Electric vertical takeoff and landing (eVTOL) aircraft developer Archer Aviation reported its second quarter results.
Total operating expenses for the period were $176.1 million with net losses totalling $206 million. Adjusted EBTIDA was a negative $118.7 million.
Third quarter adjusted EBITDA is expected to be a loss of between $110 million and $130 million.
As of the end of the quarter, the company has $1.7bn in cash and cash equivalents.
Archer said it is ramping up production of its Midnight eVTOL aircraft. Six units are in production across its supply chain, three of which are in final assembly. The FAA is reviewing and inspecting Archer's manufacturing operations as part of its production certificate efforts.
The company was selected by the LA 2028 Olympic Games as its ‘official air taxi provider’, supporting its goal to achieve FAA type certification and scaled operations of Midnight.