$ACHR
Archer Aviation Inc.

2024 Q3 Form 10-Q Financial Statement

#000162828024046438 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $32.20M -$21.70M
YoY Change -248.39% -153.45%
% of Gross Profit
Research & Development $89.80M $67.80M
YoY Change 32.45% 44.26%
% of Gross Profit
Depreciation & Amortization $2.800M $1.800M
YoY Change 55.56% 80.0%
% of Gross Profit
Operating Expenses $122.1M $46.20M
YoY Change 164.29% -50.75%
Operating Profit -$122.1M -$46.20M
YoY Change 164.29% -50.75%
Interest Expense $5.500M $5.100M
YoY Change 7.84% 240.0%
% of Operating Profit
Other Income/Expense, Net $1.400M -$10.40M
YoY Change -113.46% -900.0%
Pretax Income -$115.2M -$51.50M
YoY Change 123.69% -43.41%
Income Tax $100.0K $100.0K
% Of Pretax Income
Net Earnings -$115.3M -$51.60M
YoY Change 123.45% -43.3%
Net Earnings / Revenue
Basic Earnings Per Share -$0.29 -$0.19
Diluted Earnings Per Share -$0.29 -$0.19
COMMON SHARES
Basic Shares Outstanding 397.5M shares 277.7M shares
Diluted Shares Outstanding 397.5M shares 277.7M shares

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $501.7M $461.4M
YoY Change 8.73% -23.18%
Cash & Equivalents $501.7M $461.4M
Short-Term Investments $0.00
Other Short-Term Assets $3.600M $3.100M
YoY Change 16.13% 210.0%
Inventory
Prepaid Expenses $11.00M $3.900M
Receivables
Other Receivables
Total Short-Term Assets $523.0M $475.7M
YoY Change 9.94% -22.69%
LONG-TERM ASSETS
Property, Plant & Equipment $113.1M $49.90M
YoY Change 126.65% 404.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.600M $4.100M
YoY Change 85.37% 355.56%
Total Long-Term Assets $128.5M $63.90M
YoY Change 101.1% 186.55%
TOTAL ASSETS
Total Short-Term Assets $523.0M $475.7M
Total Long-Term Assets $128.5M $63.90M
Total Assets $651.5M $539.6M
YoY Change 20.74% -15.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.50M $15.60M
YoY Change 50.64% 200.0%
Accrued Expenses $58.30M $95.40M
YoY Change -38.89% 226.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $2.300M
YoY Change -100.0%
Long-Term Debt Due $0.00 $2.300M
YoY Change -100.0% -75.53%
Total Short-Term Liabilities $86.70M $117.0M
YoY Change -25.9% 167.12%
LONG-TERM LIABILITIES
Long-Term Debt $64.00M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $12.60M $11.80M
YoY Change 6.78% 5.36%
Total Long-Term Liabilities $76.60M $11.80M
YoY Change 549.15% -12.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.70M $117.0M
Total Long-Term Liabilities $76.60M $11.80M
Total Liabilities $183.8M $175.1M
YoY Change 4.97% 117.79%
SHAREHOLDERS EQUITY
Retained Earnings -$1.488B -$1.040B
YoY Change 43.07% 74.59%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $467.7M $364.5M
YoY Change
Total Liabilities & Shareholders Equity $651.5M $539.6M
YoY Change 20.74% -15.37%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$115.3M -$51.60M
YoY Change 123.45% -43.3%
Depreciation, Depletion And Amortization $2.800M $1.800M
YoY Change 55.56% 80.0%
Cash From Operating Activities -$97.20M -$66.80M
YoY Change 45.51% 31.5%
INVESTING ACTIVITIES
Capital Expenditures $19.60M $15.80M
YoY Change 24.05% -1153.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$19.60M -$15.80M
YoY Change 24.05% -96.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 258.1M 136.5M
YoY Change 89.08% -5787.5%
NET CHANGE
Cash From Operating Activities -97.20M -66.80M
Cash From Investing Activities -19.60M -15.80M
Cash From Financing Activities 258.1M 136.5M
Net Change In Cash 141.3M 53.90M
YoY Change 162.15% -109.94%
FREE CASH FLOW
Cash From Operating Activities -$97.20M -$66.80M
Capital Expenditures $19.60M $15.80M
Free Cash Flow -$116.8M -$82.60M
YoY Change 41.4% 67.55%

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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="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%">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 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%">Upon receipt of all necessary 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 style="margin-top:10pt"><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 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 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="margin-top:10pt"><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 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 Company also plans to selectively sell a certain amount of its eVTOL aircraft along with ancillary products and services to third parties.</span></div>
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3800000 usd
CY2024Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
100000 usd
CY2023Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
500000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
400000 usd
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
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
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3174114 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.12
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19100000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
776766 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3200000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
56988 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.10
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2340360 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6800000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1477280 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4300000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2340360 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
6800000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21400000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-27400000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
84900000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24800000 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
0 usd
CY2024Q3 achr Other Warrant Expense
OtherWarrantExpense
0 usd
CY2023Q3 achr Other Warrant Expense
OtherWarrantExpense
0 usd
achr Other Warrant Expense
OtherWarrantExpense
2100000 usd
CY2024Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
100000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
400000 usd
CY2023Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
100000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
300000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2024Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2023Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 usd
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001628280-24-046438.txt Edgar Link pending
0001628280-24-046438-xbrl.zip Edgar Link pending
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achr-20240930_cal.xml Edgar Link unprocessable