Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Archer Aviation's Q2 FY2026 was defined by the proposed acquisition of Boeing's Wisk, Insitu, and SkyGrid, which would mark its entry into autonomous and defense aviation. The company generated its first meaningful revenue of $5.0 million from Hawthorne Airport operations, while net loss widened to $263.2 million as R&D spending surged 52% to $186.0 million, driven by workforce expansion and stock-based compensation. The period also saw a $41.8 million non-cash gain from warrant liability fair value changes, which partially offset the loss. However, the proposed acquisition introduces risks of significant integration challenges and dilution, and the company's cash burn rate remains high at $305.5 million in operating cash outflow for the first half.
Revenue
$5M
No YoY data
EPS (Diluted)
-$0.34
+5.56% YoY
Operating Income
-$279.2M
-58.55% YoY
Source: SEC XBRL
Archer Aviation (ACHR) reported Q2 FY2026 revenue of $5M. ACHR's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | -0.25 | -0.33 | Beat +25.1% |
| Mar 2026 | -0.28 | -0.30 | Beat +6.7% |
| Dec 2025 | -0.26 | -0.24 | Miss -7.5% |
| Sep 2025 | -0.20 | -0.29 | Beat +31.9% |
Adjusted (non-GAAP) EPS of -$0.25 versus the -$0.33 analyst consensus — a +25.1% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$0.34.
Compiled by AI from 10-Q Item 2 of this filing
Revenue of $5.0 million in Q2 FY2026 came from $3.0 million in FBO services, $1.0 million from hangar leasing, and $1.0 million from other sources, all tied to the Hawthorne Airport operations.
Source: 10-Q Item 2 MD&A
Research and development expenses increased 52.0% to $186.0 million, driven by $27.8 million in personnel costs, $18.3 million in stock-based compensation, and $12.7 million in engineering services and materials.
Source: 10-Q Item 2 MD&A
Total stock-based compensation expense reached $85.6 million in Q2 FY2026, up from $51.8 million a year ago, with $41.2 million in R&D and $44.4 million in G&A, reflecting workforce expansion and retention efforts.
Source: 10-Q Item 2 MD&A
On August 9, 2026, Archer entered into an agreement to acquire Wisk Aero, SkyGrid, and Insitu from Boeing for approximately 19.75% of outstanding shares plus two warrants covering $200 million of stock, subject to closing conditions.
Source: 10-Q Item 2 MD&A
As of June 30, 2026, Archer held $1,560.6 million in cash, cash equivalents, and short-term investments, which management believes is sufficient to fund operations for at least the next 12 months.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 4 high, 1 medium, 0 low
The acquisition of Wisk, Insitu, and SkyGrid is subject to regulatory approvals and other closing conditions that are not within Archer's control. Delays or failure to close could prevent the company from realizing strategic benefits, and the Purchase Agreement restricts equity financing flexibility until closing.
Source: 10-Q Item 1A Risk Factors
Upon closing, Boeing will receive shares equal to 19.75% of outstanding stock, causing immediate dilution. Additionally, two warrants covering $200 million in stock and a $55 million forward equity purchase agreement could further dilute existing holders if exercised.
Source: 10-Q Item 1A Risk Factors
After the acquisition, Boeing is expected to hold approximately 16.5% of Archer's shares and will have the right to nominate a director. Boeing's interests may differ from other stockholders, leading to governance conflicts, litigation, or regulatory scrutiny.
Source: 10-Q Item 1A Risk Factors
Archer has incurred and will continue to incur substantial costs related to the acquisition and integration, including advisory fees, employee retention, and potential litigation. These costs could strain financial resources even if the deal does not close.
Source: 10-Q Item 1A Risk Factors
Successfully integrating the Target Companies' technologies and businesses, especially Insitu's defense contracting operations, may be more difficult and costly than anticipated. Management's limited experience in certain areas could lead to operational disruptions or failure to achieve expected synergies.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 5.00 $M | 0.00 $M | — |
Operating Income $M | -279.20 $M | -176.10 $M | -58.55% |
Net Income $M | -263.20 $M | -206.00 $M | -27.77% |
EPS (Basic) $ | -0.34 $ | -0.36 $ | +5.56% |
EPS (Diluted) $ | -0.34 $ | -0.36 $ | +5.56% |
R&D Expense $M | 186.00 $M | 122.40 $M | +51.96% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
Archer Aviation (ACHR) reported its first nominal revenue of $300K in FY2025 while operating losses widened 43.1% to -$729.3M, driven by a 38.1% surge in R&D spending, though a major equity raise bolstered the balance sheet to $2.47B in total assets.