Archer Aviation Reports Q2 2026 Revenue of $5 Million; Cash Falls $215 Million

Archer Aviation released its second-quarter 2026 financial results. Revenue for the quarter was $5 million, up $3.4 million from the first quarter. Diluted loss per share was $0.34.

As of the end of the second quarter of 2026, the company held $1.5606 billion in cash, cash equivalents and short-term investments on its balance sheet, plus $7.3 million in restricted cash. Cash and short-term investments decreased by $215.3 million from the first quarter, primarily reflecting $156.4 million of cash used in operating activities, $37.1 million for purchases of property and equipment, and $25 million for the acquisition of the fixed-base operator business at Hawthorne Airport.

Revenue increased by $3.4 million to $5 million in the second quarter, reflecting expanded operations at Hawthorne Municipal Airport in Los Angeles. Operating expenses rose by $28 million from the first quarter, reflecting expanded flight testing, certification and production activities for the Midnight aircraft, as well as development of the hybrid aircraft design and the ZEE artificial intelligence foundation model.

The second-quarter net loss increased by $45.5 million from the first quarter, primarily driven by a $28 million increase in operating expenses, an $18.8 million decline in non-cash gains from changes in the fair value of private and public warrants, and a $2.2 million decrease in net interest income, partially offset by a $3.4 million increase in revenue. Adjusted EBITDA loss was $177.1 million, up $4.6 million from the first quarter.