Archer Q1 Loss Widens Amid FAA Milestone, Shares Rise

Archer Aviation Inc., a developer of electric vertical takeoff and landing aircraft, reported wider losses in the first quarter alongside a key regulatory milestone, sending its shares up 2.3 percent during Wednesday trading on the New York Stock Exchange.

The stock, which closed at $6.39 the previous day, reached a high of $6.75 and last traded at $6.54 amid elevated volume of nearly 45 million shares, 29 percent above the average. It rose further by about 6 percent in after-hours trading following the May 11 earnings release, though it remains down 26 percent over the past year.

Revenue for the quarter totaled $1.6 million, slightly below the $1.66 million consensus estimate but up from $300,000 in the prior quarter, primarily from operations at the company's Hawthorne Airport facility in Los Angeles. Earnings per share came in at a loss of 28 cents, missing expectations of a 25-cent loss. The net loss expanded to $217.7 million from $188.9 million in the previous quarter, driven by higher spending on research and development, flight testing, and certification efforts, which pushed operating expenses up 78 percent to $256.2 million. Adjusted EBITDA loss of $172.5 million beat...