Archer Aviation has recently released its 10-K report, providing a detailed look at its financial performance and operations for the year ended December 31, 2024. The company, headquartered in San Jose, California, is focused on designing, developing, and operating electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. In addition to its commercial line of business, Archer has also ventured into the defense sector, partnering with Anduril to develop next-generation aircraft for defense applications.
In the year ended December 31, 2024, Archer Aviation reported operating expenses of $509.7 million, representing a 14.1% increase from the previous year. The company's loss from operations amounted to $509.7 million, up from $446.9 million in 2023. Despite not generating significant revenue from its planned lines of business, Archer Aviation remains focused on advancing its technology development, as evidenced by a 29.4% increase in research and development expenses, which reached $357.7 million in 2024.
The company's general and administrative expenses decreased by 9.7% to $152.0 million in 2024. This reduction was primarily attributed to a decrease in charges related to warrants issued to Wisk Aero LLC and a reversal of previously recognized stock-based compensation expenses associated with the forfeiture of unvested restricted stock units granted to the company's founders.
Archer Aviation also reported a net loss of $536.8 million for the year ended December 31, 2024, compared to a net loss of $457.9 million in the previous year. The company's liquidity position as of December 31, 2024, was supported by cash and cash equivalents of $834.5 million, which management believes will be sufficient to meet its working capital and capital expenditure requirements for at least the next 12 months.
As a result of these announcements, the company's shares have moved 4.0% on the market, and are now trading at a price of $8.23. For more information, read the company's full 10-K submission here.
