Archer Aviation (NYSE: ACHR) reported Q3 EPS of ($2.00), versus ($0.14) reported last year.

Outlook:

• In terms of our fourth quarter outlook, we anticipate total GAAP operating expense of $65 - 70 million and non-GAAP operating expense of $35 - 40 million. This reflects expected stock-based compensation and warrant expense of approximately $30 million as we record a one-time larger-than-normal stock-based compensation expense in the fourth quarter to reflect restricted stock units and stock options that could not be granted to existing employees until we have an effective registration statement covering such equity grants, which we expect to occur in the fourth quarter. The projected sequential increase in our fourth quarter non-GAAP operating expense is largely due to continued increases in headcount across multiple engineering disciplines, as we continue to add engineering talent from eVTOL, traditional aerospace, and electric battery industries. We intend to remain vigilant and prudent in managing our cash spend as we design, develop, test, and certify our eVTOL aircraft for commercial launch in the coming years. We have not reconciled our non-GAAP operating expense guidance because certain items that impact non-GAAP operating expense are uncertain or out of our control and cannot be reasonably predicted. In particular, stock-based compensation expense is impacted by the future fair market value of our common stock and other factors, all of which are difficult to predict, subject to frequent change, or not within our control. The actual amount of these expenses during 2021 will have a significant impact on our future GAAP financial results. Accordingly, a reconciliation of non-GAAP operating expense is not available without unreasonable effort.

For earnings history and earnings-related data on Archer Aviation (ACHR) click here.