Archer Aviation Inc (NYSE:ACHR) reported third-quarter financial results after the market close on Thursday. Here’s what investors need to know.
- ACHR is among today’s weakest performers. Check out the latest moves here.
Q3 Highlights: Archer Aviation reported a third-quarter loss of 20 cents per share, beating analyst estimates for a loss of 31 cents per share, according to Benzinga Pro.
The pre-revenue company announced a registered direct offering of 81.25 million shares at a price of $8 per share. The company anticipates net proceeds of $171 million, which will be used to fund a pending acquisition and planned redevelopment of Hawthorne Airport.
Archer announced that it signed definitive agreements to acquire Hawthorne Airport in Los Angeles for $126 million in cash. The company said the airport will serve as an operational hub for its planned LA air taxi network. It will also act as a test bed for the AI-powered aviation technologies Archer is developing and plans to deploy.
“The era of advanced aviation has arrived — not as a distant vision, but as a tangible reality. At Archer, we are not waiting for the future; we are building it. The time to seize this transformative opportunity is now,” said Adam Goldstein, CEO of Archer Aviation.
Archer said it anticipates a fourth-quarter adjusted EBITDA loss of $110 million to $140 million. The company reported an adjusted EBITDA loss of $116.1 million in the third quarter.
Archer is currently discussing the aforementioned announcements on an earnings call that started at 5 p.m. ET.
ACHR Price Action: Archer shares were down 9.12% in after-hours, trading at $8.09 at the time of publication on Thursday, according to Benzinga Pro.
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