Here are 1-3 brief analogies to describe Archer Aviation:

• Tesla for air taxis
• Uber/Lyft for flying

• Midnight Aircraft: An all-electric vertical takeoff and landing (eVTOL) aircraft designed to transport four passengers plus a pilot over short-distance flights.
• Urban Air Mobility (UAM) Network: The development of a comprehensive ecosystem for air taxi services, including aircraft operations, vertiports, and air traffic integration.

• United Airlines (UAL)
• Air Chateau

• Stellantis (STLA)
• Safran S. A. (SAF.PA)
• Garmin (GRMN)
• LG Energy Solution (373220.KS)
• Hexcel Corporation (HXL)

Adam Goldstein, Founder & CEO

Adam Goldstein is the founder of Archer Aviation and has served as its Chief Executive Officer and Chairman of the Board of Directors since the company was listed on the NYSE in 2021. Prior to founding Archer, Mr. Goldstein founded and led Vettery, a software company from November 2012 to December 2019. Vettery, which counted Amazon, eBay, and JP Morgan among its key customers, raised less than $10 million and was sold to the Adecco Group for over $100 million. Before Vettery, Mr. Goldstein held various leadership positions in leading financial institutions.

Priya Gupta, Interim CFO

Priya Gupta is serving as Archer's acting Chief Financial Officer and acting principal financial officer, a role she has held since Mark Mesler's medical leave began in September 2024 and subsequently his resignation in July 2025. Ms. Gupta has been Archer's Vice President of Finance since April 2022. Before joining Archer, Ms. Gupta was at Volansi, Inc., an aerial logistics and drone company, from June 2021 to April 2022, where she was the Vice President of Finance. From September 2011 until joining Volansi, Inc., Ms. Gupta held progressively more senior finance roles, including Director of Finance, at Bloom Energy Corporation, a company manufacturing and marketing solid oxide fuel cells.

Tom Muniz, Chief Technology Officer

Tom Muniz has served as Archer's Chief Technology Officer since March 2024. Before this, he was the Chief Operating Officer from March 2021 to March 2024 and Vice President of Engineering from December 2019 through February 2021. From July 2019 to December 2019, Mr. Muniz served as Vice President of Engineering at Wisk, an eVTOL company. He also held various roles at Kitty Hawk, another eVTOL company, from January 2011 to July 2019, including Lead Engineer, Battery Systems Group, Director of Subsystems Engineering, and VP Engineering. Earlier in his career, from May 2009 to December 2010, Mr. Muniz was an Aerospace Engineer at Desktop Aeronautics, Inc., a developer of aeronautics software.

Geoff Bower, Chief Engineer

Dr. Geoff Bower is Archer's Chief Engineer. He has over a decade of experience in the eVTOL aircraft industry and has helped design and build five previous generations of full-scale eVTOL aircraft. Before joining Archer, Dr. Bower was the Chief Engineer for Project Vahana at ACubed, an Airbus innovation center in Silicon Valley, where he led the engineering team for the Vahana demonstrator's design, build, and successful flight test campaign. He also worked on flight control system development and aerodynamic modeling at Zee.Aero.

Eric Lentell, Chief Legal & Strategy Officer

Eric Lentell has served as Archer's Chief Legal & Strategy Officer since July 2025. He joined Archer in June 2021 and previously served as the General Counsel. Prior to Archer, Mr. Lentell was a Director of Legal at Google LLC, overseeing legal matters related to Fitbit's products and services. His time at Google LLC was a result of Google LLC's acquisition of Fitbit, Inc., where Mr. Lentell was also a member of the legal department.

The key risks to Archer Aviation (ACHR) include:

1. Lack of Commercial Revenue and High Cash Burn: Archer Aviation is currently a pre-revenue company, meaning it does not yet generate commercial sales. The company sustains significant operating expenses and reports net losses, necessitating reliance on external capital to fund its ongoing operations and development. There is a high likelihood that Archer will need to raise additional funds in the future, which could lead to dilution for existing shareholders. For example, in Q3 2024, Archer reported a net loss of $129.9 million, with operating expenses rising to $174.8 million. While the company has bolstered its liquidity with recent fundraises, its entire valuation is contingent on achieving key milestones that will enable revenue generation.
2. Execution Risk on Certification and Scaling: Archer faces substantial execution risks related to obtaining regulatory certification and scaling up production of its electric vertical takeoff and landing (eVTOL) aircraft. The company aims for Federal Aviation Administration (FAA) Type Certification for its Midnight eVTOL aircraft by 2026, but regulatory processes can be unpredictable and often face delays, particularly for novel aircraft types. Any delays in certification or challenges in ramping up production from prototypes to hundreds of aircraft could push back revenue timelines, increase cash burn, and erode investor confidence. Operational complexities, supply chain issues, and quality control during manufacturing also pose significant challenges. As of Q1 2025, the final FAA Type Certification for the Midnight aircraft was only 15% complete.
3. Intense Competition and Market Uncertainty: The eVTOL market is characterized by fierce competition, with numerous companies, including Joby Aviation, vying to develop and commercialize air taxi services. This competitive landscape creates uncertainty regarding Archer's potential market share and long-term profitability. Furthermore, the overall success of the eVTOL industry hinges on broader market demand and public acceptance, which could be impacted by concerns over safety, noise, and affordability, potentially delaying mass adoption. Archer has also faced legal challenges from competitors, adding another layer of risk.

A direct competitor achieving significantly earlier FAA certification and commercialization of eVTOL aircraft, thereby establishing a dominant market position and securing critical infrastructure and partnerships before Archer Aviation can enter the market.

Archer Aviation's main products and services revolve around the development, production, and operation of electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility (UAM) networks, often referred to as "air taxis." Their flagship product is the Midnight eVTOL aircraft, designed for urban transportation.

The addressable markets for Archer Aviation's offerings are substantial and are projected to grow significantly:

Urban Air Mobility (UAM) Market:

• Globally, the urban air mobility market was valued at approximately USD 4.87 billion in 2024. It is projected to reach USD 92.60 billion by 2034, expanding at a compound annual growth rate (CAGR) of 34.24% from 2025 to 2034.
• In North America, the UAM market size was estimated at USD 1.95 billion in 2024 and is expected to expand at a CAGR of 34.40% during the forecast period.
• Specifically for the U.S., the urban air mobility market was valued at USD 1.36 billion in 2024 and is projected to be worth around USD 26.44 billion by 2034, growing at a CAGR of 34.55% from 2025 to 2034.

eVTOL Aircraft Market:

• The global eVTOL aircraft market size was estimated at USD 1.35 billion in 2023 and is projected to reach USD 28.6 billion by 2030, growing at a CAGR of 54.9% from 2024 to 2030.
• North America held the highest revenue share in the eVTOL aircraft market in 2023, accounting for nearly 42% of the market.
• North America's eVTOL aircraft market share was 36.5%, valued at USD 0.62 billion in 2023.

Expected Drivers of Future Revenue Growth:

1. Commercial Launch and Midnight Aircraft Sales: Archer Aviation plans to commence commercial operations with its Midnight eVTOL aircraft in 2025, targeting initial markets such as the United States and the United Arab Emirates. The company has already secured substantial indicative orders for its Midnight aircraft, including a significant order of 100 aircraft with an option for an additional 100. Archer aims to ramp up its production to 50 aircraft per year initially, a crucial step for generating significant revenue from aircraft sales and air mobility services.
2. International Expansion and Strategic Partnerships: Archer is actively expanding its global footprint. This includes establishing operational readiness in the UAE for its launch edition and certification plans. A notable development is a $500 million deal for launches in Osaka, Japan, ahead of Expo 2025, in partnership with Japan Airlines and Sumitomo Corporation's joint venture, Soracle. Additionally, Archer is positioned as the official and exclusive air taxi provider for the 2028 Los Angeles Olympics, which is expected to enhance brand visibility and market acceptance.
3. "Launch Edition" Program for Early Monetization: To generate revenue even before full commercial certification, Archer has introduced a "Launch Edition" program. Through this program, Archer supplies partners with aircraft and supporting resources like pilots and technicians. Abu Dhabi Aviation and Ethiopian Airlines have already joined this program, with Ethiopian Airlines' initial fleet anticipated to be worth up to $30 million. This initiative is designed to be a meaningful source of revenue if successfully scaled, as each aircraft in the program could generate substantial revenue.
4. Growth in the Defense Sector: Archer is strategically expanding its presence within the defense sector. The company has completed key acquisitions aimed at bolstering its defense portfolio. While there have been discussions regarding potential shifts in defense programs, the overall strategy points to a concerted effort to grow opportunities in this segment.

Share Repurchases

• Archer Aviation reported no dollar amount for share repurchases for the trailing twelve months ended March 2025.

Share Issuance

• In Q3 2025, Archer completed an equity raise of $650 million, bringing its total liquidity to over $2 billion.
• In June 2025, Archer announced an $850 million private placement, selling 85 million shares of Class A common stock at $10.00 per share, with net proceeds of approximately $817.1 million.
• The company raised $430 million in additional equity capital in December 2024 to support its new Archer Defense program and other business needs.

Inbound Investments

• In Q3 2025, Archer secured $650 million in new equity capital, bolstering its balance sheet with over $2 billion in liquidity.
• In June 2025, the company received an $850 million private placement from institutional investors.
• Stellantis made investments totaling $100 million in 2023, $39 million earlier in 2024, and $55 million in July 2024.

Outbound Investments

• In Q3 2025, Archer acquired Hawthorne Airport in Los Angeles for $126 million to establish an air taxi hub and develop AI aviation technologies.
• In August 2025, Archer made two strategic acquisitions: a patent portfolio and key talent from Overair, and composite manufacturing assets and a 60,000 square foot facility from Mission Critical Composites, to advance its defense aircraft development.
• Archer recently acquired patents from Lilium.

Capital Expenditures

• Capital expenditures for the last 12 months (as of November 6, 2025) totaled -$73.40 million.
• Quarterly capital expenditures typically range from $9 million to $24 million, focused on ongoing infrastructure development for future production capacity.
• Archer began production of its first Midnight aircraft at its ARC facility in Covington, GA, with plans to build up to 10 Midnight aircraft in 2025 to support certification testing and deployments.