Archer Aviation In-Line 1Q26 Results

Archer Aviation reported 1Q26 adjusted EBITDA of $(172.5)mn, meeting consensus expectations. Goldman Sachs maintains a Neutral rating with a $9.00 price target, focusing on upcoming defense program awards and certification milestones.

Key Takeaways

• 1.ACHR reported 1Q26 adjusted EBITDA of $(172.5)mn, which was in line with consensus expectations.
• 2.The company expects a phased program award for its defense aircraft later in 2026, strengthening its competitive position.
• 3.Management provided 2Q26 adjusted EBITDA guidance of $(170)-(200)mn, compared to the $(177)mn consensus.

Table of Contents

• Our view on the stock post 1Q26 earnings
• Key elements of the quarter
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Revenue
• Adjusted EBITDA
• Balance sheet and cash flow
• Guidance
• Estimate revisions
• Disclosure Appendix

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