2022 Q1 Form 10-Q Financial Statement

#000162828022014106 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $37.60M $50.48K
YoY Change 74384.94%
% of Gross Profit
Research & Development $27.50M $10.10M
YoY Change 172.28%
% of Gross Profit
Depreciation & Amortization $600.0K $200.0K
YoY Change 200.0%
% of Gross Profit
Operating Expenses $65.30M $94.90M
YoY Change -31.19%
Operating Profit -$65.30M -$94.90M
YoY Change -31.19%
Interest Expense $400.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $6.500M $0.00
YoY Change
Pretax Income -$59.20M -$94.90M
YoY Change -37.62%
Income Tax $0.00 $100.0K
% Of Pretax Income
Net Earnings -$59.20M -$94.90M
YoY Change -37.62% 2272.5%
Net Earnings / Revenue
Basic Earnings Per Share -$0.25 -$1.70
Diluted Earnings Per Share -$0.25 -$1.70
COMMON SHARES
Basic Shares Outstanding 239.8M shares 55.80M shares
Diluted Shares Outstanding 239.8M shares 55.80M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $704.2M $445.2K
YoY Change 158065.44%
Cash & Equivalents $704.2M $445.2K
Short-Term Investments
Other Short-Term Assets $400.0K $397.0K
YoY Change 0.76%
Inventory
Prepaid Expenses $9.300M $397.0K
Receivables
Other Receivables
Total Short-Term Assets $716.8M $842.2K
YoY Change 85007.6%
LONG-TERM ASSETS
Property, Plant & Equipment $5.900M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $500.2M
YoY Change
Other Assets $2.100M
YoY Change
Total Long-Term Assets $21.10M $500.2M
YoY Change -95.78%
TOTAL ASSETS
Total Short-Term Assets $716.8M $842.2K
Total Long-Term Assets $21.10M $500.2M
Total Assets $737.9M $501.0M
YoY Change 47.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.800M $118.4K
YoY Change 1419.95%
Accrued Expenses $23.00M $4.114M
YoY Change 459.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.500M
YoY Change
Total Short-Term Liabilities $34.30M $4.286M
YoY Change 700.37%
LONG-TERM LIABILITIES
Long-Term Debt $7.000M $0.00
YoY Change
Other Long-Term Liabilities $300.0K $45.28M
YoY Change -99.34%
Total Long-Term Liabilities $7.300M $45.28M
YoY Change -83.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.30M $4.286M
Total Long-Term Liabilities $7.300M $45.28M
Total Liabilities $74.20M $49.57M
YoY Change 49.7%
SHAREHOLDERS EQUITY
Retained Earnings -$432.8M -$48.75M
YoY Change 787.83%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $663.7M $20.10M
YoY Change
Total Liabilities & Shareholders Equity $737.9M $501.0M
YoY Change 47.29%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$59.20M -$94.90M
YoY Change -37.62% 2272.5%
Depreciation, Depletion And Amortization $600.0K $200.0K
YoY Change 200.0%
Cash From Operating Activities -$36.80M -$12.00M
YoY Change 206.67%
INVESTING ACTIVITIES
Capital Expenditures $600.0K $1.100M
YoY Change -45.45%
Acquisitions
YoY Change
Other Investing Activities $71.25K
YoY Change
Cash From Investing Activities -$600.0K -$1.100M
YoY Change -45.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.500M $0.00
YoY Change
Cash From Financing Activities -$2.400M $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -$36.80M -$12.00M
Cash From Investing Activities -$600.0K -$1.100M
Cash From Financing Activities -$2.400M $0.00
Net Change In Cash -$39.80M -$13.10M
YoY Change 203.82%
FREE CASH FLOW
Cash From Operating Activities -$36.80M -$12.00M
Capital Expenditures $600.0K $1.100M
Free Cash Flow -$37.40M -$13.10M
YoY Change 185.5%

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Organization and Nature of Business<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Organization and Nature of Business</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Archer Aviation Inc. (the “Company,” “we,” “us” or “our”), a Delaware corporation, with its headquarters located in Palo Alto, California, is an aerospace company. The Company’s mission is to advance the benefits of sustainable air mobility. The Company’s goal is to move people throughout the world’s cities in a quick, safe, sustainable, and cost-effective manner. To accomplish this goal, the Company is designing and developing an electric vertical takeoff and landing (“eVTOL”) aircraft for use in future urban air mobility (“UAM”) networks.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">The Company’s Planned Lines of Business </span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon receipt of all necessary Federal Aviation Administration (“FAA”) certifications and any other government approvals necessary for the Company to manufacture and operate its aircraft, the Company intends to operate two complementary lines of business. The Company’s core focus is direct-to-consumer (“Archer UAM”) with its secondary focus being business-to-business (“Archer Direct”). </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Archer UAM</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company plans to operate its own UAM ecosystem initially in select major U.S. cities, such as Los Angeles and Miami. The Company’s UAM ecosystem will operate using its eVTOL aircraft, which is currently in development. </span></div><div style="text-indent:18pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Archer Direct</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also plans to selectively sell a certain amount of its eVTOL aircraft to third parties. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Business Combination</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 16, 2021 (the “Closing Date”), Archer Aviation Inc., a Delaware corporation (prior to the closing of the Business Combination (as defined below), “Legacy Archer”), Atlas Crest Investment Corp., a Delaware corporation (“Atlas”), and Artemis Acquisition Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Atlas (“Merger Sub”), consummated the closing of the transactions contemplated by the Business Combination Agreement, dated February 10, 2021, as amended and restated on July 29, 2021, by and among Atlas, Legacy Archer and Merger Sub (the “Business Combination Agreement”), following approval at a special meeting of the stockholders of Atlas held on September 14, 2021 (the “Special Meeting”). Unless otherwise specified or unless the context otherwise requires, references in these notes to Legacy Archer refer to Archer prior to the Business Combination and references in these notes to “New Archer” refer to Archer following the Business Combination. </span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the terms of the Business Combination Agreement, a business combination of Legacy Archer and Atlas was effected by the merger of Merger Sub with and into Legacy Archer, with Legacy Archer surviving the merger (the “Surviving Entity”) as a wholly-owned subsidiary of Atlas (the “Merger,” and, collectively with the other transactions described in the Business Combination Agreement, the “Business Combination”). Following the consummation of the Merger on the Closing Date, the Surviving Entity changed its name from Archer Aviation Inc. to Archer Aviation Operating Corp., and Atlas changed its name from Atlas Crest Investment Corp. to Archer Aviation Inc. and it became the successor registrant with the U.S. Securities and Exchange Commission (the “SEC”). Prior to the closing of the Business Combination, the Class A common stock and public warrants of Atlas were listed on the New York Stock Exchange (“NYSE”) under the symbols “ACIC” and “ACIC WS,” respectively. New Archer Class A common stock and public warrants are currently listed on the NYSE under the symbols “ACHR” and “ACHR WS,” respectively.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial statements included in this Quarterly Report on Form 10-Q reflect (i) the historical operating results of Legacy Archer prior to the Business Combination; (ii) the combined results of Atlas and Legacy Archer following the closing of the Business Combination; (iii) the assets and liabilities of Legacy Archer at their historical cost; and (iv) the Company’s equity structure for all periods presented.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">COVID-19 Pandemic</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. The rapid spread of COVID-19 caused volatility and disruption in financial markets and prompted governments and businesses to take unprecedented measures such as travel restrictions, quarantines, shelter-in-place orders, and business shutdowns. The impact of the COVID-19 pandemic continues to evolve due to, among other reasons, the emergence of additional variants or strains of COVID-19. As such, the full magnitude of the pandemic’s effect on the Company’s financial condition, liquidity, and future results of operations is uncertain. Management continues to actively monitor the Company’s financial condition, liquidity, operations, suppliers, industry, and workforce, but currently does not anticipate any material impairments as a result of COVID-19 and will continue to evaluate the impact of COVID-19 on an ongoing basis.</span></div>
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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100000 USD

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