Summary by Moomoo AI
Archer Aviation, a company developing electric vertical takeoff and landing (eVTOL) aircraft, has not recognized any revenue as of March 31, 2024, remaining in the pre-revenue stage. The company recorded a net loss of $116.5 million for the three months ended March 31, 2024, a slight increase from the $113.1 million net loss in the same period in 2023. Research and development expenses rose by 26.9% to $83.5 million, while general and administrative expenses increased by 33.1% to $58.7 million. The company's other warrant expense decreased to zero, down from $2.1 million in the previous year. Archer Aviation's liquidity position includes cash and cash equivalents of $405.8 million, which they believe will sustain operations for at least the next 12 months. In business development, Archer Aviation entered into agreements with United...Show More