- Archer Aviation Inc (NYSE: ACHR) reported a first-quarter net loss of $(59.2) million, wider than the $(43.3) million loss in 4Q21 and narrower than the $(94.9) million loss in 1Q21.
- Adjusted EBITDA loss expanded to $(39.1) million from $(15.6) million a year ago.
- Total operating expenses were $65.3 million for the quarter, a sequential reduction from $53.3 million and a decrease from $94.9 million in 1Q21.
- Archer Aviation ended the quarter with $702.4 million in cash and cash equivalents as of March 31, 2022.
- Net cash used in operating activities totaled $(36.8) million, compared to $(12) million a year ago.
- "We support the FAA’s effort to put a more comprehensive certification framework in place for our industry. We don’t believe the rule transition from 14 CFR 21.17a to 21.17b will have a material impact on our certification timeline," commented Adam Goldstein, Archer’s Co-Founder and CEO.
- 2Q22 Outlook: Archer Aviation expects GAAP total operating expenses of $80 million - $86 million and Non-GAAP total operating expenses of $47 million - $53 million.
- Price Action: ACHR shares are trading higher by 7.85% at $3.51 on the last check Thursday.
Read at Benzinga