Archer is developing Midnight, a piloted electric vertical-takeoff-and-landing aircraft designed to carry passengers between urban vertiports. In July, the aircraft completed a piloted round trip between Salinas Municipal Airport and Monterey Regional Airport, with each flight taking about nine minutes compared with more than 35 minutes by car. The company said the flights were conducted in coordination with the Federal Aviation Administration as it prepared for potential operations under the eVTOL Integration Pilot Program later in 2026.
The company’s financial results show that the commercialization effort remains expensive. Archer forecast an adjusted EBITDA loss of $170 million to $200 million for the third quarter.
Regulatory progress has continued outside the United States. In May, the United Arab Emirates’ General Civil Aviation Authority moved Midnight into a Restricted Type Certificate program, a pathway intended to support limited initial commercial operations. Archer and the regulator said work was advancing across aircraft certification, operations, maintenance, crew training, airspace, vertiports, security and oversight, with Abu Dhabi Aviation identified as the local operating partner.
Archer also has a longer-term commercial target in Los Angeles.
The investment case therefore turns on execution rather than the share-price decline alone. Archer has demonstrated flight-test progress, built a substantial cash reserve and opened regulatory pathways in the UAE, but it is still spending heavily while proving that its aircraft can be certified, produced at scale and operated profitably. A lower stock price may appeal to investors willing to tolerate extended losses and uncertainty, while the same unresolved milestones remain a significant risk for those seeking established revenue and earnings.