Archer Aviation reported a $274.6 million third-quarter net loss on $5.1 million in revenue, with its loss per share widening year over year as it continued testing its Midnight aircraft program.
Archer reported the results in a third-quarter release filed with the U.S. Securities and Exchange Commission (SEC). Its per-share loss was 35 cents, compared with 20 cents in the year-earlier quarter.
Archer is developing Midnight, an electric vertical takeoff and landing aircraft. The Federal Aviation Administration (FAA) granted the aircraft a Market Survey Special Airworthiness Certificate, Archer said Monday, Nov. 9. The company said the approval supports piloted flights in Los Angeles within weeks as it prepares for passenger operations. EconoTimes previously covered Archer’s planned piloted flights in Los Angeles.
Archer said its October No Roads demonstrations covered more than 300 miles of piloted flight in Northern California, including routes near San Francisco Bay and Oakland International Airport.
