AI Takeaway
Archer Aviation reported its first-ever revenue of $1.6M in Q1 2026, but net losses deepened sharply to -$217.7M as R&D spending surged 65.6% YoY to $171.7M, reflecting heavy investment in eVTOL aircraft development ahead of commercial launch.
Revenue
$1.6M
No YoY data
EPS (Basic)
$-0.28
-64.71% YoY
Operating Income
$-254.6M
-76.81% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Archer generated $1.6M in revenue in Q1 2026, compared to $0 in the prior-year period, marking the company's first meaningful commercial revenue milestone as it progresses toward commercializing its Midnight eVTOL aircraft.
Source: Source: 10-Q Income Statement, Q1 2026
Research and development expenses surged 65.6% YoY to $171.7M in Q1 2026 (from $103.7M in Q1 2025), driving the operating loss to -$254.6M, a 76.8% deterioration YoY, as the company intensifies aircraft certification and manufacturing development efforts.
Source: Source: 10-Q Income Statement, Q1 2026
Total assets nearly doubled YoY to $2.32B (from $1.21B), and stockholders' equity grew 105.6% to $2.08B, indicating the company raised substantial capital through equity issuances to fund its pre-revenue development stage operations.
Source: Source: 10-Q Balance Sheet, Q1 2026
2 more insights available
Upgrade to unlockArcher consumed $149.1M in operating cash in a single quarter, representing a 57.6% increase YoY. With $951.1M in cash remaining, the company has approximately 6 quarters of runway at the current burn rate, making future capital raises a near-certainty and risking shareholder dilution.
Source: Source: 10-Q Cash Flow Statement, Q1 2026
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Upgrade to unlockReported EPS of $-0.28 versus the $-0.30 analyst consensus — a +6.7% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.6M | $0 | — |
Operating Income | $-254.6M | $-144M | -76.81% |
Net Income | $-217.7M | $-93.4M | -133.08% |
EPS (Basic) | $-0.28 | $-0.17 | -64.71% |
EPS (Diluted) | $-0.28 | $-0.17 | -64.71% |
R&D Expense | $171.7M | $103.7M | +65.57% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $2.32B | $1.21B | +91.24% |
Current Assets | $1.9B | $1.06B | +78.38% |
Total Liabilities | $243.4M | $203.3M | +19.72% |
Current Liabilities | $105.2M | $67.4M | +56.08% |
Stockholders' Equity | $2.08B | $1.01B | +105.62% |
Cash & Equivalents | $951.1M | $1.03B | -7.70% |
Long-Term Debt | $80.2M | $64.1M | +25.12% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-149.1M | $-94.6M | -57.61% |
Investing Cash Flow | $78.7M | $-10M | +887.00% |
Financing Cash Flow | $0 | $300.2M | -100.00% |
D&A | $7.8M | $4.1M | +90.24% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -15912.5% | — | — |
Net Margin | -13606.3% | — | — |
ROE | -10.5% | — | — |
ROA | -9.4% | — | — |
Current Ratio | $18.059 | — | — |
Debt to Equity | $0.117 | — | — |
Archer reported a net loss of -$217.7M and EPS of -$0.28 in Q1 2026, significantly worse than the -$93.4M net loss and -$0.17 EPS in Q1 2025. The company did report its first-ever revenue of $1.6M, which may have been a positive surprise given prior quarters had zero revenue.
The headline takeaways are Archer's first-ever revenue of $1.6M, a deepening net loss of -$217.7M (up 133% YoY), and R&D spending surging 65.6% to $171.7M as the company accelerates Midnight eVTOL development. The company retains a strong liquidity position with $951.1M in cash and a current ratio of 18.1x.
As of Q1 2026, Archer held $951.1M in cash and equivalents, down 7.7% from $1.03B a year ago. At the current quarterly operating cash burn rate of approximately $149.1M, the company has roughly 6 quarters of runway before needing additional capital.
Archer is in a pre-commercial development stage, spending heavily on R&D ($171.7M in Q1 2026 alone, up 65.6% YoY) to certify and manufacture its Midnight eVTOL aircraft. With only $1.6M in revenue against $254.6M in operating expenses, the company is deliberately investing ahead of commercial launch rather than optimizing for near-term profitability.
Archer's near-term financial health is solid, with $951.1M in cash, a current ratio of 18.1x, and a low debt-to-equity ratio of 0.117x, meaning it is well-capitalized relative to its current obligations. However, the long-term picture depends on successfully commercializing Midnight, as the company is burning approximately $149M in cash per quarter from operations with minimal revenue.