844-200-6205 (domestic) or +1 929-526-1599 (international) and entering the access code 254940.<\/p>\n<p>\nThe Company has issued a shareholder letter discussing its first quarter 2023 operating and financial results, as well as its second quarter 2023 estimates. The shareholder letter may be accessed on the Company\u2019s investor relations website <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.archer.com%2FShareholderLetter-Q123%2F&amp;esheet=53398959&amp;newsitemid=20230511005892&amp;lan=en-US&amp;anchor=here&amp;index=2&amp;md5=9891b5d47db478c3d9fc61575799883e\">here<\/a>.<\/p>\n<p>\nThe Company\u2019s recent key operating highlights include:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nFinal assembly is now complete on Archer\u2019s first Midnight aircraft and Archer is preparing the aircraft for its planned first flight this summer.<\/p>\n<\/li>\n<li>\nArcher continues to lead the industry in terms of the buildout of manufacturing capabilities&#8211;its San Jose, California integrated test lab and manufacturing facility is now coming online and construction is underway on Archer\u2019s Covington, Georgia high volume manufacturing facility.<\/p>\n<\/li>\n<li>\nArcher continues to steadily progress its certification program with the FAA in support of its planned entry into service in 2025 Archer has now submitted 15 of its 18 Subject Specific Certification Plans to the FAA.<\/p>\n<\/li>\n<li>\nArcher continues to maintain a strong liquidity position with cash, cash equivalents and short-term investments of $450M as of March 31st, coupled with its previously announced strategic funding of up to $150M from Stellantis.<\/p>\n<\/li>\n<\/ul>\n<p>\nCommenting on first quarter results, Adam Goldstein, Archer\u2019s CEO said:<\/p>\n<p>\n\u201cI am thrilled with the milestones our team has achieved in the first quarter of 2023. We have continued to make significant progress towards our goal of revolutionizing urban mobility, and our accomplishments are a testament to the dedication and hard work of our world-class team. We remain steadfast in our commitment to delivering safe, sustainable, and low noise urban air mobility beginning in 2025.\u201d<\/p>\n<p><b>First Quarter 2023 Financial Results<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u200b<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nQ1 2023<br \/>\n<br \/>(GAAP)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nQ1 2023<sup>1<br \/>\n<\/sup><br \/>(Non-GAAP)<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwrowaltcolor0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal Operating Expenses<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrowaltcolor0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrowaltcolor0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n112.0M<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrowaltcolor0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ 80.0M<\/p>\n<\/td>\n<td class=\"bwtablemarginb bwblockalignl bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet Loss<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(113.1M)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nNA<\/p>\n<\/td>\n<td class=\"bwtablemarginb bwblockalignl bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwrowaltcolor0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted EBITDA<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrowaltcolor0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrowaltcolor0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nNA<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrowaltcolor0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$ (79.0M)<\/p>\n<\/td>\n<td class=\"bwtablemarginb bwblockalignl bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl4 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash, Cash Equivalents and Short-Term Investments<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n449.9M<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nNA<\/p>\n<\/td>\n<td class=\"bwtablemarginb bwblockalignl bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwpadl0 bwrowaltcolor0 bwwidth48\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwrowaltcolor0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwrowaltcolor0 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwrowaltcolor0 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwtablemarginb bwblockalignl bwwidth10\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\">\n<ol class=\"bwlistdecimal\">\n<li>\nA reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided below in the section titled \u201cReconciliation of Selected GAAP To Non-GAAP Results for Q1 2023.\u201d<\/p>\n<\/li>\n<\/ol>\n<\/td>\n<td class=\"bwtablemarginb bwblockalignl bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p><b>Second Quarter 2023 Financial Estimates<\/b><\/p>\n<p>\nArcher\u2019s financial estimates for the second quarter of 2023 are as follows:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nGAAP total operating expenses of $110 million to $120 million<\/p>\n<\/li>\n<li>\nNon-GAAP total operating expenses of $75 million to $85 million<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nThis reflects expected stock-based compensation, warrant expense and other one-time expenses of approximately $35 million<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\nWe have not reconciled our non-GAAP total operating expense estimates because certain items that impact non-GAAP total operating expense are uncertain or out of our control and cannot be reasonably predicted. In particular, stock-based compensation expense is impacted by the future fair market value of our common stock and other factors, all of which are difficult to predict, subject to frequent change, or not within our control. The actual amount of these expenses during 2023 will have a significant impact on our future GAAP financial results. Accordingly, a reconciliation of non-GAAP total operating expenses is not available without unreasonable effort.<\/p>\n<p><b>About Archer<\/b><\/p>\n<p>\nArcher is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer\u2019s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer&#8217;s team is based in Santa Clara, CA.<\/p>\n<p>\nTo learn more, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.archer.com%2F&amp;esheet=53398959&amp;newsitemid=20230511005892&amp;lan=en-US&amp;anchor=www.archer.com&amp;index=3&amp;md5=09763223665565aa4a31c1f3bf33ecbd\">www.archer.com<\/a>.<\/p>\n<p>\nSource: Archer<br \/>\n<br \/>Text: ArcherIR<\/p>\n<p><b>Forward Looking Statements<\/b><\/p>\n<p>\nThis press release contains forward looking statements regarding our future business plans and expectations, including statements regarding our estimates for the second quarter of 2023, certification timelines and our timelines for the development of our Midnight aircraft. These forward looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in Archer\u2019s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, which are available on our investor relations website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Finvestors.archer.com&amp;esheet=53398959&amp;newsitemid=20230511005892&amp;lan=en-US&amp;anchor=%2F%2Finvestors.archer.com&amp;index=4&amp;md5=d58abc23e4281986c00345dd6f4d3db3\">\/\/investors.archer.com<\/a> and on the SEC website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53398959&amp;newsitemid=20230511005892&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=5&amp;md5=f4daa6da82bdc5f0c881c85f6d39d3a7\">www.sec.gov<\/a>. In addition, please note that any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events.<\/p>\n<p><b>Reconciliation of Selected GAAP To Non-GAAP Results for Q1 2023<\/b><\/p>\n<p>\nReconciliation of Total Operating Expenses (in millions; unaudited): A reconciliation of total operating expenses to non-GAAP total operating expenses for the three months ended March 31, 2023 is set forth below.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nThree Months Ended<\/p>\n<p class=\"bwalignr bwcellpmargin\">\nMarch 31, 2023<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal operating expenses<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(112.0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted to exclude the following:<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nFCA (Stellantis) warrant expense <sup>(1)<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.2<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther warrant expense <sup>(2)<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.1<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nStock-based compensation <sup>(3)<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.7<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP total operating expenses<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(80.0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth4\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt\" rowspan=\"1\" colspan=\"1\">(1)<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmount includes non-cash warrant costs, classified as research and development expenses, for the warrants issued to FCA (Stellantis) in connection with certain services they are providing to the Company.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt\" rowspan=\"1\" colspan=\"1\">(2)<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther warrant expenses associated with the United warrant agreement<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt\" rowspan=\"1\" colspan=\"1\">(3)<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmount includes stock-based compensation for options and restricted stock units issued to both employees and non-employees, including the grants issued to our founders in connection with the closing of the business combination.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nReconciliation of Adjusted EBITDA (in millions; unaudited): A reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2023 is set forth below.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nThree Months Ended<\/p>\n<p class=\"bwalignr bwcellpmargin\">\nMarch 31, 2023<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet loss<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(113.1<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted to exclude the following:<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nChange in fair value of warrant liability <sup>(1)<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5.0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nFCA (Stellantis) warrant expense <sup>(2)<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.2<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther warrant expense <sup>(3)<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.1<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDepreciation and amortization expense<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nStock-based compensation <sup>(4)<\/sup><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.7<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nInterest income, net<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1.6<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccretion and amortization income of short-term investments<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(2.3<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth66\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdjusted EBITDA<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n$<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(79.0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt\" rowspan=\"1\" colspan=\"1\">(1)<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmount includes changes in fair value of the public and private warrants, which are classified as warrant liabilities.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt\" rowspan=\"1\" colspan=\"1\">(2)<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmount includes non-cash warrant costs, classified as research and development expenses, for the warrants issued to FCA (Stellantis) in connection with certain services they are providing to the Company.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt\" rowspan=\"1\" colspan=\"1\">(3)<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther warrant expenses associated with the United warrant agreement<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt\" rowspan=\"1\" colspan=\"1\">(4)<\/td>\n<td rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmount includes stock-based compensation for options and restricted stock units issued to both employees and non-employees, including the grants issued to our founders in connection with the closing of the business combination.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Non-GAAP Financial Measures<\/b><\/p>\n<p>\nTo supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of non-GAAP financial measures to help us in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.<\/p>\n<p>\nWhile we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting our performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance.<\/p>\n<p>\nIn assessing our business during the quarter ended March 31, 2023, we excluded items in the following general categories from one or more of our non-GAAP financial measures, certain of which are described below:<\/p>\n<p><span class=\"bwuline\">Stock-Based Compensation Expense<\/span>: We believe that providing non-GAAP measures excluding stock-based compensation expense, in addition to the GAAP measures, allows for better comparability of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine stock-based compensation expense. We believe that excluding stock-based compensation expenses enhances our ability and the ability of investors to understand the impact of non-cash stock-based compensation on our operating results and to compare our results against the results of other companies.<\/p>\n<p><span class=\"bwuline\">Warrant Expense and Gains or Losses from Revaluation of Warrants<\/span>: Expense from our common stock warrants issued to United Airlines and FCA US LLC (a subsidiary of Stellantis) which is recurring (but non-cash) and gains or losses from change in fair value of public and private warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expense and gains or losses from change in fair value for similar reasons to our stock-based compensation expense.<\/p>\n<p>\nEach of the non-GAAP financial measures presented in this release should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP and are presented for supplemental informational purposes only. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in our financial results for the foreseeable future. In addition, the non-GAAP measures we use may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information in the reconciliation included in this release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures included in this release.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230511005892r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230511005892\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230511005892\/en\/<\/a><\/span><\/p>\n<p><b>For Investors<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:investors@archer.com\">investors@archer.com<\/a><\/p>\n<p><b>For Media<br \/>\n<\/b><br \/>The Brand Amp<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Archer@TheBrandAmp.com\">Archer@TheBrandAmp.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Automotive Air EV\/Electric Vehicles Transport Alternative Vehicles\/Fuels Other Transport<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230511005892\/en\/1791640\/3\/Archer_Logo_Lockup_Black.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230511005892\/en\/1791641\/3\/Q1_2023_Earnings_Press_Release_Image.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">Archer&#8217;s Midnight aircraft. (Photo: Business Wire)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Archer Announces First Quarter 2023 Results Final Assembly of Midnight Now Complete, Aircraft Prepares for Flight Test SANTA CLARA, Calif.&#8211;(BUSINESS WIRE)&#8211; Archer Aviation Inc. (\u201cArcher\u201d or the \u201cCompany\u201d) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2023. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230511005892\/en\/ Archer&#8217;s Midnight aircraft. (Photo: Business Wire) Archer will be conducting its earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. You can access a live webcast on our investor relations website at investors.archer.com or the conference call by dialing 844-200-6205 (domestic) or +1 929-526-1599 (international) and entering the access code 254940. The Company has issued a shareholder letter discussing its first &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/archer-announces-first-quarter-2023-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Archer Announces First Quarter 2023 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-758164","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Archer Announces First Quarter 2023 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/archer-announces-first-quarter-2023-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Archer Announces First Quarter 2023 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Archer Announces First Quarter 2023 Results Final Assembly of Midnight Now Complete, Aircraft Prepares for Flight Test SANTA CLARA, Calif.&#8211;(BUSINESS WIRE)&#8211; Archer Aviation Inc. (\u201cArcher\u201d or the \u201cCompany\u201d) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2023. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230511005892\/en\/ Archer&#8217;s Midnight aircraft. (Photo: Business Wire) Archer will be conducting its earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. You can access a live webcast on our investor relations website at investors.archer.com or the conference call by dialing 844-200-6205 (domestic) or +1 929-526-1599 (international) and entering the access code 254940. 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(\u201cArcher\u201d or the \u201cCompany\u201d) (NYSE: ACHR) today announced operating and financial results for the first quarter ended March 31, 2023. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230511005892\/en\/ Archer&#8217;s Midnight aircraft. (Photo: Business Wire) Archer will be conducting its earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. You can access a live webcast on our investor relations website at investors.archer.com or the conference call by dialing 844-200-6205 (domestic) or +1 929-526-1599 (international) and entering the access code 254940. 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