SANTA CLARA, California – Archer’s Flight Inc. (NYSE: ) has announced the successful completion of a critical transition flight by the Midnight eVTOL aircraft on June 8, marking an important step towards commercial viability. The Midnight model, which weighs approximately 6,500 pounds, is one of the heaviest eVTOLs to reach this milestone.
Transition flight is an important test in which the aircraft flies vertically and transitions to resume winged flight, a challenging feat that few companies have attempted.
Archer, which focuses on electric vertical takeoff and landing aircraft for urban air mobility, has now successfully transitioned two full-size eVTOL aircraft. The company’s first-generation EVTOL, the Maker, achieved transition in November 2022 and continues to be part of ongoing flight tests. The final midnight transition was just seven months after the initial flight, showing the Archer’s rapid progress.
The successful transition is a testament to the engineering expertise at Archer, with the company’s CTO, Tom Muniz, and Chief Engineer, Dr. Geoff Bower, who has previously built and flown seven full-scale eVTOL aircraft during his career. Dr Bower highlighted the importance of this achievement, noting that Midnight is not only one of the largest eVTOLs to complete the transition but also one of the first designed to carry a passenger load suitable for air taxi service.
Following this milestone, the Midnight flight test program will continue to simulate commercial route flights to prove operational readiness, including high-level flight operations and developing speed and endurance capabilities. Archer has also taken steps to comply with regulations, having received Part 135 and Part 145 certificates from the FAA and is one of two companies that have the final airworthiness criteria for eVTOL aircraft issued by the FAA.
Midnight is currently in the final stages of its Type Certification program, with flight testing scheduled to begin later this year.
Archer’s vision is to transform urban travel by offering electric air taxi flights that reduce commuting time compared to traditional car transport. The Midnight aircraft is designed to accommodate four passengers and is optimized for rapid consecutive flights with minimal charging time.
This information is based on a press release statement from Archer Aviation.
In other recent news, Archer Aviation Inc. continues to make significant progress in the aviation industry. The Federal Aviation Administration (FAA) has granted the company a Part 135 Air Carrier & Operator Certificate, an important regulatory milestone that allows Archer to begin commercial operations. In addition, Archer has reported a strong first quarter in 2024, exceeding flight test targets for its flagship electric aircraft, the Midnight, and maintaining strong liquidity of around $523 million.
The company has also announced a joint venture with KakaoMobility, Korea’s leading taxi-hailing and ridesharing platform, aiming to integrate Archer’s Midnight aircraft into Kakao T for air taxi flights starting in 2026. This partnership is part of Archer’s collaboration with the FAA. and its progress in introducing innovative urban air mobility solutions.
Canaccord Genuity has maintained a Buy rating on Archer Aviation, highlighting the company’s international expansion and business model. The FAA has also issued final airworthiness criteria for Archer’s Midnight aircraft, a step necessary to achieve Type Certification for the eVTOL model.
InvestingPro Insights
When Archer Aviation Inc. (NYSE: ACHR) is celebrating the successful transition of its Midnight eVTOL aircraft, investors and industry observers are closely monitoring the company’s financial health and market performance. The latest InvestingPro data shows a market capitalization of $113.25 million, reflecting the company’s scale in the aerospace sector. Despite technological advances, Archer’s P/E ratio is negative at -0.22, reflecting the challenges the company faces in achieving profitability.
InvestingPro Tips suggest that when Archer holds more cash than debt, which is a positive sign of liquidity, it also quickly burns through cash, with very gross profits. Moreover, the share price is quite stable, with a significant decline of 35.29% in the last three months. Analysts don’t expect the company to be profitable this year, and the valuation suggests poor free cash flow. These factors may be of particular interest to potential investors considering the company’s long-term prospects.
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