Archer’s Midnight eVTOL ready for maiden flight – despite Q1 losses of $113M

Archer Aviation Midnight eVTOL
Archer Aviation

Archer Aviation has confirmed that final assembly of its first eVTOL, Midnight, is complete. Midnight is now ready for its maiden flight during summer 2023. 

Details of Archer’s latest progress were announced on Thursday, May 12, 2023, alongside the company’s first quarter financial figures.  

Operating costs between January and March were said to be $112 million, with a net loss of $113 million.  

Archer stated it has a “strong liquidity position with cash, cash equivalents and short-term investments of $450 million as of March 31, coupled with its previously announced strategic funding of up to $150 million from Stellantis.” 

It was also revealed that the San Jose, California integrated test lab and manufacturing facility is set to go online, and construction is underway on Archer’s Covington, Georgia high-volume manufacturing facility. 

The eVTOL innovator is also working towards certification from the Federal Aviation Authority (FAA) and has submitted 15 of its 18 Subject Specific Certification Plans. 

“I am thrilled with the milestones our team has achieved in the first quarter of 2023. We have continued to make significant progress towards our goal of revolutionizing urban mobility, and our accomplishments are a testament to the dedication and hard work of our world-class team,” explained Archer’s CEO, Adam Goldstein. 

He added: “We remain steadfast in our commitment to delivering safe, sustainable, and low noise urban air mobility beginning in 2025.” 

Archer expects total operating expenses of between $110 million and $120 million in the second quarter.  

On March 23, 2023 United Airlines and Archer announced that plans were afoot to launch a regular air connection between Chicago O’Hare (ORD), the city’s main international airport, and Vertiport Chicago, a facility located at the Illinois Medical District, just west of the Chicago Loop, the heart of the city’s business area.   

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