Archer Aviation Inc. (NYSE: ACHR) reported first quarter 2026 financial results and announced it has become the first company to close Phase 3 of the Federal Aviation Administration's four-phase Type Certification process for electric vertical takeoff and landing aircraft.

The Santa Clara-based company reported revenue of $1.6 million for the quarter ended March 31, 2026, compared to $0.3 million in the previous quarter and no revenue in the same period last year. The revenue increase was attributed to expanded operations at Hawthorne Airport in Los Angeles.

Net loss for the quarter was $217.7 million, or $0.28 per share, compared to a net loss of $188.9 million, or $0.26 per share, in the fourth quarter of 2025. Operating expenses increased to $256.2 million from $234.7 million in the prior quarter, primarily due to expanded flight testing, certification efforts, and production activities for the company's Midnight aircraft.

Archer ended the quarter with $1.78 billion in cash, cash equivalents, and short-term investments, along with $7.3 million in restricted cash. The company's Adjusted EBITDA was a loss of $172.5 million, within its guidance range of $160 million to $180 million.

The company expects to begin U.S. operations later in 2026 under the White House's eVTOL Integration Pilot Program and in preparation for serving as the Official Air Taxi Provider of the LA28 Olympic Games. Archer was selected as an air taxi partner in three winning applications covering eight states, including Florida, Texas, and New York.

For the second quarter of 2026, Archer estimates Adjusted EBITDA will be a loss of $170 million to $200 million.

The company continues advancing its artificial intelligence capabilities through partnerships with NVIDIA, Palantir, and Starlink, coinciding with the Department of Transportation's approximately $20 billion air traffic control modernization effort.