Archer Aviation Posts Mixed Q3 Results, Shares Slip
Adam Eckert 19 hours ago
Trading IdeasMoversAfter-Hours CenterNewsEarningsGuidanceTop Stories
Archer Aviation Inc (NYSE:ACHR) posts financial results for the third quarter after the close on Monday. Here's a rundown of the report.
Archer Aviation Inc (NYSE:ACHR) posted financial results for the third quarter after the close on Monday. Here’s a rundown of the report.
- Archer Aviation shares are seeing increased attention. What’s driving ACHR stock?
Archer Aviation Q3 Key Details
Archer reported $5.10 million of total revenue for the third quarter, beating estimates of approximately $3.57 million, according to Benzinga Pro. The company posted a third-quarter loss of 35 cents per share, missing estimates for a loss of 34 cents per share.
Archer reported total third-quarter operating expenses of $294.30 million. The company said it exited the period with approximately $1.35 billion in cash, cash equivalents and short-term investments.
“I started Archer to unlock the skies, and we are now doing that across both commercial and defense,” said Adam Goldstein, founder and CEO of Archer.
“With our first aircraft in Los Angeles and Boeing set to become our largest shareholder following our transaction close, I believe we are building an end-to-end aerospace and defense platform that very few companies could assemble, and one that will matter for decades.”
Archer said its acquisition of Boeing’s Wisk, Insitu and SkyGrid businesses is nearing a close. The deal is expected to accelerate Archer’s evolution into becoming a diversified aerospace and defense platform with significant revenue-generating operations.
Archer reported an adjusted EBITDA loss of $178.5 million in the quarter and guided for a fourth-quarter adjusted EBITDA loss of $185 million to $205 million. The company also guided for fourth-quarter revenue of $5 million to $6 million.
Archer management will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.
ACHR Shares Fall After Earnings
ACHR Price Action: Archer Aviation shares were down 4.57% in after-hours on Monday, trading at $4.59 at the time of publication, according to Benzinga Pro. The stock closed up 8.33% in Monday’s regular trading session.
Image: courtesy of Archer.