10-Q · May 11, 2026
Archer Aviation reported Q1 2026 earnings with total revenue of $1.6 million, reflecting a 100% increase compared to the prior year's zero revenue. The company experienced a diluted EPS of -$0.28, slightly missing…
Earnings analysis · 10-Q
ACHR earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Archer reported $5.0 million of revenue and diluted EPS of negative $0.34 for Q2 2026; revenue increased 150% sequentially from $2.0 million, but the EPS loss worsened from negative $0.28 in Q1. Liquidity remained…
Read full summary
Archer reported $5.0 million of revenue and diluted EPS of negative $0.34 for Q2 2026; revenue increased 150% sequentially from $2.0 million, but the EPS loss worsened from negative $0.28 in Q1. Liquidity remained substantial at $1,560.6 million of cash, cash equivalents and short-term investments, although free cash flow, cash-flow detail, margins and segment results were not available in the supplied filing text. The proposed Boeing acquisition creates strategic opportunities but introduces significant closing, integration, dilution and financing risks, including Boeing’s potential 19.75% pre-closing share issuance and two $100.0 million warrants.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.34
What stood out
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Revenue Accelerated Sequentially
Revenue was $5.0 million, up 150% from $2.0 million in Q1 2026 and substantially above the $0.3 million reported in Q4 2025.
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EPS Loss Worsened Sequentially
Diluted EPS was negative $0.34, down from negative $0.28 in Q1 2026 but improved from negative $0.36 in Q2 2025.
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Large Liquidity Reserve
The company held $1,560.6 million of cash, cash equivalents and short-term investments as of June 30, 2026, primarily in money market funds, U.S. Treasuries and corporate bonds.
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Strategic Acquisition Advances
The proposed acquisition would provide Boeing with 19.75% of Archer’s shares outstanding immediately before closing, subject to specified adjustments, and Boeing is expected to hold approximately 16.5% after closing before warrant exercise.
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Controls Remained Effective
Management states that disclosure controls were effective as of June 30, 2026, and that there were no changes in internal control during the quarter that materially affected, or were reasonably likely to materially affect, internal control over financial reporting.
What to watch
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Acquisition Closing Uncertainty
The proposed acquisition may be delayed or fail to close because it remains subject to regulatory approvals and other closing conditions. The filing states that the Purchase Agreement may be terminated and that Archer may not realize the anticipated benefits.
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Material Acquisition Dilution
Closing would immediately dilute existing holders through shares issued to Boeing equal to 19.75% of pre-closing shares. The transaction also includes two $100.0 million warrants with exercise prices of $13.00 and $17.88, plus a Forward Equity Purchase Agreement of up to $55.0 million.
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Warrant Overhang and Dilution
The company issued Stellantis a fully vested warrant for 1,539,154 shares at an exercise price of $0.01 per share on August 9, 2026. Separately, approximately 25.4 million shares were issuable under outstanding public and private warrants at an $11.50 exercise price as of June 30, 2026, with public warrants scheduled to expire September 16, 2026.
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Integration and Compliance Execution
Integration could be complex and costly because Archer would become subject to government-contracting and export-control regimes, while management has limited experience operating Insitu’s defense-contracting and unmanned-systems businesses. The filing states that many acquisition costs will be incurred even if the transaction is not completed.
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Variable-Rate Borrowing Exposure
The Synovus Loan bears interest at SOFR plus 2.0%, subject to a 0.0% SOFR floor, exposing the company to higher borrowing costs if rates rise.
Management's outlook
No quantitative revenue or EPS guidance was provided in the available 10-Q text; numeric outlook appears deferred to the earnings release or call.
Earlier filings 4
10-K · March 2, 2026
Archer positions itself to commercialize the Midnight eVTOL (commercial air taxi) and a dual‑use hybrid VTOL for defense, pursuing certification and early deployments; the FAA fully accepted Midnight’s Means of…
10-Q · August 11, 2025
Archer reported no revenue for the quarter and posted a net loss of $206.0 million (EPS $(0.36)) for the three months ended June 30, 2025, versus a net loss of $106.9 million (EPS $(0.32)) in the prior-year quarter.…
10-Q · May 12, 2025
Archer reported no revenue for Q1 2025, posted a net loss of $93.4 million (EPS $(0.17)) versus a loss of $116.5 million (EPS $(0.36)) in Q1 2024, and materially strengthened liquidity to $1,030.4 million in cash and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.