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Archer Aviation Inc. (ACHR-2.59%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $89.8 million from $67.8 million in the same quarter the previous year. This increase is attributed to investments in personnel and materials.
General and administrative expenses increased to $32.3 million from a reversal of $21.6 million, primarily due to a reversal of previously recognized stock-based compensation expense.
The company reported a net loss of $115.3 million for the quarter, compared to $51.6 million in the previous year.
Interest income, net increased to $5.5 million from $5.1 million, driven by higher interest rates on cash and cash equivalents.
Cash used in operating activities was $264.2 million, while cash used in investing activities was $57.8 million, primarily for property and equipment purchases.
Cash provided by financing activities was $358.9 million, driven by proceeds from a private placement and shares issued under an at-the-market program.
As of September 30, 2024, Archer had cash and cash equivalents of $501.7 million. The company believes this will be sufficient to fund its current operating plan for at least the next 12 months.
The filing also details various financial agreements, including a credit agreement with Synovus Bank (SNV+0.77%) for up to $65.0 million to fund the construction of a manufacturing facility.
Archer continues to focus on the development and certification of its eVTOL aircraft, with plans to operate its own urban air mobility ecosystem and sell aircraft to third parties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Archer Aviation Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.