Archer Aviation has reported its fourth-quarter and full-year results for 2025.
The electric vertical takeoff and landing (eVTOL) aircraft developer's total expenses totalled $234.7 million in the fourth-quarter of 2025, up from $124.2 million a year prior.
As the company ramps up the research, development, and certification of its ‘Midnight’ aircraft, the company reported a quarterly adjusted EBITDA of negative $137.9 million, widening from its negative $94.8 million. This was in line with its adjusted EBITDA loss guidance for the quarter, with the company stating it continues to be “disciplined about its spend profile”.
“We also expanded investments in our go-to market strategy and support infrastructure to enable the early bring-up of our air taxi operations globally,” said Archer.
The company said it is targeting its first passenger-carrying flights this year. The company completed its first piloted test flight in summer last year.
Additionally, the company plans to begin operating Midnight in American cities as part of the White House eVTOL integration pilot programme (eIPP) and also in the UAE. For the US, Archer has submitted applications across California, Florida, Texas, Georgia, and New York.
Archer said it is “working closely” with UAE's aviation regulator the GCAA to launch operations. The company has been building out its network of vertiports across Abu Dhabi.
“Our progress in the US and the UAE continues to catalyze our global demand,” said Archer. “Our order book in the billions, with seven of the world's largest airlines choosing to partner with us.”
Archer also achieved 797 means of compliance with the FAA, allowing the company to move forwards with its final certification plans with the US aviation regulator.
“We expect those to be resolved in the coming quarters, clearing the path for type inspection authorisation (TIA) work to begin on our Midnight programme as soon as this year,” said Archer.
Archer added: “To simplify our path to certification, we designed Midnight to be as close to a Part 23 airplane as possible. We chose not to revinvent what did not need reinventing. We vertically integrated only where necessary, the powertrain and flight control software, because no supply base existed for those, and we partnered with tier 1 aerospace suppliers for the rest.”
Net loss for the quarter totalled $188.9 million, narrowing slightly from $198.1 million a year prior.
The company expects an adjusted EBITDA loss of between $160 to $180 million for the first quarter of 2026.
For the full-year 2025, expenses totalled $729.6 million, increasing from $509.7 million in 2024. Adjusted EBITDA was a negative $481.8 million, widening from $368.9 million.
Full-year net losses were $618.2 million, up from $536.8 million.
Archer ended the year with $1.96bn in liquidity, which is the highest in the company's history. During the full-year, the company spent $432.9 million in cash for operating activities, $78.8 million for investment in property and equipment, and $152.1 million for acquisitions of Hawthorne Airport, as well as Lilium and Overair IP.
During the year, the company had gross proceeds from direct offerings of $1.8bn.