Archer Aviation: Can It Fly Before $1.8B Runs Out?

Can Archer Aviation succeed before burning $1.8B? eVTOL leader faces FAA Stage 4, cash burn, and high stakes.

Archer Aviation (NYSE: ACHR 0.00%↑ ) is going through the most dramatic phase of a pre-revenue aerospace company. In the first quarter of 2026, the company held $1.776 billion in cash, cash equivalents, and short-term investments, while reporting a net loss of $218 million and an adjusted EBITDA loss of $173 million for the same period. On a full-year basis, fiscal year 2025 saw a net loss of $618 million, an adjusted EBITDA loss of $482 million, and a net operating cash outflow of $433 million. Cumulative losses since inception are approaching $2.5 billion.

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Business

Archer is currently in the early stage of building competitive advantages, but has not yet established a defensible moat.