Key Highlights

  • Archer reported a second-quarter 2026 net loss of $263.2 million and an adjusted EBITDA loss of $177.1 million, but held about $1.56 billion in cash.
  • The company agreed to acquire Boeing's Wisk Aero, Insitu, and SkyGrid units, with Boeing taking a strategic stake and forming collaboration arrangements.
  • In July 2026 Archer completed a piloted round-trip flight between two California airports, a step towards launching Midnight operations later in the year.
  • Insitu alone is said to contribute more than $200 million in annual revenue, giving Archer near-term Revenue outside its core air-taxi timeline.

Certification milestones matter for Archer Aviation (NYSE:ACHR) because, without regulatory approval, the company cannot carry a single paying passenger. Archer is developing an electric vertical take-off and landing aircraft, an eVTOL, or air taxi, called Midnight, and winning certification from the US Federal Aviation Administration is the single most important gate between Archer and revenue from its air-taxi business.

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Big Losses, a Big Cash Cushion

For the second quarter of 2026, Archer reported a net loss of $263.2 million and an adjusted EBITDA loss of $177.1 million, the heavy spending of a company developing and certifying a new aircraft before it earns meaningful revenue. Crucially, though, it held about $1.56 billion in cash, cash equivalents, and short-term investments, a large war chest that funds its development.

The Boeing Transaction

The quarter's strategic headline was an agreement for Archer to acquire Boeing's Wisk Aero, Insitu, and SkyGrid units, with Boeing taking a strategic stake and forming collaboration arrangements. Insitu alone is said to contribute more than $200 million in annual revenue, and the deal pairs Archer's air-taxi ambitions with Boeing's engineering heritage and defense relationships.

Progress Towards Flight

In July 2026 Archer completed a piloted round-trip flight between two California airports, which it described as a critical step towards launching Midnight operations later in the year under an early operating program. It continues to expand flight testing, certification work, and production activities, though full FAA type certification remained the goal rather than an accomplished fact.

The Long Road to Commercial Flight

Certification is the first and largest gate, but even a certified aircraft is only the beginning: the company must then manufacture aircraft reliably and affordably at scale, build or secure the infrastructure air taxis require, train pilots, and secure operating approvals in each city. The Boeing transaction, by bringing in established aerospace-and-defense Assets with real revenue, is strategically significant because it gives Archer a source of activity and income that doesn't depend on the air-taxi timeline.

Risks

Archer is pre-revenue in its core air-taxi Business and losing hundreds of millions of dollars a quarter, so it depends on its cash and, potentially, on raising more, which could dilute shareholders. Certification is uncertain in both outcome and timing, and even once certified, Archer must manufacture aircraft at scale and prove the Economics of air-taxi services, none of which is guaranteed. Competition in eVTOL is fierce.

Time Is What the Programme Needs Most

The signals that matter are progress on FAA type certification of the Midnight aircraft, the cash balance and Burn Rate against the roughly $1.56 billion on hand, the integration and revenue contribution of the acquired Boeing assets, and Manufacturing and flight-testing milestones. Archer Aviation is a well-funded leader in a potentially transformative industry, but until its aircraft are certified and flying passengers commercially, certification milestones are what will truly shape its future.