Archer Aviation Inc. has reported its operating and financial results for the fourth quarter and full year ending 31 December 2025, confirming progress toward planned piloted vertical take-off and landing (VTOL) operations in the United States and the United Arab Emirates.

The company stated that its air taxi pilot programmes remain on track for 2026, with Archer targeting its first passenger-carrying flights during that year.

Operational progress and flight testing

Archer is continuing to expand its Midnight aircraft fleet and flight test programme. The newest aircraft has entered its VTOL flight test campaign and will progress through increasingly advanced test points ahead of a full piloted transition flight.

Additional Midnight aircraft are expected to enter service in stages throughout 2026, supporting Archer’s growing test fleet.

With this expanding fleet, the company intends to conduct piloted VTOL operations as part of the White House’s eVTOL Integration Pilot Program (eIPP) in the United States. Archer is also preparing for piloted VTOL operations in the United Arab Emirates as part of its planned commercial launch activities in the region.

FAA certification milestone

Archer reported that it has received final acceptance from the Federal Aviation Administration (FAA) for 100% of the Means of Compliance for its Midnight eVTOL aircraft.

Means of Compliance defines the FAA-agreed criteria through which Archer will demonstrate that the aircraft meets its airworthiness requirements. According to the company, completing this stage allows the remaining certification plans to be finalised with the regulator.

Archer expects those certification steps to be completed in the coming quarters, enabling Type Inspection Authorization activities to begin on the Midnight programme.

Expansion into defence and technology partnerships

The company also highlighted expansion in defence-related opportunities. Archer is collaborating with Anduril to develop an autonomous hybrid-electric VTOL aircraft designed for dual-use applications.

In November, Archer announced its first third-party powertrain agreement with Anduril and the UAE-based EDGE Group. The agreement will provide powertrain technology for the Omen autonomous air vehicle.

Archer has also established a new engineering hub in Bristol in the United Kingdom. The facility will support collaboration with Anduril UK and GKN, initially focusing on work related to uncrewed vehicle programmes.

Financial position and investment

Archer reported record liquidity at the end of 2025 of approximately US$2.0 billion, representing the highest quarter-ending liquidity in the company’s history.

Cash, cash equivalents and short-term investments for the year totalled US$1.964 billion, an increase of US$1.13 billion compared with 2024. The company used US$432.9 million in operating activities and US$78.8 million for investment in property and equipment during the year.

Operating expenses increased to US$729.6 million in 2025 as Archer continued to invest in aircraft development, testing, certification and production, as well as preparations for global air taxi operations.

Net loss for the full year reached US$618.2 million, reflecting increased investment in development and operational capabilities.

Outlook for 2026

For the first quarter of 2026, Archer expects an Adjusted EBITDA loss of between US$160 million and US$180 million as development and operational investments continue.

Commenting on the results, Archer founder and CEO Adam Goldstein stated that the company’s long-term strategy is beginning to show results as its aircraft development, certification progress and operational planning converge.