Archer Aviation Q3 2026: Revenue Beats, Boeing Deal Nearly Done

Archer Aviation reported Q3 2026 revenue of $5.1 million, beating the consensus estimate. The revenue beat was driven by defense-side activity, specifically the first deliveries of electric engines and battery packs to Anduril for its Omen autonomous air vehicle program. The GAAP loss per share came in at $0.35, missing expectations, with the gap largely explained by stock-based compensation, Stellantis warrant expense, acquisition-related costs, and litigation charges.

The more consequential news surrounds the pending acquisition of Boeing assets including Wisk, Insitu, and SkyGrid. CEO Adam Goldstein said only one of nearly 20 governmental and third-party approvals remains outstanding, pushing the closing date well ahead of the prior year-end target. Insitu alone is expected to add over $200 million in annual revenue once the deal closes, and management has explicitly flagged growing that business in 2027 as a way to offset the ongoing cost of bringing the Midnight air taxi to market.

On the commercial aviation front, Archer received an FAA Market Survey Special Airworthiness Certificate for the Midnight aircraft, clearing the way for piloted operations in Los Angeles within weeks. The company delivered its first Midnight to Hawthorne Airport as part of its broader Los Angeles buildout, which includes planned vertiports at SoFi Stadium, USC, and L.A. LIVE. Goldstein also said Archer is in the final push on the piloted transition flight milestone, targeting completion by year-end.

For Q4 2026, management guided revenue of $5 million to $6 million and an Adjusted EBITDA loss of $185 million to $205 million. The company ended Q3 with $785.1 million in cash and equivalents, though liquidity fell during the quarter as operating cash outflows climbed. Capital expenditures rose 55% year over year, reflecting the ramp in infrastructure and flight-testing activity.

Beyond the core air taxi business, Archer is extending its defense footprint through the Halo/Thunder autonomous hybrid-electric platform developed with Anduril, with a first full-scale flight planned for late 2027. The company has also announced Texas air taxi networks in Dallas, Houston, and Austin, signed a multi-year alliance with Formula 1, and added ITA Airways as its first European airline partner. The Boeing transaction closing, whenever it comes, will make Boeing Archer's largest shareholder and bring a technology-sharing arrangement alongside the revenue-generating assets.