Short answer
Archer Aviation Inc. (ACHR) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $300,000 and net income of −$618M.
- Top risk flagged: FAA final airworthiness criteria for Midnight aircraft issued May 2024 under 14 CFR Part 21.17(b)
FY2025 key financial metrics · XBRL
- Revenue
- $300,000
- Net income
- −$618M
- −15.2% YoY
- Operating margin
- -243100.0%
- EPS (diluted)
- −$0.99
- +30.3% YoY
- ROE
- -28.1%
- +43.3 pp YoY
- Operating cash flow
- −$433M
- −17.4% YoY
Source: XBRL data from the Archer Aviation Inc. (ACHR) FY2025 10-K on SEC EDGAR. USD.
Archer Aviation Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: development and commercialization of eVTOL aircraft and advanced aviation technologies for commercial air taxi and defense markets
- New emphasis on dual-use hybrid-electric autonomous VTOL aircraft for defense and commercial cargo/medical evacuation, leveraging partnership with Anduril
- Strategic shift: acquisition of Hawthorne Airport as operational and innovation hub, supporting U.S. air taxi network and AI-powered aviation tech development
- Notable metric: first third-party adoption of electric powertrain by Anduril and EDGE Group for autonomous defense air vehicle announced November 2025
- Unique fact: active participation and multi-state applications in White House eVTOL Integration Pilot Program to accelerate U.S. air taxi deployment
Management Discussion & Analysis
- Revenue $0.3M in 2025 vs $0 in 2024, from Hawthorne Airport hangar lease
- Operating loss $729.3M in 2025 vs $509.7M in 2024; R&D up 38.1% to $493.9M, G&A up 54.9% to $235.4M
- No segments generating significant revenue; commercial and defense lines still in development
- Net cash used in operations $432.9M in 2025 vs $368.6M in 2024; financing raised $1.8B in 2025 including direct offerings and PIPE financings
- Management expects continued losses, increased R&D and capex for aircraft development, manufacturing scale-up, and UAM infrastructure expansion
Risk Factors
- FAA final airworthiness criteria for Midnight aircraft issued May 2024 under 14 CFR Part 21.17(b)
- Exposure to UAE market regulation via GCAA’s Restricted Type Certification for early commercial operations
- Production certification dependent on FAA approval of manufacturing systems and quality controls for Midnight aircraft
- Competitive risk from potential market entrants in urban air mobility with piloted eVTOL aircraft
- Key-person dependency on pilot training academy enabled by Part 141 Certificate and specialized engineering talent
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