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MOPAR The Magazine

About MOPAR The Magazine

MOPAR The Magazine is a magazine that publishes articles related to motors' performance and repair. It is based in London, United Kingdom.

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London, England,

United Kingdom

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Archer Announces Third Quarter 2022 Results

Nov 10, 2022

11/10/2022 | 04:16pm EST Message : *Required fields Builds On Momentum Towards Commercialization with Continued Success of Maker’s Flight Test Program, Selection of Industry’s First Commercial eVTOL Route with United Airlines, and Upcoming Unveil of Midnight™ Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the third quarter ended September 30, 2022. Archer will be conducting its earnings conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. You can access this conference call via a live webcast on our investor relations website at or by dialing 844-200-6205 (domestic) or +1 929-526-1599 (international) and entering the access code 860726. The Company has issued a shareholder letter discussing its third quarter 2022 operating and financial results, as well as its fourth quarter 2022 estimates. The shareholder letter may be accessed on the Company’s Investor Relations website here . The Company’s recent key operating highlights include: Completion of the first wing-borne flight with Maker demonstrator aircraft; on-track to complete first full transition flight in the coming weeks. In partnership with United Airlines, announcement of the industry’s first specific commercial eVTOL aircraft route in the US: between Newark Liberty International Airport and the Downtown Manhattan Heliport. Unveiling of our production aircraft, Midnight™, at our upcoming Open House event. Commenting on third quarter results, Adam Goldstein, Archer’s CEO said: “With the announcement of our first urban air mobility route in New York with our partner, United Airlines, and the completion of our first full wingborne flight by our Maker aircraft, we are building on our momentum towards commercialization. In addition to these milestones, Archer’s world-class team is executing successfully across all areas of our business. We are looking forward to sharing more on Midnight’s capabilities at our upcoming Open House Event.” Third Quarter 2022 Financial Results   $ NA A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided below in the section titled “Reconciliation of Selected GAAP To Non-GAAP Results for Q3 2022.” Fourth Quarter 2022 Financial Estimates Archer’s financial estimates for fourth quarter of 2022 are as follows: GAAP total operating expenses of $100 million to $110 million Non-GAAP total operating expenses of $70 million to $80 million This reflects expected stock-based compensation, warrant expense and other one-time expenses of approximately $30 million We have not reconciled our non-GAAP total operating expense estimates because certain items that impact non-GAAP total 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 2022 will have a significant impact on our future GAAP financials. Accordingly, a reconciliation of non-GAAP total operating expenses is not available without unreasonable effort. About Archer Archer is designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility networks. Archer’s mission is to unlock the skies, freeing everyone to reimagine how they move and spend time. Archer's team is based in Santa Clara, CA. To learn more, visit . Forward Looking Statements This press release contains forward looking statements regarding our future business plans and expectations, including statements regarding our estimates for the fourth quarter of 2022 and our Midnight aircraft. These forward looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2022, and other documents filed by us from time to time with the SEC, available on the SEC website at . In addition, please note that any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events. Reconciliation of Selected GAAP To Non-GAAP Results for Q3 2022 Reconciliation of Total Operating Expenses (in millions; unaudited): A reconciliation of total operating expenses to non-GAAP total operating expenses for the three months ended September 30, 2022 is set forth below. (4) Amount includes stock-based compensation for options and restricted stock units issued to both employees and non-employees, including the grants issued to our founders in connection with the closing of the business combination. Non-GAAP Financial Measures To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of non-GAAP financial measures to help us in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations. While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting our performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the quarter ended September 30, 2022, we excluded items in the following general categories from one or more of our non-GAAP financial measures, certain of which are described below: Stock-Based Compensation Expense: We believe that providing non-GAAP measures excluding stock-based compensation expense, in addition to the GAAP measures, allows for better comparability of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine stock-based compensation expense. We believe that excluding stock-based compensation expenses enhances our ability and the ability of investors to understand the impact of non-cash stock-based compensation on our operating results and to compare our results against the results of other companies. Warrant Expense and Gains or Losses from Revaluation of Warrants: Expense from our common stock warrants issued to United Airlines, FCA US LLC (now known as Stellantis) and FCA Italy S.p.A. which is recurring (but non-cash) and gains or losses from change in fair value of public and private warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expense and gains or losses from change in fair value for similar reasons to our stock-based compensation expense. Each of the non-GAAP financial measures presented in this release should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP and are presented for supplemental informational purposes only. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in our financial results for the foreseeable future. In addition, the non-GAAP measures we use may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information in the reconciliation included in this release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures included in this release. Source: Archer

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