Final Assembly of Midnight Now Complete,
Aircraft Prepares for Flight Test
Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR)
today announced operating and financial results for the first
quarter ended March 31, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230511005892/en/
Archer's Midnight aircraft. (Photo:
Business Wire)
Archer will be conducting its earnings conference call at 2:00
p.m. Pacific Time (5:00 p.m. Eastern Time) today. You can access a
live webcast on our investor relations website at
investors.archer.com or the conference call by dialing 844-200-6205
(domestic) or +1 929-526-1599 (international) and entering the
access code 254940.
The Company has issued a shareholder letter discussing its first
quarter 2023 operating and financial results, as well as its second
quarter 2023 estimates. The shareholder letter may be accessed on
the Company’s investor relations website here.
The Company’s recent key operating highlights include:
- Final assembly is now complete on Archer’s first Midnight
aircraft and Archer is preparing the aircraft for its planned first
flight this summer.
- Archer continues to lead the industry in terms of the buildout
of manufacturing capabilities--its San Jose, California integrated
test lab and manufacturing facility is now coming online and
construction is underway on Archer’s Covington, Georgia high volume
manufacturing facility.
- Archer continues to steadily progress its certification program
with the FAA in support of its planned entry into service in 2025
Archer has now submitted 15 of its 18 Subject Specific
Certification Plans to the FAA.
- Archer continues to maintain a strong liquidity position with
cash, cash equivalents and short-term investments of $450M as of
March 31st, coupled with its previously announced strategic funding
of up to $150M from Stellantis.
Commenting on first quarter results, Adam Goldstein, Archer’s
CEO said:
“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. We remain steadfast in our commitment to
delivering safe, sustainable, and low noise urban air mobility
beginning in 2025.”
First Quarter 2023 Financial Results
Q1 2023 (GAAP)
Q1 20231 (Non-GAAP)
Total Operating Expenses
$
112.0M
$ 80.0M
Net Loss
$
(113.1M)
NA
Adjusted EBITDA
NA
$ (79.0M)
Cash, Cash Equivalents and Short-Term
Investments
$
449.9M
NA
- A reconciliation of non-GAAP financial measures to the most
comparable GAAP measures is provided below in the section titled
“Reconciliation of Selected GAAP To Non-GAAP Results for Q1
2023.”
Second Quarter 2023 Financial Estimates
Archer’s financial estimates for the second quarter of 2023 are
as follows:
- GAAP total operating expenses of $110 million to $120
million
- Non-GAAP total operating expenses of $75 million to $85 million
- This reflects expected stock-based compensation, warrant
expense and other one-time expenses of approximately $35
million
We have not reconciled our non-GAAP total operating expense
estimates because certain items that impact non-GAAP total
operating expense are uncertain or out of our control and cannot be
reasonably predicted. In particular, stock-based compensation
expense is impacted by the future fair market value of our common
stock and other factors, all of which are difficult to predict,
subject to frequent change, or not within our control. The actual
amount of these expenses during 2023 will have a significant impact
on our future GAAP financial results. Accordingly, a reconciliation
of non-GAAP total operating expenses is not available without
unreasonable effort.
About Archer
Archer is designing and developing electric vertical takeoff and
landing aircraft for use in urban air mobility networks. Archer’s
mission is to unlock the skies, freeing everyone to reimagine how
they move and spend time. Archer's team is based in Santa Clara,
CA.
To learn more, visit www.archer.com.
Source: Archer Text: ArcherIR
Forward Looking Statements
This press release contains forward looking statements regarding
our future business plans and expectations, including statements
regarding our estimates for the second quarter of 2023,
certification timelines and our timelines for the development of
our Midnight aircraft. These forward looking statements are only
predictions and may differ materially from actual results due to a
variety of factors. The risks and uncertainties that could cause
actual results to differ from the results predicted are more fully
detailed in Archer’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K,
which are available on our investor relations website at
//investors.archer.com and on the SEC website at www.sec.gov. In
addition, please note that any forward looking statements contained
herein are based on assumptions that we believe to be reasonable as
of the date of this press release. We undertake no obligation to
update these statements as a result of new information or future
events.
Reconciliation of Selected GAAP To Non-GAAP Results for Q1
2023
Reconciliation of Total Operating Expenses (in millions;
unaudited): A reconciliation of total operating expenses to
non-GAAP total operating expenses for the three months ended March
31, 2023 is set forth below.
Three Months Ended
March 31, 2023
Total operating expenses
$
(112.0
)
Adjusted to exclude the following:
FCA (Stellantis) warrant expense (1)
4.2
Other warrant expense (2)
2.1
Stock-based compensation (3)
25.7
Non-GAAP total operating expenses
$
(80.0
)
(1)
Amount includes non-cash warrant costs,
classified as research and development expenses, for the warrants
issued to FCA (Stellantis) in connection with certain services they
are providing to the Company.
(2)
Other warrant expenses associated with the
United warrant agreement
(3)
Amount includes stock-based compensation
for options and restricted stock units issued to both employees and
non-employees, including the grants issued to our founders in
connection with the closing of the business combination.
Reconciliation of Adjusted EBITDA (in millions; unaudited): A
reconciliation of net loss to Adjusted EBITDA for the three months
ended March 31, 2023 is set forth below.
Three Months Ended
March 31, 2023
Net loss
$
(113.1
)
Adjusted to exclude the following:
Change in fair value of warrant liability
(1)
5.0
FCA (Stellantis) warrant expense (2)
4.2
Other warrant expense (3)
2.1
Depreciation and amortization expense
1.0
Stock-based compensation (4)
25.7
Interest income, net
(1.6
)
Accretion and amortization income of
short-term investments
(2.3
)
Adjusted EBITDA
$
(79.0
)
(1)
Amount includes changes in fair value of
the public and private warrants, which are classified as warrant
liabilities.
(2)
Amount includes non-cash warrant costs,
classified as research and development expenses, for the warrants
issued to FCA (Stellantis) in connection with certain services they
are providing to the Company.
(3)
Other warrant expenses associated with the
United warrant agreement
(4)
Amount includes stock-based compensation
for options and restricted stock units issued to both employees and
non-employees, including the grants issued to our founders in
connection with the closing of the business combination.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial results
prepared in accordance with GAAP, we use a number of non-GAAP
financial measures to help us in analyzing and assessing our
overall business performance, for making operating decisions and
for forecasting and planning future periods. We consider the use of
non-GAAP financial measures helpful in assessing our current
financial performance, ongoing operations and prospects for the
future as well as understanding financial and business trends
relating to our financial condition and results of operations.
While we use non-GAAP financial measures as a tool to enhance
our understanding of certain aspects of our financial performance
and to provide incremental insight into the underlying factors and
trends affecting our performance, we do not consider these measures
to be a substitute for, or superior to, the information provided by
GAAP financial measures. Consistent with this approach, we believe
that disclosing non-GAAP financial measures to the readers of our
financial statements provides useful supplemental data that, while
not a substitute for GAAP financial measures, can offer insight in
the review of our financial and operational performance and enables
investors to more fully understand trends in our current and future
performance.
In assessing our business during the quarter ended March 31,
2023, we excluded items in the following general categories from
one or more of our non-GAAP financial measures, certain of which
are described below:
Stock-Based Compensation Expense:
We believe that providing non-GAAP measures excluding stock-based
compensation expense, in addition to the GAAP measures, allows for
better comparability of our financial results from period to
period. We prepare and maintain our budgets and forecasts for
future periods on a basis consistent with this non-GAAP financial
measure. Further, companies use a variety of types of equity awards
as well as a variety of methodologies, assumptions and estimates to
determine stock-based compensation expense. We believe that
excluding stock-based compensation expenses enhances our ability
and the ability of investors to understand the impact of non-cash
stock-based compensation on our operating results and to compare
our results against the results of other companies.
Warrant Expense and Gains or Losses from
Revaluation of Warrants: Expense from our common stock
warrants issued to United Airlines and FCA US LLC (a subsidiary of
Stellantis) which is recurring (but non-cash) and gains or losses
from change in fair value of public and private warrants from
revaluation will be reflected in our financial results for the
foreseeable future. We exclude warrant expense and gains or losses
from change in fair value for similar reasons to our stock-based
compensation expense.
Each of the non-GAAP financial measures presented in this
release should not be considered in isolation from, or as a
substitute for, a measure of financial performance prepared in
accordance with GAAP and are presented for supplemental
informational purposes only. Further, investors are cautioned that
there are inherent limitations associated with the use of each of
these non-GAAP financial measures as an analytical tool. In
particular, these non-GAAP financial measures have no standardized
meaning prescribed by GAAP and are not based on a comprehensive set
of accounting rules or principles and many of the adjustments to
the GAAP financial measures reflect the exclusion of items that are
recurring and may be reflected in our financial results for the
foreseeable future. In addition, the non-GAAP measures we use may
be different from non-GAAP measures used by other companies,
limiting their usefulness for comparison purposes. We compensate
for these limitations by providing specific information in the
reconciliation included in this release regarding the GAAP amounts
excluded from the non-GAAP financial measures. In addition, as
noted above, we evaluate the non-GAAP financial measures together
with the most directly comparable GAAP financial information.
Investors are encouraged to review the reconciliations of these
non-GAAP measures to their most directly comparable GAAP financial
measures included in this release.
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