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what it is
Archer is building electric flying taxis and the system that would carry passengers in them.
how it gets paid
Last year Archer Aviation made $300K in revenue. prototype aircraft and testing was the main engine at $0.12M, or 40% of sales.
what just happened
Q4’25: revenue ~$0.3M, GAAP diluted EPS $(0.26). FY2025: revenue ~$0.3M, GAAP diluted EPS $(0.99) vs. $(1.42) in FY2024.
At a glance
B+ balance sheet — decent shape, but not bulletproof
$(0.99) fy2025 gaap eps · $(1.42) fy2024
n/a operating margin (pre-revenue)
1.9 beta
~$4B market cap
xvary composite: 51/100 — below average
What they do
Archer is building electric flying taxis and the system that would carry passengers in them.
Archer wants to run its own UAM ecosystem in select major US cities. That means 1 company is trying to own the aircraft, the route, and the rider. If you use it later, you are not switching apps. You are switching infrastructure.
How they make money
$300K
annual revenue
prototype aircraft and testing
$0.12M
engineering services
$0.09M
government and regulatory work
$0.06M
other revenue
$0.03M
The products that matter
electric air taxi aircraft
Midnight eVTOL Aircraft
2026 service target
it's the whole equity story. the target is commercial service in 2026, but revenue stays limited until FAA certification turns a prototype into something customers can legally ride in.
faa gate
route and partner rollout
UAM Network Development
$15M 2026 rev est
the Street expects $15M of revenue in 2026. that sounds small next to a ~$4B valuation, and it only shows up if launch plans in the US and UAE move from announcement to paid service.
first proof point
current operating activity
Development & Testing
$300K ttm revenue
this is the only revenue line visible today. $300K of sales against a ~$4B valuation tells you the market is paying for milestones, not present-day business fundamentals.
today's reality
Key numbers
$(0.99)
fy2025 gaap eps
FY2024 was $(1.42) diluted—the loss per share narrowed from that level but stayed deeply negative.
$300K
fy rev est
SEC filings point to roughly $300K in annual sales.
n/a
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt ~$79.5M long-term + ~$0.8M current (Dec 31, 2025)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ACHR right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY2025
Q4’25: revenue ~$0.3M, GAAP diluted EPS $(0.26). FY2025 EPS $(0.99) on the same ~$0.3M revenue line.
Numbers per Archer’s FY2025 materials (Mar 2, 2026): net loss $(618.2)M FY2025 vs. $(536.8)M FY2024—still pre-scale, still milestone-driven.
$0.3M
revenue
-$0.26
eps
n/a
eps vs. last year
loss per share
Liquidity ~$2.0B at YE2025 matters more than the tiny revenue line—until certification and paid service show up, you are underwriting the balance sheet and milestones.
source: company earnings report, 2026
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What could go wrong
the #1 risk is faa type certification for the Midnight aircraft.
high
faa certification delay
Midnight still lacks final type certification. No certification means no commercial launch, and no firm approval date means part of the timeline still sits with the regulator, not the company.
It directly threatens the path from $300K of revenue today to the $15M 2026 forecast.
high
pre-revenue cash burn
Archer is still spending heavily to build aircraft and infrastructure with only $300K in annual revenue. The model is not self-funding yet because there is barely a revenue model to fund.
If burn stays above $200M a year, new capital is the obvious next step. For shareholders, that usually means dilution before scale.
med
joby aviation ip lawsuit
Joby is suing Archer over alleged intellectual property theft tied to a former employee. When the company is already racing a certification clock, legal distraction is not background noise.
A settlement, damages, or development disruption would add cost to a company that is already pre-profit and pre-scale.
Without certification, the path from $300K of revenue today to $15M in 2026 gets pushed right while the cash-burn clock keeps moving left.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
FAA type certification decision
This is the gating item. No certification means no commercial launch and no credible bridge between $300K of current revenue and the 2026 ramp investors are underwriting.
funding
cash burn versus capital access
Term debt is modest (~$80M range with current portion), but that is not the pressure point. Watch operating cash burn (~$433M used in FY2025) versus the ~$2B liquidity stack.
commercial proof
US and UAE pilot launches
Planned pilot programs are the first real test of whether this becomes a route business or stays a prototype story. Announcements are easy. Paid flights are harder.
legal
joby lawsuit updates
The suit is not the main thesis driver, but for a company this early, extra cost or management distraction matters more than it would at a scaled manufacturer.
Analyst rankings
coverage depth
thin
in human-speak, this is too early and too milestone-driven for the usual mature-company scorecards to tell you much.
near-term focus
2026
The Street's attention is clustered around certification and launch timing because that is when the revenue line is supposed to stop looking theoretical.
what matters more
milestones
If you own ACHR, regulatory progress and funding updates matter more than a tidy rank number that pretends this is already a normal industrial company.
source: institutional data
Institutional activity
institutional ownership data for ACHR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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