Archer Announces Second Quarter Results, Raises an Additional $215M

Archer Aviation has just closed a series of investments from Stellantis, Boeing, and United Airlines totally $215M in new equity investments.

This accompanies a finalized settlement between Archer and Boeing-owned Wisk to resolve the federal and state court litigation between the parties on undisclosed terms.

Simultaneously, the parties have entered into a collaboration that looks forward to the growth and development of the AAM industry. Archer has agreed to make Wisk its exclusive provider of autonomy technology for future variants of Archer’s aircraft.

As part of the parties’ collaboration, Boeing’s investment in Archer will support the integration of Wisk’s autonomous technology in future variants of Archer’s aircraft.

Additionally, Archer announced that it is on track to complete what it believes will be the first ever eVTOL aircraft delivery to a customer as part of its recently announced contracts with the Department of Defense (DoD). These announcements come on the heels of the FAA Administrator leaving to join Archer and the DoD awarding Archer the largest total contract value of any eVTOL company.

“Over the last quarter, we’ve seen the U.S. government make an unwavering commitment that America will lead the way in commercializing eVTOL aircraft, the FAA validated the timeline for eVTOL aircraft to begin operations in the U.S. in 2025, and leaders in the mobility industry, Stellantis, United Airlines and Boeing, have come together to invest in Archer’s future,” said Adam Goldstein, Archer’s Founder and CEO. “The pace at which our industry is advancing is unprecedented. Our team’s hard work and dedication have brought us to this exciting moment, and we can’t wait to see Midnight soar,” added Goldstein.

In the announcement, Adam Goldstein, unveiled Archer has also received a special airworthiness certificate from the FAA to begin flight test operations, which the firm plans to begin in the coming weeks.

Why it matters: The latest investments in Archer increase the company’s total funding to date to over $1.1 billion, bolstering Archer’s path to FAA certification and commercial operations in 2025. Alongside the contracts with the DoD and Archer receiving the green light for flight testing, expect more developments from the firm as they push for entry to service in 2025.