Archer Aviation Inc.

Archer reported Q2 revenue of $5 million, up 213% sequentially, with growth driven by operations at Hawthorne Airport in Los Angeles. Q2 adjusted EBITDA was a loss of $177 million, versus guidance of $170 million to $200 million, and management said that was only a slight increase quarter over quarter. The company ended Q2 with $1.6 billion in liquidity. For Q3, Archer expects adjusted EBITDA loss to remain within the same $170 million to $200 million range as it continues Midnight testing, eIPP operations, Halo development, and AI work.

Adam Goldstein framed the quarter as an inflection point, centered on the planned Boeing transaction and Archer’s broadening strategy. He said Archer is evolving into a diversified aerospace and defense platform spanning air taxis, UAS, autonomy, and aviation-specific AI, while emphasizing that Midnight remains core. His tone was highly confident and expansive, but he repeatedly said the company is still in the early stages of integrating the new assets and defining the exact operating strategy.

Priya Gupta highlighted the company’s financial position, citing $1.6 billion in liquidity at quarter-end and Q2 revenue of $5 million, up 213% quarter over quarter. She said Q2 adjusted EBITDA loss of $177 million was within guidance and only a slight increase sequentially. She also said Archer expects the acquisition to contribute synergies, keep post-close cash burn relatively flat, and that Insitu should be positive free cash flow after closing. For Q3, she guided to another adjusted EBITDA loss of $170 million to $200 million.

Analysts focused on how Archer will integrate Wisk, Insitu, and SkyGrid and what the synergies mean for Midnight versus defense programs. Management said Wisk brings complementary autonomy and flight-control expertise, Insitu adds an immediate revenue and cash-flow base with broader ISR growth potential, and SkyGrid complements ZEE in air-traffic-management applications. On Halo/Thunder, management said the platform is a clean-sheet hybrid aircraft aimed at heavier, faster missions, with first flight targeted for next year and customer deliveries in 2029. They also said Midnight remains the core air taxi program and commercial markets remain the larger long-term opportunity.