NEWS
Archer Announces Key Terms Of Contract Manufacturing Relationship With Stellantis–Representing Up To ~$400M To Help Scale Midnight Production To 650 Aircraft Annually–Secures $230M In Additional Equity Capital From Strategic & Institutional Investors
Archer Aviation Inc. (NYSE: ACHR) announced key developments in Q2 2024:
1. Agreement with Stellantis for up to ~$400M in manufacturing support, including labor costs and capital expenditures.
Archer Aviation Inc. (NYSE: ACHR) announced key developments in Q2 2024:
1. Agreement with Stellantis for up to ~$400M in manufacturing support, including labor costs and capital expenditures.
2. Secured $230M in additional equity capital from strategic and institutional investors.
3. Unveiled planned Los Angeles air taxi network with multiple vertiports.
4. Delivered first Midnight aircraft to the U.S. Air Force under a $142M contract.
5. Announced Future Flight Global's plan to purchase up to 116 Midnight aircraft, bringing Archer's indicative order book to nearly $6B.
6. Q2 2024 financial results: GAAP total operating expenses of $121.2M, net loss of $106.9M, and cash and cash equivalents of $360.4M.
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