Archer Aviation stock slides on bigger loss outlook even as FAA clears key Midnight step
Archer Aviation projected a first-quarter adjusted EBITDA loss that topped analyst estimates, sending the stock down 10.6% to $6.72 at Tuesday’s close. Cantor Fitzgerald’s Andres Sheppard called the company’s progress “on track.” Over at Deutsche Bank, Edison Yu bumped his price target on the stock to $14 from $12. The wider loss projection comes as investors keep a close eye on whether the eVTOL industry can move from flight tests to FAA-approved passenger flights—without depleting their cash reserves. In a letter to shareholders, Archer’s CEO said the FAA has now signed off on 100% of the “Means of Compliance” for the company’s Midnight aircraft. That step, which sets the technical bar for airworthiness, effectively opens the door to Type Inspection