Archer Aviation (ACHR) FY2025 results: revenue $300,000

Archer Aviation develops electric aircraft and related technologies for commercial and defense customers. Its main product is Midnight, an electric vertical take-off and landing ("eVTOL") aircraft built for air taxi operations. It builds aircraft in California and Georgia. As of 31 December 2025 it had a workforce of 1,660 people.

What it is building

Midnight is built on a proprietary 12-tilt-6 distributed electric propulsion platform and is designed to carry four passengers plus a pilot. Its range and payload are set for short, frequent trips of around 20-miles, with minimal charging time between trips. It has redundant electric motors. The aircraft combines in-house electric propulsion and flight control systems with components from aerospace suppliers, many of which are already used on certified aircraft.

Archer is also developing a dual-use hybrid-electric, autonomous vertical take-off and landing ("VTOL") aircraft with Anduril Industries Inc. ("Anduril") for defense and commercial customers. For commercial customers it can be tailored for cargo and medical evacuation. In 2025 Archer acquired Overair Inc.'s patent portfolio and a license to Karem Aircraft's tiltrotor and rotor technology. It is also developing artificial intelligence and autonomy technologies for an air traffic control system.

How it plans to earn revenue

The company describes two planned lines of business. The Commercial line consists of selling aircraft and related technologies and services, and providing direct-to-consumer air taxi services in select metropolitan areas. The Defense line consists of selling aircraft and related technologies for defense uses, starting with the hybrid-electric VTOL aircraft developed with Anduril.

In November 2025 Archer announced its first third-party adoption of its technology in defense. Anduril and EDGE Group chose its electric powertrain for their Omen autonomous air vehicle. Archer has also worked with the Department of Defense since 2021 through the United States Air Force's AFWERX program, including the AFWERX Agility Prime program.

Today's revenue comes from leasing hangar space at Hawthorne Airport. The related costs are ground lease payments to the City of Hawthorne, utilities, property taxes and insurance.

Where it operates

In the United States, Archer has applied to the eVTOL Integration Pilot Program ("eIPP"), a White House initiative. It has partnered with cities across California, Florida, Texas, Georgia and New York on applications. It recently acquired control of Hawthorne Airport, near Los Angeles International Airport, and says it plans to use it as the operational hub for its Los Angeles network.

Outside the United States, the Launch Edition program offers aircraft, technologies and services to governments and customers, with the United Arab Emirates ("UAE") first. Archer works with the General Civil Aviation Authority ("GCAA"), which has moved Midnight into a Restricted Type Certification program. The company is working with partners on a vertiport network across Abu Dhabi and the country. It says it sees demand in Europe, the Middle East, Africa and Asia-Pacific.

How it makes the aircraft

Archer uses a "golden manufacturing line" at one of its Silicon Valley facilities for final assembly of early Midnight builds. It applies lessons from that line to the design and ramp of high-volume manufacturing in Georgia. The Federal Aviation Administration ("FAA") reviews and inspects its manufacturing operations as part of its production certificate efforts.

Archer focuses its own component development on electric and hybrid propulsion systems, flight control software and composites. For other parts it uses the existing aerospace supply base, including U.S. and non-U.S. suppliers. Key raw materials are aluminum and composites.

Certification and regulation

The FAA type certification process for Midnight has 4 phases, under a "special class" definition in 14 CFR Part 21.17(b). The FAA published final airworthiness criteria in May 2024 and the certification basis was finalized in June 2024. In January 2026 the FAA fully accepted Midnight's Means of Compliance. Piloted test flights began in June 2025. In the fourth phase, the implementation phase, the company estimates it has received approximately 15% of the compliance verification documents.

Archer also needs a production certificate and airworthiness certificates for each aircraft. It holds a Part 135 Air Carrier and Operator Certificate, a Part 145 Repair Station Certificate and a Part 141 Certificate for pilot training. Operations at Hawthorne Airport are regulated by several federal, state and local bodies, including the FAA, the Department of Transportation and the California Department of Transportation.

Competition and people

Archer competes with many U.S. and international aerospace and defense companies. In defense, development programs are often run in partnership with firms that may also be competitors, and contracts involve competitive bids. Its planned air taxi service would compete with cars, ride-sharing and helicopter charter services. The company names safety, trip duration, technology, user experience and cost as the key differences.

The workforce of 1,660 people includes 1,160 full-time employees and 500 contingent workers. None are covered by a collective bargaining agreement. Archer's issued patents generally expire between 2040 and 2046.

From Archer Aviation's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 2026: read the full 10-K.