10-Q Filing

ARCHER AVIATION INC. CIK: 1824502 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001628280-22-014106`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	achr-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 28 Cash Flow Statement 54 Stockholders Equity 19

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$746.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$704.20M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCash`	$2.90M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$300.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$9.30M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$7.60M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$400.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$300.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$754.80M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$716.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.90M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.90M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$500.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$400.00K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$12.70M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.50M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.10M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.70M	USD	Point-in-time
Total assets	`Assets`	$768.40M	USD	Point-in-time
Total assets	`Assets`	$737.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.40M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.10M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.60M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$9.50M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$9.50M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$19.40M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$12.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.30M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$9.30M	USD	Point-in-time
Notes payable, net of current portion	`LongTermNotesPayable`	$7.00M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.20M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$8.80M	USD	Point-in-time
Warrant liabilities	`WarrantLiabilitiesNoncurrent`	$30.30M	USD	Point-in-time
Warrant liabilities	`WarrantLiabilitiesNoncurrent`	$23.80M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$300.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$400.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$74.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$69.50M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.10B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.07B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-373.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-432.80M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$663.70M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$698.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$35.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$20.10M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$768.40M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$737.90M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$10.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$27.50M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.60M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$37.80M	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	-	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	$78.20M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$65.30M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$94.90M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-65.30M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-94.90M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$6.50M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$400.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	-	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-94.90M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-94.90M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-59.20M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-94.90M	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-1.70	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.25	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.70	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.25	USD	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	55.80M	shares	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	239.80M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	239.80M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	55.80M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-94.90M	USD	1 Quarter
Depreciation and amortization	`OtherDepreciationAndAmortization`	$600.00K	USD	1 Quarter
Depreciation and amortization	`OtherDepreciationAndAmortization`	$200.00K	USD	1 Quarter
Debt discount and issuance cost amortization	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Debt discount and issuance cost amortization	`AmortizationOfDebtDiscountPremium`	$200.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$900.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$24.50M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-6.60M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseExpense`	$300.00K	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseExpense`	$900.00K	USD	1 Quarter
Research and development warrant expense	`OtherResearchAndDevelopmentExpense`	-	USD	1 Quarter
Research and development warrant expense	`OtherResearchAndDevelopmentExpense`	$1.20M	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	-	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	$78.20M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.70M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$100.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$100.00K	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-600.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.60M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$5.30M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	-	USD	1 Quarter
Operating lease right-of-use assets and lease liabilities, net	`IncreaseDecreaseInOperatingLeaseLiability`	$-300.00K	USD	1 Quarter
Operating lease right-of-use assets and lease liabilities, net	`IncreaseDecreaseInOperatingLeaseLiability`	$-900.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.80M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$600.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.10M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-600.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.10M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$2.50M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$100.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.40M	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-13.10M	USD	1 Quarter
Net decrease in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-39.80M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$746.90M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.60M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.50M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$707.10M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$746.90M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.60M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.50M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$707.10M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$300.00K	USD	1 Quarter
Purchases of property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$100.00K	USD	1 Quarter
Purchases of property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$663.70M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$698.90M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$35.90M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$20.10M	USD	Point-in-time
Conversion of Class B to Class A common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Issuance of restricted stock and restricted stock expense	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$16.00M	USD	1 Quarter
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	753,261.00	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$100.00K	USD	1 Quarter
Issuance of warrants and warrant expense	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.20M	USD	1 Quarter
Issuance of warrants and warrant expense	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$78.20M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$900.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.70M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-94.90M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$663.70M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$698.90M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$35.90M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$20.10M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.