2022 Q3 Form 10-Q Financial Statement

#000162828022029508 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $40.60M $33.49M
YoY Change -64.38% 47779.91%
% of Gross Profit
Research & Development $47.00M $19.30M
YoY Change 103.46%
% of Gross Profit
Depreciation & Amortization $1.000M $500.0K
YoY Change 150.0%
% of Gross Profit
Operating Expenses $93.80M $53.30M
YoY Change -46.8% 23347.12%
Operating Profit -$93.80M
YoY Change -46.8%
Interest Expense $1.500M -$500.0K
YoY Change 200.0% -607.2%
% of Operating Profit
Other Income/Expense, Net $1.300M $10.50M
YoY Change 1200.0% -197.96%
Pretax Income -$91.00M -$43.30M
YoY Change -48.5% 299.15%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$91.00M -$43.30M
YoY Change -48.5% 299.15%
Net Earnings / Revenue
Basic Earnings Per Share -$0.38
Diluted Earnings Per Share -$0.38 -$180.2K
COMMON SHARES
Basic Shares Outstanding 240.3M shares
Diluted Shares Outstanding 240.3M shares

Balance Sheet

Concept 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.6M $746.9M
YoY Change -24.57% 80565.72%
Cash & Equivalents $112.5M $746.6M
Short-Term Investments $488.1M $0.00
Other Short-Term Assets $1.000M $300.0K
YoY Change 150.0%
Inventory
Prepaid Expenses $10.80M $7.600M
Receivables
Other Receivables
Total Short-Term Assets $615.3M $754.8M
YoY Change -22.87% 1918.18%
LONG-TERM ASSETS
Property, Plant & Equipment $9.900M $5.900M
YoY Change 130.23% 268.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $2.700M
YoY Change 80.0%
Total Long-Term Assets $22.30M $13.60M
YoY Change 178.75% 209.09%
TOTAL ASSETS
Total Short-Term Assets $615.3M $754.8M
Total Long-Term Assets $22.30M $13.60M
Total Assets $637.6M $768.4M
YoY Change -20.86% 1738.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.200M $3.400M
YoY Change -73.2% 61.9%
Accrued Expenses $29.20M $15.40M
YoY Change 1617.65% 31968.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.400M $9.500M
YoY Change 34.29% 1483.33%
Total Short-Term Liabilities $43.80M $28.30M
YoY Change 47.47% 644.74%
LONG-TERM LIABILITIES
Long-Term Debt $2.300M $9.300M
YoY Change -80.34% 3000.0%
Other Long-Term Liabilities $11.20M $400.0K
YoY Change 2140.0% 33.33%
Total Long-Term Liabilities $13.50M $9.700M
YoY Change 10.66% 1516.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.80M $28.30M
Total Long-Term Liabilities $13.50M $9.700M
Total Liabilities $80.40M $69.50M
YoY Change -4.06% 1077.97%
SHAREHOLDERS EQUITY
Retained Earnings -$595.5M -$373.6M
YoY Change 80.29% 1348.06%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $557.2M $698.9M
YoY Change
Total Liabilities & Shareholders Equity $637.6M $768.4M
YoY Change -20.86% 1738.28%

Cashflow Statement

Concept 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income -$91.00M -$43.30M
YoY Change -48.5% 299.15%
Depreciation, Depletion And Amortization $1.000M $500.0K
YoY Change 150.0%
Cash From Operating Activities -$50.80M -$48.90M
YoY Change -13.12% 8595.5%
INVESTING ACTIVITIES
Capital Expenditures -$1.500M -$500.0K
YoY Change -50.0%
Acquisitions
YoY Change
Other Investing Activities -$487.6M
YoY Change
Cash From Investing Activities -$489.1M -$500.0K
YoY Change 15681.34% -99.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.400M 100.0K
YoY Change -100.29% -99.98%
NET CHANGE
Cash From Operating Activities -50.80M -48.90M
Cash From Investing Activities -489.1M -500.0K
Cash From Financing Activities -2.400M 100.0K
Net Change In Cash -542.3M -49.30M
YoY Change -171.33% -6419.46%
FREE CASH FLOW
Cash From Operating Activities -$50.80M -$48.90M
Capital Expenditures -$1.500M -$500.0K
Free Cash Flow -$49.30M -$48.40M
YoY Change -11.13%

Facts In Submission

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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 San Jose, California, is an aerospace company. The Company is designing and developing electric vertical takeoff and landing (“eVTOL”) aircraft for use in urban air mobility (“UAM”) networks. The Company’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time.</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 offerings (“Archer UAM”) with its secondary focus being business-to-business offerings (“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. 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. 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>The Ongoing COVID-19 PandemicIn 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 ongoing 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 ongoing COVID-19 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 the ongoing COVID-19 pandemic and will continue to evaluate the impact of the ongoing COVID-19 pandemic.
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us-gaap Operating Lease Payments
OperatingLeasePayments
1200000 usd
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2021Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
400000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9400000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1400000 usd
achr Number Of Leased Properties Supported By Lines Of Credit
NumberOfLeasedPropertiesSupportedByLinesOfCredit
3 property
CY2022Q2 achr Loss Contingency Number Of Patents Requested For Dismissal
LossContingencyNumberOfPatentsRequestedForDismissal
2 patent
CY2022Q2 achr Loss Contingency Number Of Original Alleged Trade Secret Violations
LossContingencyNumberOfOriginalAllegedTradeSecretViolations
52 claim
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
1 shares
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
1 shares
achr Common Stock Conversion Terms Period Following That A Founder Ceases Services To The Company
CommonStockConversionTermsPeriodFollowingThatAFounderCeasesServicesToTheCompany
P12M
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9444221 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.12
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M28D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
55900000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3006143 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11200000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
464093 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.11
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5973985 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.12
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M20D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
14900000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1102164 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.12
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y11M1D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2700000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5973985 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.12
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y10M20D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
14900000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26200000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
102800000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
76300000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
104700000 usd
CY2021Q1 achr Purchase Agreement Number Of Aircraft
PurchaseAgreementNumberOfAircraft
200 aircraft
CY2021Q1 achr Purchase Agreement Option To Purchase Additional Aircraft
PurchaseAgreementOptionToPurchaseAdditionalAircraft
100 aircraft
achr Other Warrant Expense
OtherWarrantExpense
6000000 usd
CY2022Q3 achr Other Warrant Expense
OtherWarrantExpense
6000000 usd
CY2021Q3 achr Other Warrant Expense
OtherWarrantExpense
39100000 usd
CY2021Q2 achr Other Warrant Expense
OtherWarrantExpense
117300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
CY2022Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
500000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1500000 usd
CY2021Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
500000 usd

Files In Submission

Name View Source Status
achr-20220930_cal.xml Edgar Link unprocessable
0001628280-22-029508-index-headers.html Edgar Link pending
0001628280-22-029508-index.html Edgar Link pending
0001628280-22-029508.txt Edgar Link pending
0001628280-22-029508-xbrl.zip Edgar Link pending
achr-20220930.htm Edgar Link pending
achr-20220930.xsd Edgar Link pending
exhibit101-q322.htm Edgar Link pending
exhibit311-q322.htm Edgar Link pending
exhibit312-q322.htm Edgar Link pending
exhibit321-q322.htm Edgar Link pending
exhibit322-q322.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
achr-20220930_def.xml Edgar Link unprocessable
achr-20220930_lab.xml Edgar Link unprocessable
achr-20220930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
achr-20220930_htm.xml Edgar Link completed
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