Overview
- Archer advanced Midnight flight testing, began early-stage production, and moved through FAA milestones but still lacks type certification.
- The company ended Q3 2025 with over $2 billion in cash after a major capital raise, easing immediate financing pressures.
- Archer remains pre-revenue and continues to post sizable losses, including a Q3 net loss that worsened 12% year over year.
- Shares are on pace to finish 2025 down roughly 20% as investors balance operational progress against regulatory and funding risks.
- Competition is intensifying, with Joby working toward FAA approval, backed by Toyota and aiming to double output by 2027, while its stock is up about 65% this year.