Archer says Midnight received a market survey certificate and reports a $274.6 million loss

Archer said on November 9, 2026 that it was announcing results for the quarter ended September 30, 2026. The release is datelined Santa Clara, California. The same text is the exhibit Archer filed with the SEC that day. This page uses that release. It did not open an earnings-call transcript. Stocktwits, in a report published November 10, 2026, is the account of the call used here.

The certificate is a market survey document

Archer says Midnight recently received a Market Survey Special Airworthiness Certificate from the FAA. Archer says the certificate unlocks piloted operations in Los Angeles in coming weeks, as Archer prepares to carry passengers as part of the Department of Transportation's eVTOL Integration Pilot Program and the LA28 Games. One sentence in the release says "LA28 Olympic Games." "Coming weeks" is Archer's timing. It is not a calendar date. "Prepares to carry" is not a statement that passengers have been carried. This is a special airworthiness certificate. It is not a type certificate. This page did not open an FAA release.

Stocktwits reports that the certificate allows Archer to begin piloted operations in Los Angeles, and that the authorization lets the company begin local flight activities and work toward introducing passengers before completing full type certification. "Before completing" is Stocktwits' account. It is not an issued type certificate. Stocktwits reports that on the call Adam Goldstein said Midnight has arrived at Hawthorne Airport in Los Angeles after receiving the certificate. The November 9 release does not name Hawthorne. Stocktwits then reports that Archer expects to expand Midnight's capabilities over the next several quarters, with an initial focus on conventional takeoff and landing flights, then vertical takeoff and landing, then flights with pilots and passengers. That sequence is Stocktwits' report. It is not a quotation this page can put in Goldstein's mouth, and "next several quarters" is not a date. Stocktwits quotes him: "This is undoubtedly our most important commercialization milestone to date. Los Angeles is where we are writing the blueprint for every city that follows."

In the release, Goldstein says, "With our first aircraft in Los Angeles and Boeing set to become our largest shareholder following our transaction close." "First aircraft in Los Angeles" is that sentence. It does not name an airport. "Following our transaction close" means the Boeing shareholding is not described as already in place.

Archer says the announcement follows the Northern California portion of its No Roads tour in October, which it says included over 300 miles of piloted flights across the Bay Area and multiple flights around San Francisco Bay in and out of Oakland International Airport. The October 19 report quoted Archer's figure then as over 200 miles. This page does not treat the November 9 figure as a correction of that one. Neither release says passengers were on those flights.

The Boeing acquisition is still not closed

Archer says the acquisition of Boeing's Wisk, Insitu and SkyGrid is nearing close. A footnote says the transaction remains subject to receipt of certain regulatory approvals and other closing conditions, as previously disclosed. "Nearing close" is not a closed deal. The August 10 agreement is the transaction this release is describing. Archer says the goal is an aerospace and defense platform combining those businesses with Midnight and the Halo/Thunder platform. Archer says that as part of the transaction Boeing is set to become a strategic partner and Archer's largest shareholder. "Set to" is not a completed transfer.

Archer again says Insitu alone will add over $200 million in annual revenue, with operations across 35 countries. The footnote says that figure is based on Insitu's current financial statements and estimates. It is an estimate. It is not revenue Archer reports as already booked from Insitu.

Stocktwits quotes Goldstein: "When we announced the transaction in August, we said we expected to close by the end of the year. Since then, the team has worked through nearly 20 governmental and third-party approvals and one remains, and we believe closing will be soon." That quotation is Stocktwits' account of the call. This page did not open a transcript. "One remains" is his reported remark. It is not a statement that the transaction has closed, and it is not the footnote's wording. The release's wording is still "certain regulatory approvals and other closing conditions."

The quarter's figures, and the fourth-quarter estimates

Archer says revenue was $5.1 million, compared with $5.0 million in the second quarter of 2026. The same paragraph says Archer delivered its first engines for Omen to Anduril in the third quarter. The release does not define Omen, and it does not say the $5.1 million is revenue from those engines. It does not break the revenue down.

Archer says the net loss was $274.6 million. The statement of operations lists net loss of $274.6 million and net loss attributable to common stockholders of $274.5 million, or $0.35 a share. Stocktwits reports the net loss as $274.5 million, or $0.35 a share, against $263.2 million in the second quarter and $129.9 million a year earlier. Those comparison figures match the net-loss line. Stocktwits says the $0.35 result missed a $0.34 estimate and that $5.1 million of revenue beat a $3.57 million estimate, citing Fiscal.ai. Those estimates are Stocktwits'. They are not Archer's guidance.

Archer says adjusted EBITDA was a loss of $178.5 million, which it calls the favorable end of a guided range of $170 million to $200 million. Adjusted EBITDA is a non-GAAP measure. Archer says non-GAAP measures are not a substitute for GAAP results. The loss of $178.5 million is the quarter's result. The $170 million to $200 million range is the guidance Archer says it had given for the quarter.

Archer says it ended the quarter with $1,353.6 million of cash, cash equivalents and short-term investments, which the highlights round to $1.4 billion. A footnote says that $1.4 billion figure includes cash, cash equivalents and short-term investments. Archer also says it held an additional $18.4 million of restricted cash. The $1,353.6 million figure does not include that restricted cash. Archer says the $1,353.6 million was $207 million below the second quarter, and it names $164.6 million used in operating activities, $31.7 million for property and equipment, and $10.0 million for an investment in a private company. The cash-flow statement printed with the release is labeled nine months ended September 30. This page does not use those nine-month totals as the quarter.

For the fourth quarter, Archer's estimates are revenue of $5 million to $6 million and an adjusted EBITDA loss of $185 million to $205 million. Archer says those are estimates. It says it has not reconciled the adjusted EBITDA estimate, because stock-based compensation and the change in fair value of warrants cannot be reasonably predicted, and that a reconciliation is not available without unreasonable effort. The ranges are not fourth-quarter results.

The engine test is not a full-scale flight, and Formula 1 is an exploration

Archer says it began testing the turboshaft engine for the Halo/Thunder hybrid, autonomous VTOL platform it is developing with Anduril. It calls the turbo-generator one of the central new technologies, and says the same airframe, powertrain and core systems will support a Halo commercial variant and a Thunder defense variant. "Will support" is not a statement that either variant has flown. The heading says full-scale flight testing is on track for 2027. The body says the program remains on track to begin full-scale flight testing next year. Both are targets. A target is not a flight that has happened. The release does not state a certificate for Halo or Thunder.

Archer says it and Formula 1 are forming a multi-year relationship to explore eVTOL air taxi services at Grand Prix events, with the goal of flying VIPs and fans to and from circuits aboard Midnight. "Forming" and "explore" and "goal" are the release's words. No aircraft number, price, circuit or date is stated. It is not a firm order. The release does not say a contract has been signed. It does not mention the October display at the United States Grand Prix, and this page does not treat that display and this relationship as one event.

The photograph

The photograph is the one Archer placed on the November 9 release. Archer's caption says Midnight was flying over the San Francisco Bay in October as part of the No Roads tour. Registration N703AX is visible. It is a photograph of that October flight. It is not a picture of a Los Angeles operation, of Hawthorne Airport, or of the earnings call. The Business Wire file named on the investor page did not load. This file is that photograph, cropped from the same release as filed with the SEC.

A later report limits the certificate and places a passenger target in 2027

Aviation International News reported on November 11, 2026 that chief executive Adam Goldstein told investors he intends to be the first Midnight passenger in 2027, with further passenger flights to follow under market survey rules. 2027 is a target. AIN reports that the market survey certificate covers only conventional takeoffs and landings on runways, and that Archer must complete a piloted transition before seeking one for vertical takeoffs and landings. AIN reports that Benjamin Lyon said on the November 9 call that Midnight must also log 50 flight hours after that transition before Archer can seek market survey approval for vertical flight, and that Archer remains "on track for the end of this year" for the piloted transition. The end of 2026 is a target. AIN's caption says Midnight has so far flown only conventional takeoffs and landings with a pilot aboard. AIN calls the market survey document an experimental airworthiness approval. Archer's November 9 release called it a Market Survey Special Airworthiness Certificate. Neither description is a type certificate. This page did not open an FAA release or a transcript. AIN also reports that Midnight has been moved to Hawthorne Municipal Airport, which it identifies as KHHR. Hawthorne was already Stocktwits' account of the call. This page does not treat AIN's sentence as a new flight.

What is not established

No type certificate is reported. AIN's account adds a limit the November 9 release does not state: conventional takeoffs and landings only, then a piloted transition and 50 flight hours before a vertical-flight market survey document. Those steps are not described as done. Goldstein's intention to be the first passenger in 2027 is a target. It is not a passenger flight that has happened. The market survey document is a special airworthiness certificate, on Archer's account, and this page did not open an FAA release. "Coming weeks" is not a date. Passengers are not described as carried. Hawthorne Airport, the conventional-then-vertical sequence, and "one approval remains" are Stocktwits' account of the call, not sentences in the November 9 release. The Boeing transaction is not closed. The Insitu revenue figure is an estimate in a footnote. Fourth-quarter ranges are estimates Archer says it has not reconciled. Full-scale flight testing in 2027, or next year, is a target. The Formula 1 relationship is an exploration, not a firm order, and no signed contract is stated. Omen is not defined. The $5.1 million is not broken down. The October mileage figure in this release is not treated as a revision of the October 19 figure.

Sources

Facts as reported by the linked sources as of Nov 11, 2026. Company targets are plans, not guarantees. Corrections: see About.