Overview
- Archer signed definitive agreements to acquire Hawthorne Airport for $126 million to serve as an operating hub and AI testbed for its planned Los Angeles air taxi network.
- To help fund the purchase and redevelopment, the company launched a registered direct offering of 81.25 million shares at $8, targeting approximately $171 million in net proceeds.
- Third-quarter results showed a loss of $0.20 per share versus a larger loss expected by analysts, with cash and equivalents at $1.64 billion at quarter-end.
- Management guided to a fourth-quarter adjusted EBITDA loss of $110 million to $140 million as the pre-revenue company progresses toward FAA approvals.
- Shares fell roughly 9% after hours following the announcements, while ARK Investment was reported to have bought about 3.0 million shares valued near $28.8 million.