10-Q Filing

ARCHER AVIATION INC. CIK: 1824502 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001628280-23-017636`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	achr-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 26 Cash Flow Statement 64 Stockholders Equity 24 Comprehensive Income 6

Balance Sheet 64 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$299.20M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$69.40M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCash`	$7.20M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.90M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$461.80M	USD	Point-in-time
Short-term investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$150.70M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$6.70M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$9.80M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.60M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$465.90M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$545.50M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.50M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.70M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$400.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$400.00K	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$10.70M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$11.90M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$4.20M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$4.50M	USD	Point-in-time
Total assets	`Assets`	$573.80M	USD	Point-in-time
Total assets	`Assets`	$505.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.60M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.40M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.70M	USD	Point-in-time
Current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.10M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$9.30M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$7.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$47.50M	USD	Point-in-time
Accrued expenses and other current liabilities	`OtherLiabilitiesCurrent`	$36.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$64.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$53.30M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$8.80M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$9.20M	USD	Point-in-time
Warrant liabilities	`WarrantLiabilitiesNoncurrent`	$12.00M	USD	Point-in-time
Warrant liabilities	`WarrantLiabilitiesNoncurrent`	$7.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$95.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$80.50M	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, 2023 and December 31, 2022	`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, 2023 and December 31, 2022	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.19B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.21B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-804.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-690.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-800.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-100.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$493.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$410.10M	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 liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$505.90M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$573.80M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$27.50M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$65.80M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$37.80M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$44.10M	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	-	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	$2.10M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$112.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$65.30M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-65.30M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-112.00M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-2.70M	USD	1 Quarter
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$6.50M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$1.60M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$-400.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-59.20M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-113.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-113.10M	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.25	USD	1 Quarter
Net loss per share, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.46	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.25	USD	1 Quarter
Net loss per share, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.46	USD	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	247.27M	shares	1 Quarter
Weighted-average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	239.80M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	247.27M	shares	1 Quarter
Weighted-average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	239.80M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-113.10M	USD	1 Quarter
Depreciation, amortization and other	`OtherDepreciationAndAmortization`	$600.00K	USD	1 Quarter
Depreciation, amortization and other	`OtherDepreciationAndAmortization`	$1.00M	USD	1 Quarter
Debt discount and issuance cost amortization	`AmortizationOfDebtDiscountPremium`	$200.00K	USD	1 Quarter
Debt discount and issuance cost amortization	`AmortizationOfDebtDiscountPremium`	$200.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$24.50M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$25.70M	USD	1 Quarter
Change in fair value of warrant liabilities and other warrant costs	`FairValueAdjustmentOfWarrantsAndOtherWarrantCosts`	$-6.60M	USD	1 Quarter
Change in fair value of warrant liabilities and other warrant costs	`FairValueAdjustmentOfWarrantsAndOtherWarrantCosts`	$5.00M	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseExpense`	$1.40M	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseExpense`	$900.00K	USD	1 Quarter
Research and development warrant expense	`OtherResearchAndDevelopmentExpense`	$4.20M	USD	1 Quarter
Research and development warrant expense	`OtherResearchAndDevelopmentExpense`	$1.20M	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	$2.10M	USD	1 Quarter
Other warrant expense	`OtherWarrantExpense`	-	USD	1 Quarter
Interest income on short-term investments	`InterestIncomeShortTermInvestmentIncreaseDecrease`	$200.00K	USD	1 Quarter
Interest income on short-term investments	`InterestIncomeShortTermInvestmentIncreaseDecrease`	-	USD	1 Quarter
Accretion and amortization income of short-term investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	-	USD	1 Quarter
Accretion and amortization income of short-term investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$2.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-3.00M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.70M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$100.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$300.00K	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-600.00K	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$600.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.50M	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`	$8.90M	USD	1 Quarter
Operating lease right-of-use assets and lease liabilities, net	`IncreaseDecreaseInOperatingLeaseLiability`	$-1.20M	USD	1 Quarter
Operating lease right-of-use assets and lease liabilities, net	`IncreaseDecreaseInOperatingLeaseLiability`	$-900.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-300.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-63.70M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.80M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$314.00M	USD	1 Quarter
Proceeds from maturities of short-term investments	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.40M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$600.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$302.60M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-600.00K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$2.50M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$2.50M	USD	1 Quarter
Payments for taxes related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payments for taxes related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.30M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$100.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.40M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.80M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-39.80M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$234.10M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$306.40M	USD	Point-in-time
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`	$707.10M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$306.40M	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`	$707.10M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.30M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$300.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$300.00K	USD	1 Quarter
Purchases of property and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$5.80M	USD	1 Quarter
Purchases of property and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$100.00K	USD	1 Quarter

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$493.30M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$410.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$663.70M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$698.90M	USD	Point-in-time
Conversion of Class B common stock to Class A common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Conversion of Class B common stock to Class A common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Issuance of restricted stock units and restricted stock expense	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$16.00M	USD	1 Quarter
Issuance of restricted stock units and restricted stock expense	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$18.80M	USD	1 Quarter
Exercise of stock options (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	549,306.00	shares	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$100.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$100.00K	USD	1 Quarter
Issuance of warrants and warrant expense	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$6.30M	USD	1 Quarter
Issuance of warrants and warrant expense	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.20M	USD	1 Quarter
Common stock withheld related to net share settlement of equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.30M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.70M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.30M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-113.10M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$700.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$493.30M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$410.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$663.70M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$698.90M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-59.20M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-113.10M	USD	1 Quarter
Unrealized gain on available-for-sale securities, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	1 Quarter
Unrealized gain on available-for-sale securities, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$700.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-59.20M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-112.40M	USD	1 Quarter

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