Archer Aviation has published its operating and financial results for the fourth quarter and fiscal year that ended December 31, 2023. The company issued a shareholder letter discussing those results, as well as its first-quarter 2024 estimates. The results showed an adjusted EBITDA loss for the year of US$305 million. Meanwhile, the company had liquidity of $625m at year-end.
Looking ahead, the company expects its financial performance in Q1 2024 to show losses of $120m, around $40m more than Q4 2023, reflecting the company’s higher rate of activity.
Commenting on fourth quarter and full year 2023 results, Adam Goldstein, Archer’s CEO, said: “The Archer team is excited to announce that Midnight is now in the final phase of its certification programme. With the vast majority of the aircraft’s subsystems and components being sourced from leading aerospace suppliers with certification heritage, we have a significantly de-risked path to certification from here. 2024 will be all about building conforming Midnight aircraft to be used in piloted flight testing later this year and for credit testing with the FAA and completing the build out, alongside Stellantis, of our volume manufacturing facility in Georgia. We’re not just innovating within the realm of transportation; we’re redefining it, turning once-dreamt-of flying cars into an everyday reality.”
