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    ACHR
    Earnings call· Jun 2026(Q2 FY26)

    Archer Aviation Q2 FY26 earnings call ACHR

    Aug 10, 2026 Source

    Executive summary

    Archer Aviation Q2 FY26 — Strategic Diversification via Boeing Transaction and AI/UAS Expansion

    Archer Aviation announced a transformative transaction with Boeing, acquiring Wisk Aero, Insitu, and SkyGrid, marking a significant strategic diversification beyond air taxis into unmanned aircraft systems (UAS) and AI. This move is expected to accelerate the path to revenue generation and profitability, leveraging Insitu's existing profitable business and Wisk's autonomy expertise. The company remains focused on advancing its Midnight air taxi program while aiming to keep cash burn relatively flat post-acquisition.

    Highlights

    5

    • Entered into agreements to acquire Wisk Aero, Insitu, and SkyGrid from Boeing, with Boeing taking a strategic equity stake in Archer, accelerating diversification into UAS and AI.

    • Insitu, one of the acquired companies, is profitable today with over $200 million in annual revenue.

    • Q2 revenue grew to $5 million, a 213% increase over last quarter, driven by operations at Hawthorne Airport.

    • Maintained a strong balance sheet with $1.6 billion in liquidity at the end of Q2.

    • Adjusted EBITDA loss of $177 million was at the lower end of the guidance range of $170 million to $200 million.

    Guidance & targets

    5
    CategoryTargetConfidence
    Adjusted EBITDA loss
    $170 million to $200 million
    medium materiality
    High
    Insitu Free Cash Flow
    positive free cash flow
    high materiality
    High
    ZEE AI solutions revenue and profitability
    revenue generating and profitable
    medium materiality
    Medium
    Halo/Thunder customer deliveries
    customer deliveries in '29 and scaling 2030
    medium materiality
    Medium
    Halo/Thunder first flight
    in the air next year
    medium materiality
    High

    Operational metrics

    9
    Liquidity
    $1.6 billion
    Q2 FY26

    Archer maintained a very healthy balance sheet.

    Revenue
    $5 million213% increase over last quarter
    Q2 FY26

    Driven by growth in operations at the Hawthorne Airport in L.A.

    Adjusted EBITDA loss
    $177 millionlower end of guidance range
    Q2 FY26

    On the lower end of guidance range of $170 million to $200 million, only a slight increase quarter-over-quarter.

    Insitu annual revenue
    $200 million
    annual

    Insitu is profitable today with this annual revenue.

    Insitu UAS built
    4,000
    to date

    Insitu has built more than 4,000 Group 2 and 3 UAS to date.

    Insitu autonomous flight hours
    2 million
    to date

    Those UAS have flown nearly 2 million flight hours autonomously, giving it one of the largest data sets of its kind.

    Midnight piloted test flights
    over 150
    Q2 FY26

    We've flown over 150 piloted test flights and we're flying up to 5 times a day and many flights over 50 miles, and we're flying between airports now.

    Midnight flights per day
    up to 5
    Q2 FY26

    We've flown over 150 piloted test flights and we're flying up to 5 times a day and many flights over 50 miles, and we're flying between airports now.

    Midnight flight distance
    over 50 miles
    Q2 FY26

    We've flown over 150 piloted test flights and we're flying up to 5 times a day and many flights over 50 miles, and we're flying between airports now.

    Product announcements

    3
    ProductTypeDetails
    Halo/Thunder platformlaunch
    ZEE foundation modellaunch
    ACES (American Consortium for Electric Skyways)launch

    Deals & partnerships

    4
    BoeingAcquisition of Wisk Aero, Insitu, and SkyGrid from Boeing in exchange for Boeing taking a strategic equity stake in Archer.

    Archer entered into agreements to acquire 3 highly innovative Boeing-owned companies, Wisk Aero, Insitu and SkyGrid. Boeing will take a strategic equity stake in Archer. The deal structure is all stock with a lockup. The core of the deal is to jointly drive innovation across aerospace, defense and autonomy.

    AndurilPartnership to build an autonomous, dual-use loyal wingman for attack reconnaissance helicopters (Halo/Thunder platform).

    Archer partnered with Anduril to build the Halo/Thunder platform, an autonomous, dual-use loyal wingman for attack reconnaissance helicopters. Anduril will missionize the aircraft for defense products.

    MarubeniCustomer for the Halo platform for commercial use cases.

    Marubeni is an earlier announced customer for the Halo platform, indicating commercial interest in its capabilities for non-defense use cases like search and rescue or offshore energy.

    BETA and MacquarieCo-launched ACES (American Consortium for Electric Skyways) to deploy interoperable charging infrastructure.

    Archer co-launched ACES with BETA and Macquarie, an industry-first approach to deploy interoperable charging infrastructure across the U.S. and align OEMs on a unified approach.

    What to watch in Q3 FY26

    4

    Boeing transaction closing

    by the end of the year
    CurrentAnnounced, pending regulatory approval
    TargetClosed

    Why it matters

    The closing of this transaction is foundational to Archer's diversified strategy, integrating key assets and establishing a strategic partnership with Boeing.

    We anticipate closing the transaction by the end of the year.

    Q&A highlights

    6

    How do Halo/Thunder and Midnight platforms compare technically, and what are the implications for production scaling and shared components?

    Halo/Thunder is a clean-sheet platform for heavier payloads, longer distances, and faster speeds, targeting different missions. It leverages core technology building blocks from Midnight (batteries, electric motors, flight control software) but incorporates a hybrid system for extended range. The goal is to be in the air next year, with customer deliveries in 2029-2030.

    “The way to think about Halo and Thunder is this is a clean-sheet new platform targeted at a totally different mission than Midnight. So this new aircraft is targeted at flying heavier payloads much further, much faster than we can do with Midnight...”

    asked by Savanthi Syth · answered by Thomas Muniz

    2 min read5 chapters

    Detailed Narrative

    01

    Strategic Diversification through Boeing Transaction

    Archer announced a significant transaction with Boeing, acquiring Wisk Aero, Insitu, and SkyGrid. This deal involves Boeing taking a strategic equity stake in Archer and is expected to close by year-end. The acquisition diversifies Archer into unmanned aircraft systems (UAS) and AI, complementing its core air taxi mission. Insitu is highlighted as a profitable business with over $200 million in annual revenue, providing an immediate revenue base for Archer.

    02

    Halo/Thunder Platform Development

    Archer unveiled the Halo/Thunder platform, a clean-sheet autonomous hybrid aircraft designed for both commercial (logistics, humanitarian, medical, maritime) and defense applications. This platform leverages learnings from eVTOL development and aims for first flight next year, with customer deliveries targeted for 2029 and scaling in 2030. The acquisition of Wisk's autonomy expertise is expected to accelerate the Halo/Thunder program, utilizing its advanced flight control and sensor technology.

    03

    ZEE AI Platform and SkyGrid Integration

    Archer introduced ZEE, an aviation-specific foundation model built on diverse data sources like ADS-B, ATC communications, and weather data. ZEE has already demonstrated highly accurate real-time prediction of airport surface trajectories. The acquisition of SkyGrid, an air traffic management product, is expected to combine with ZEE to deliver a next-gen air traffic management solution, with a goal for AI solutions to be revenue-generating and profitable as early as next year.

    04

    Midnight Air Taxi Program Progress

    The Midnight air taxi program continues to be a top priority, with significant progress in Q2. The company flew multiple piloted aircraft almost daily, including intercity flights in California. Archer remains in the fourth and final phase of the FAA's type certification process with a fully accepted means of compliance, and the FAA approved its quality management system. Operations in the L.A. area and under the White House's eIPP in Texas are expected to commence later this year.

    05

    Financial Strength and Cash Management

    Archer reported a strong financial position with $1.6 billion in liquidity at the end of Q2. Revenue increased by 213% quarter-over-quarter to $5 million. The Q2 adjusted EBITDA loss of $177 million was at the lower end of guidance. Management expects to keep the net cash burn relatively flat post-acquisition close and through integration, leveraging Insitu's positive free cash flow and the alignment of Midnight and Halo development timelines to efficiently manage engineering talent and investment.

    AI-generated summary of the company’s earnings call. Not investment advice.