Archer Aviation Inc.

Best-funded eVTOL developer but still pre-revenue with extreme operating losses and binary certification risk.

Strengths

• ~$2.0B cash (91.8th pct) and ~15.4 quarters runway (78.5th pct) — top-decile liquidity for the sector
• Low leverage (D/E 0.04) and Anduril/defense optionality plus international (UAE) launch traction

Risks

• Effectively no revenue; net/operating margins around -2,000% to -2,400% (0.3 pct) and ~$2.3B cumulative losses
• Certification, manufacturing scale-up, and FAA timing all unproven with no volume-production experience
• FCF -$512M; sustained heavy cash burn ahead of any commercialization

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -206066.7%)
• Cash burnNegative free cash flow (-511.7M)
• Chronic dilutionShare count +52%/yr over 4y (dilution, book value/share -42%)
• Strong balance sheetStrong balance sheet — $2.0B cash & investments, ~15 quarters of runway