Archer Aviation Inc (NYSE:ACHR) reported worse-than-expected fourth-quarter financial results after the bell Monday. Here's a look at the details.
The Details: Archer Aviation reported quarterly losses of 34 cents per share which missed the analyst consensus estimate of losses of 28 cents by 21.43% and represents a 12.82% increase over losses of 39 cents per share from the same period last year.
“Our fourth quarter and full-year 2023 total operating expenses represent investments required to achieve the key elements of our commercialization plan. We continued to invest in the design, development, test and certification activities for our Midnight aircraft,” the company said in a letter to shareholders.
Outlook: Archer Aviation expects non-GAAP operating expenses of $75 million to $95 million for the first quarter of 2024. The company said the construction of three conforming Midnight aircraft is underway as its flight test program makes progress, and it expects to complete 400 test flights in 2024
“The Archer team is excited to announce that Midnight is now in the final phase of its certification program,” said Archer CEO Adam Goldstein.
“With the vast majority of the aircraft’s subsystems and components being sourced from leading aerospace suppliers with certification heritage we have a significantly de-risked path to certification from here. 2024 will be all about building conforming Midnight aircraft to be used in piloted for credit testing with the FAA and completing the build out, alongside Stellantis, of our volume manufacturing facility in Georgia.”
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ACHR Price Action: According to Benzinga Pro, Archer Aviation shares are trading down 6.91% after-hours at $4.58 at the time of publication.
Photo: Courtesy of Archer Aviation, Inc.