Archer Aviation reported Q3 2026 results on November 9: revenue of $5.1M, against our $5.3M forecast and a $3.57M consensus of 7 analysts. On paper that is a 43% beat. In practice the consensus was stale: it read $3.57M on October 14 and still $3.57M on November 3, although Archer had already reported $5.0M for Q2 in August.
Revenue was flat. Archer had said hangar and fueling revenue would rise as it brought more space into service. We built in $0.3M of growth; revenue rose $0.1M. The Q4 guide of $5M to $6M does not point to a step up either.
The loss and the cash were the real numbers. The adjusted EBITDA loss was $178.5M, against our $185M. Cash and short-term investments ended at $1,353.6M, within $10M of our forecast. The GAAP net loss was $274.6M, or $0.35 a share, with research and development up $12.3M on Q2 as flight testing expanded. Stock-based pay, which adjusted EBITDA leaves out, was $86.5M in the quarter.
The Q4 guide is wider. Archer guided an adjusted EBITDA loss of $185M to $205M; the $195M midpoint is $16.5M more than Q3's actual loss.
Insitu is the swing. The purchase of Boeing's Wisk, Insitu and SkyGrid businesses is "nearing close" and still needs some regulatory approvals. Archer says Insitu alone "will add over $200M in annual revenue", or roughly $4M for each week it is consolidated before December 31. The $5M to $6M range leaves it out, so the closing date is now the main variable in Q4 revenue. At closing Boeing becomes Archer's largest shareholder, with shares equal to 19.75% of the Class A stock plus two warrants.
The full comparison and the Q4 math are here: Archer Aviation (ACHR) Q3 2026 Earnings: Our Forecast vs the Results.
Source: Equibles
Comments
Log in or sign up to join the conversation.