Archer Pulls Forward Boeing Deal Close After FAA Certificate

The Tip Desk · November 12, 2026 · 3 min read

Archer Aviation (ACHR) posted a $274.6 million net loss in the third quarter as it received Midnight’s Market Survey certificate and said the Boeing Wisk, Insitu and SkyGrid close is much sooner than year-end.

Archer Aviation Inc. (ACHR) said the pending acquisition of Boeing’s Wisk, Insitu and SkyGrid businesses is set to close much sooner than the year-end timing it previously indicated, with only one of nearly 20 governmental and third-party approvals outstanding.

The electric-air-taxi developer also received Midnight’s Market Survey Special Airworthiness Certificate from the FAA, unlocking piloted operations in Los Angeles in coming weeks as it prepares to carry passengers under the Department of Transportation’s eVTOL Integration Pilot Program and the LA28 Games. Founder and Chief Executive Officer Adam Goldstein said the company delivered the first Midnight to Los Angeles for the next leg of its “No Roads” tour, which it expects to begin in the coming weeks.

Revenue was $5.1 million, up from $5.0 million in the second quarter, after Archer delivered its first engines for Omen to Anduril. Net loss widened to $274.6 million from $263.2 million, an $11.4 million increase the company attributed to higher operating expenses and a $1.6 million decline in interest income, net. Adjusted EBITDA was a loss of $178.5 million, $1.4 million wider than the $177.1 million loss in the prior quarter and at the favorable end of the company’s guided range of $170 million to $200 million.

Total operating expenses rose to $294.3 million from $284.2 million. Research and development increased $12.3 million as Archer continued to invest in Midnight flight testing, certification and production, hybrid-aircraft design and AI products, partially offset by a $2.9 million decrease in general and administrative expenses. Cash, cash equivalents and short-term investments fell to $1,353.6 million from $1,560.6 million, a $207 million sequential decline tied to $164.6 million of operating cash use, $31.7 million of property and equipment purchases and a $10.0 million private-company investment.

Midnight completed the Northern California portion of the “No Roads” tour in October, including more than 300 miles of piloted flights across the Bay Area and multiple flights around San Francisco Bay in and out of Oakland International Airport. The company said the certificate allows it to mature to passenger trials and revenue operations under the eIPP and as part of LA28, with each step a building block toward Type Certification. Midnight is in the fourth and final phase of the FAA’s type-certification process, the implementation phase, with systems and equipment testing underway. Piloted transition is in the final push, with the aircraft flying faster on each flight and the company closing in on completing that milestone by year-end.

The Boeing transaction remains subject to certain regulatory approvals and other closing conditions. Archer said the deal is set to accelerate its evolution into a diversified aerospace and defense platform with significant revenue-generating operations. Insitu is described as adding over $200 million in annual revenue across 35 countries. Boeing is set to become a strategic partner and Archer’s largest shareholder. Goldstein said the goal going into 2027 is to rapidly grow Insitu’s revenue base so it can meaningfully offset continued spend to bring Midnight to market.

Archer began testing the turboshaft engine for the Halo/Thunder hybrid autonomous VTOL platform it is developing with Anduril. The program remains on track to begin full-scale flight testing in 2027. The company also announced a multi-year strategic alliance with Formula 1 to explore eVTOL air taxi services at Grand Prix events, and ITA Airways became the first European airline to join its network.

For the fourth quarter of 2026, Archer expects revenue of $5 million to $6 million and an Adjusted EBITDA loss of $185 million to $205 million.