2023 Q4 Form 10-K Financial Statement

#000162828024007963 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $27.70M $167.9M $165.1M
YoY Change -37.19% 1.7% -6.34%
% of Gross Profit
Research & Development $77.50M $276.4M $171.5M
YoY Change 30.91% 61.17% 166.72%
% of Gross Profit
Depreciation & Amortization $2.300M $5.800M $3.100M
YoY Change 35.29% 87.1% 138.46%
% of Gross Profit
Operating Expenses $107.3M $446.9M $347.4M
YoY Change -0.74% 28.64% -3.04%
Operating Profit -$446.9M -$347.4M
YoY Change 28.64% -3.04%
Interest Expense $5.600M $16.40M $2.300M
YoY Change 700.0% 613.04% 130.0%
% of Operating Profit
Other Income/Expense, Net -$7.200M -$26.90M $27.80M
YoY Change -160.0% -196.76% 162.26%
Pretax Income -$108.9M -$457.4M -$317.3M
YoY Change 14.15% 44.15% -8.77%
Income Tax $200.0K $500.0K $0.00
% Of Pretax Income
Net Earnings -$109.1M -$457.9M -$317.3M
YoY Change 14.36% 44.31% -8.77%
Net Earnings / Revenue
Basic Earnings Per Share -$1.69 -$1.32
Diluted Earnings Per Share -$0.36 -$1.69 -$1.32
COMMON SHARES
Basic Shares Outstanding 270.4M shares 240.5M shares
Diluted Shares Outstanding 270.4M shares 240.5M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $464.6M $464.6M $531.2M
YoY Change -12.54% -12.54% -28.88%
Cash & Equivalents $464.6M $464.6M $69.40M
Short-Term Investments $0.00 $0.00 $461.8M
Other Short-Term Assets $800.0K $15.60M $14.30M
YoY Change -50.0% 9.09% 81.01%
Inventory
Prepaid Expenses $7.900M
Receivables
Other Receivables
Total Short-Term Assets $480.2M $480.2M $545.5M
YoY Change -11.97% -11.97% -27.73%
LONG-TERM ASSETS
Property, Plant & Equipment $57.60M $66.50M $23.40M
YoY Change 400.87% 184.19% 125.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.200M $7.200M $4.500M
YoY Change 60.0% 60.0% 66.67%
Total Long-Term Assets $74.10M $74.10M $28.30M
YoY Change 161.84% 161.84% 108.09%
TOTAL ASSETS
Total Short-Term Assets $480.2M $480.2M $545.5M
Total Long-Term Assets $74.10M $74.10M $28.30M
Total Assets $554.3M $554.3M $573.8M
YoY Change -3.4% -3.4% -25.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.30M $14.30M $3.600M
YoY Change 297.22% 297.22% 5.88%
Accrued Expenses $94.60M $94.60M $40.40M
YoY Change 134.16% 134.16% 162.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $9.300M
YoY Change -100.0% -100.0% -2.11%
Total Short-Term Liabilities $114.0M $114.0M $53.30M
YoY Change 113.88% 113.88% 88.34%
LONG-TERM LIABILITIES
Long-Term Debt $7.200M $7.200M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $12.90M $66.00M $27.20M
YoY Change 17.27% 142.65% -14.73%
Total Long-Term Liabilities $20.10M $73.20M $27.20M
YoY Change 82.73% 169.12% -33.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.0M $114.0M $53.30M
Total Long-Term Liabilities $20.10M $73.20M $27.20M
Total Liabilities $187.2M $187.2M $80.50M
YoY Change 132.55% 132.55% 15.83%
SHAREHOLDERS EQUITY
Retained Earnings -$1.149B
YoY Change 66.28%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $367.1M $367.1M $493.3M
YoY Change
Total Liabilities & Shareholders Equity $554.3M $554.3M $573.8M
YoY Change -3.4% -3.4% -25.33%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$109.1M -$457.9M -$317.3M
YoY Change 14.36% 44.31% -8.77%
Depreciation, Depletion And Amortization $2.300M $5.800M $3.100M
YoY Change 35.29% 87.1% 138.46%
Cash From Operating Activities -$84.00M -$271.6M -$200.4M
YoY Change 25.0% 35.53% 84.87%
INVESTING ACTIVITIES
Capital Expenditures $9.000M $44.30M $6.900M
YoY Change 172.73% 542.03% 97.14%
Acquisitions
YoY Change
Other Investing Activities $0.00 $465.0M -$457.4M
YoY Change -100.0% -201.66%
Cash From Investing Activities -$9.000M $420.7M -$464.3M
YoY Change -133.46% -190.61% 13165.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $95.00M
YoY Change
Debt Paid & Issued, Net $10.00M $10.00M
YoY Change 0.0%
Cash From Financing Activities 95.80M $250.1M -$9.900M
YoY Change -3521.43% -2626.26% -101.2%
NET CHANGE
Cash From Operating Activities -84.00M -$271.6M -$200.4M
Cash From Investing Activities -9.000M $420.7M -$464.3M
Cash From Financing Activities 95.80M $250.1M -$9.900M
Net Change In Cash 2.800M $399.2M -$674.6M
YoY Change -106.5% -159.18% -194.97%
FREE CASH FLOW
Cash From Operating Activities -$84.00M -$271.6M -$200.4M
Capital Expenditures $9.000M $44.30M $6.900M
Free Cash Flow -$93.00M -$315.9M -$207.3M
YoY Change 31.91% 52.39% 85.25%

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CY2022 achr Recapitalization Transaction Costs Settled With The Issuance Of Class A Common Stock
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CY2023 us-gaap Nature Of Operations
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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”), 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 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 along with ancillary products and services to third parties.</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: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 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%">The financial statements included in this report 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>
CY2023 achr Number Of Lines Of Business
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CY2023 us-gaap Use Of Estimates
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</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%">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. </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%">On an ongoing basis, management evaluates its estimates, including those related to the: (i) realization of deferred tax assets and estimates of tax liabilities, (ii) fair value of debt, (iii) fair value of share-based payments, (iv) valuation of leased assets and liabilities, and (v) estimated useful lives of long-lived assets. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Such estimates often require the selection of appropriate valuation methodologies and models and may involve significant judgment in evaluating ranges of assumptions and financial inputs. Actual results may differ from those estimates under different assumptions, financial inputs, or circumstances.</span></div>
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69400000 usd
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