LOS ANGELES — Archer Aviation Inc. (NYSE: ACHR) on Thursday reported third-quarter results and unveiled a series of strategic moves aimed at accelerating its advanced air mobility ambitions, including the acquisition of Hawthorne Airport for LA air taxi network and a $650 million equity raise.
CEO Adam Goldstein said the company is “not waiting for the future; we are building it,” as Archer continues to expand its Midnight aircraft flight envelope and global footprint.
The company signed definitive agreements to acquire Hawthorne Airport for $126 million in cash. The 80-acre site, located less than three miles from LAX, will serve as the operational hub for Archer’s planned Los Angeles air taxi network and as a testbed for AI-powered aviation technologies. The airport is expected to play a key role in supporting air mobility operations during the LA28 Olympic Games.
Archer also announced it raised $650 million in additional equity capital, bringing total liquidity to over $2 billion. Moelis & Company LLC served as lead placement agent and financial advisor on the airport acquisition, while Cantor Fitzgerald & Co. acted as joint placement agent.
Flight testing of Archer’s Midnight aircraft reached new milestones, including a 55-mile piloted flight lasting 31 minutes at speeds exceeding 126 mph and a record altitude of 10,000 feet. Midnight also performed demonstration flights at the California International Airshow.
The company further strengthened its intellectual property portfolio by acquiring approximately 300 patent assets from Lilium for €18 million, bringing Archer’s total to over 1,000 global patents.
Internationally, Archer began commercial deployment activities in the UAE and secured partnerships with Korean Air and Japan Airlines for air taxi initiatives in Korea, Osaka, and Tokyo.
A live webcast to discuss results will be held at 2:00 p.m. PT via Archer’s investor relations site.