Archer Aviation Inc.(NYSE:ACHR) 
Archer Aviation Inc., an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc. Archer Aviati...
Website: https://www.archer.com
Founded: 2018
Full Time Employees: 200 (Dec 2021)
Sector: Industrials
Industry: Aerospace & Defense
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At a glance:
- Pre-Revenue eVTOL Developer with High Execution Risk: Archer Aviation is still in the development and certification phase for its electric vertical takeoff and landing (eVTOL) aircraft, meaning financial results are driven more by R&D and milestones than by recurring commercial revenue.
- Cash Burn and Liquidity Are Central to the Equity Story: Ongoing operating losses and significant spending on engineering, certification, and manufacturing readiness make funding runway and access to capital key variables for shareholders.
- FAA Certification and Flight-Test Progress as Primary Catalysts: Updates on FAA certification steps, flight testing, and regulatory engagement are among the most important leading indicators for timing to commercialization.
- Manufacturing Scale-Up and Supply Chain Readiness in Focus: Building production capability and securing reliable suppliers are critical to moving from prototypes to deliverable aircraft, with execution affecting cost structure and timelines.
- Commercialization Depends on Partnerships and Network Buildout: Strategic relationships—covering operators, infrastructure, and potential customers—help validate demand and can de-risk go-to-market plans, but widespread adoption remains contingent on certification, economics, and public acceptance.
Bull Thesis:
- Progress Towards FAA Certification & Early Market Entry: Archer is making significant strides in the FAA certification process for its Midnight aircraft, positioning it as a potential first mover in the commercial eVTOL market. Achieving early certification could secure initial market share, establish brand recognition, and provide a competitive advantage over rivals.
- Strong Strategic Partnerships & Pre-Orders: Key partnerships with United Airlines (substantial pre-orders, operational expertise) and Stellantis (manufacturing support) provide a credible path to market, a clear customer base, and robust production capabilities. These alliances de-risk market entry and scale-up.
- Scalable Manufacturing with Stellantis: The collaboration with Stellantis for high-volume manufacturing is a critical advantage, potentially enabling Archer to produce aircraft more efficiently and at a lower cost than competitors building their own facilities. This partnership is crucial for meeting future demand and achieving economies of scale.
- Diversified Revenue Streams & Government Contracts: Beyond commercial passenger services, Archer has secured contracts with the U.S. Air Force (AFWERX Agility Prime), demonstrating the versatility of its technology and providing an additional, near-term revenue source and validation from a demanding customer.
Bear Thesis:
- High Cash Burn & Future Dilution Risk: Archer continues to incur substantial operating losses and capital expenditures as it develops, tests, and certifies its aircraft. This necessitates ongoing capital raises that could lead to significant dilution for existing shareholders before the company achieves positive free cash flow or profitability.
- Regulatory Hurdles & Certification Delays: The FAA certification process for novel aircraft like eVTOLs is inherently complex, unpredictable, and prone to delays. Any setbacks in obtaining type certification, production certification, or air carrier certification could significantly push back the timeline for commercial operations and revenue generation.
- Intense Competition & Market Saturation: The eVTOL market is highly competitive with numerous well-funded players (e.g., Joby Aviation, Lilium, Vertical Aerospace) vying for market share. This intense competition could lead to pricing pressures, increased marketing costs, and challenges in securing routes, pilots, and maintenance infrastructure.
- Infrastructure Development Challenges: The successful deployment of urban air mobility requires extensive and costly infrastructure development, including vertiports, charging stations, and integrated air traffic management systems. These elements are largely undeveloped, and their construction and regulatory approval pose significant logistical and financial hurdles.
Main Competitors:
- Joby Aviation Inc. ($JOBY) (S4 eVTOL aircraft), Joby is Archer's most direct competitor, also developing and certifying an eVTOL aircraft for air taxi services in the U.S. They have made significant progress in FAA certification (Part 135 air carrier certificate, G-1 certification basis) and have strategic partnerships with companies like Toyota and Delta Air Lines, aiming for early market entry.
- Lilium N.V. ($LILM) (Lilium Jet (eVTOL)), Lilium is a European-based competitor focusing on a unique ducted fan propulsion system, which they claim offers advantages for longer-range regional air mobility in addition to urban routes. They are pursuing EASA certification and have established partnerships for infrastructure and operations across various regions.
- Vertical Aerospace Ltd. ($EVTL) (VX4 eVTOL aircraft), Vertical Aerospace is a UK-based eVTOL developer with a strong focus on securing pre-orders from major airlines, including American Airlines and Virgin Atlantic. They are progressing through certification with the UK CAA and EASA, aiming to launch air taxi services primarily in Europe and potentially the U.S.
- Eve Air Mobility ($EVEX) (Eve eVTOL aircraft), Spun out of Embraer, Eve benefits from established aerospace expertise and a global network. They are developing an eVTOL and a comprehensive Urban Air Mobility (UAM) ecosystem, including air traffic management solutions and service and support. Eve has a substantial order backlog and strategic partnerships worldwide.
Moat:
Archer Aviation operates in the highly competitive and capital-intensive Urban Air Mobility (UAM) market. Its primary moat comes from its proprietary eVTOL aircraft design, strategic manufacturing partnership with Stellantis (aiming for scale and cost efficiency), and key launch customer agreements with United Airlines. Competition is fierce, characterized by high R&D costs, complex regulatory hurdles (FAA certification), and the need to develop an entirely new ecosystem (vertiports, air traffic management). Competitors differentiate through aircraft design, propulsion systems, target markets (urban vs. regional), certification strategies, and strategic partnerships. The industry is still nascent, and success will depend on achieving certification, scaling manufacturing, securing operational partnerships, and gaining public acceptance.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,600,000 | ||||||||||||||||||
yoy | |||||||||||||||||||
qoq | |||||||||||||||||||
operating expenses | |||||||||||||||||||
cost of revenue | 1,300,000 | ||||||||||||||||||
research and development | 171,700,000 | 147,100,000 | 120,700,000 | 122,400,000 | 103,700,000 | 94,600,000 | 89,800,000 | 89,800,000 | 83,500,000 | 79,500,000 | 67,800,000 | 63,300,000 | 65,800,000 | 59,200,000 | 47,000,000 | 37,800,000 | 27,500,000 | 19,700,000 | 23,100,000 |
general and administrative | 83,200,000 | 87,300,000 | 54,100,000 | 53,700,000 | 40,300,000 | 29,600,000 | 32,300,000 | 31,400,000 | 58,700,000 | 27,800,000 | -21,600,000 | 118,100,000 | 44,100,000 | 44,100,000 | 40,800,000 | 42,400,000 | 37,800,000 | 33,600,000 | 114,100,000 |
total operating expenses | 256,200,000 | 234,700,000 | 174,800,000 | 176,100,000 | 144,000,000 | 124,200,000 | 122,100,000 | 121,200,000 | 142,200,000 | 107,300,000 | 46,200,000 | 181,400,000 | 112,000,000 | 108,100,000 | 93,800,000 | 80,200,000 | 65,300,000 | 53,300,000 | 176,300,000 |
income from operations | -254,600,000 | -234,400,000 | -174,800,000 | -176,100,000 | -144,000,000 | -124,200,000 | -122,100,000 | -121,200,000 | -142,200,000 | -107,300,000 | -46,200,000 | -181,400,000 | -112,000,000 | -108,100,000 | -93,800,000 | -80,200,000 | -65,300,000 | -53,300,000 | -176,300,000 |
yoy | 76.81% | 88.73% | 43.16% | 45.30% | 1.27% | 15.75% | 164.29% | -33.19% | 26.96% | -0.74% | -50.75% | 126.18% | 71.52% | 102.81% | -46.80% | ||||
qoq | 8.62% | 34.10% | -0.74% | 22.29% | 15.94% | 1.72% | 0.74% | -14.77% | 32.53% | 132.25% | -74.53% | 61.96% | 3.61% | 15.25% | 16.96% | 22.82% | 22.51% | -69.77% | |
operating margin % | -15912.50% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
other income | 20,600,000 | 27,900,000 | 28,700,000 | -40,000,000 | 42,000,000 | -80,100,000 | 1,400,000 | 9,300,000 | 20,600,000 | -7,200,000 | -10,400,000 | -6,600,000 | -2,700,000 | 12,000,000 | 1,300,000 | 8,000,000 | 6,500,000 | 10,500,000 | 100,000 |
interest income | 16,400,000 | 17,600,000 | 16,300,000 | 10,200,000 | 8,700,000 | 6,000,000 | 5,500,000 | 5,100,000 | 5,300,000 | 5,600,000 | 5,100,000 | 4,100,000 | 1,600,000 | 700,000 | 1,500,000 | 500,000 | |||
income before income taxes | -217,600,000 | -188,900,000 | -129,800,000 | -205,900,000 | -93,300,000 | -198,300,000 | -115,200,000 | -106,800,000 | -116,300,000 | -108,900,000 | -51,500,000 | -183,900,000 | -113,100,000 | -95,400,000 | -91,000,000 | -71,700,000 | -59,200,000 | -43,300,000 | -176,700,000 |
income tax expense | -100,000 | -100,000 | -100,000 | -100,000 | 200,000 | -100,000 | -100,000 | -200,000 | -200,000 | -100,000 | -200,000 | ||||||||
net income | -217,700,000 | -188,900,000 | -129,900,000 | -206,000,000 | -93,400,000 | -198,100,000 | -115,300,000 | -106,900,000 | -116,500,000 | -109,100,000 | -51,600,000 | -184,100,000 | -113,100,000 | -95,400,000 | -91,000,000 | ||||
yoy | 133.08% | -4.64% | 12.66% | 92.70% | -19.83% | 81.58% | 123.45% | -41.93% | 3.01% | 14.36% | -43.30% | ||||||||
qoq | 15.25% | 45.42% | -36.94% | 120.56% | -52.85% | 71.81% | 7.86% | -8.24% | 6.78% | 111.43% | -71.97% | 62.78% | 18.55% | 4.84% | |||||
net income margin % | -13606.25% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | NaN% | NaN% | NaN% |
net income per share | -0.28 | -0.27 | -0.2 | -0.36 | -0.17 | -0.45 | -0.29 | -0.32 | -0.36 | -0.34 | -0.19 | -0.73 | -0.46 | -0.39 | -0.38 | -0.3 | -0.25 | 1.36 | -2 |
weighted-average shares outstanding, basic and diluted | 766,850,002 | 624,307,768 | 660,887,146 | 579,166,181 | 540,427,085 | 376,734,395 | 397,521,078 | 334,072,229 | 320,256,596 | 270,408,132 | 277,683,468 | 251,018,612 | 247,274,541 | 240,476,894 | 240,252,605 | 238,062,232 | 239,802,805 | 110,836,238 | 88,443,192 |
other warrant expense | 2,100,000 | 4,800,000 | 6,000,000 | 39,100,000 | |||||||||||||||
gain on forgiveness of ppp loan | |||||||||||||||||||
net loss and comprehensive loss | -71,700,000 | -59,200,000 | -43,300,000 | -176,700,000 | |||||||||||||||
interest expense | -400,000 | -500,000 | -500,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets | |||||||||||||||||||||
cash and cash equivalents | 951,100,000 | 1,021,500,000 | 595,500,000 | 1,724,000,000 | 1,030,400,000 | 834,500,000 | 501,700,000 | 360,400,000 | 405,800,000 | 464,600,000 | 461,400,000 | 407,600,000 | 299,200,000 | 69,400,000 | 112,500,000 | 654,800,000 | 704,200,000 | 746,900,000 | 796,200,000 | ||
restricted cash | 7,300,000 | 7,300,000 | 7,300,000 | 6,500,000 | 6,500,000 | 6,800,000 | 6,700,000 | 6,700,000 | 6,700,000 | 6,900,000 | 7,300,000 | 7,200,000 | 7,200,000 | 2,900,000 | 2,900,000 | 2,900,000 | 2,900,000 | ||||
short-term investments | 824,800,000 | 943,200,000 | 1,045,800,000 | 150,700,000 | 461,800,000 | 488,100,000 | |||||||||||||||
prepaid expenses | 58,100,000 | 47,300,000 | 30,600,000 | 22,800,000 | 22,300,000 | 12,500,000 | 11,000,000 | 5,400,000 | 7,700,000 | 7,900,000 | 3,900,000 | 6,600,000 | 6,700,000 | 9,800,000 | 10,800,000 | 10,100,000 | 9,300,000 | 7,600,000 | 1,100,000 | 251,628 | 396,997 |
other current assets | 58,500,000 | 56,800,000 | 12,900,000 | 3,700,000 | 5,800,000 | 4,600,000 | 3,600,000 | 2,500,000 | 1,800,000 | 800,000 | 3,100,000 | 1,200,000 | 2,100,000 | 1,600,000 | 1,000,000 | 1,400,000 | 400,000 | 300,000 | 400,000 | ||
total current assets | 1,899,800,000 | 2,076,100,000 | 1,692,100,000 | 1,757,000,000 | 1,065,000,000 | 858,400,000 | 523,000,000 | 375,000,000 | 422,000,000 | 480,200,000 | 475,700,000 | 422,600,000 | 465,900,000 | 545,500,000 | 615,300,000 | 669,200,000 | 716,800,000 | 754,800,000 | 797,700,000 | 549,004 | 842,228 |
property and equipment | 278,600,000 | 253,600,000 | 167,800,000 | 148,100,000 | 132,100,000 | 126,800,000 | 113,100,000 | 92,900,000 | 72,100,000 | 57,600,000 | 49,900,000 | 42,300,000 | 24,700,000 | 11,500,000 | 9,900,000 | 8,300,000 | 5,900,000 | 5,900,000 | 4,300,000 | ||
intangible assets | 81,600,000 | 80,200,000 | 5,300,000 | 5,500,000 | 300,000 | 300,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 500,000 | 500,000 | ||
right-of-use assets | 39,300,000 | 40,800,000 | 18,400,000 | 11,000,000 | 7,600,000 | 8,100,000 | 7,400,000 | 8,000,000 | 8,700,000 | 8,900,000 | 9,500,000 | 10,100,000 | 10,700,000 | 11,900,000 | 11,100,000 | 12,100,000 | 12,700,000 | 4,500,000 | |||
goodwill | 2,400,000 | 100,000 | |||||||||||||||||||
other long-term assets | 21,100,000 | 15,100,000 | 16,000,000 | 16,700,000 | 9,600,000 | 7,600,000 | 7,600,000 | 7,700,000 | 7,700,000 | 7,200,000 | 4,100,000 | 6,100,000 | 4,200,000 | 4,500,000 | 900,000 | 1,200,000 | 2,100,000 | 2,700,000 | 500,000 | ||
total assets | 2,322,800,000 | 2,465,900,000 | 1,899,600,000 | 1,938,300,000 | 1,214,600,000 | 1,001,200,000 | 651,500,000 | 484,000,000 | 510,900,000 | 554,300,000 | 539,600,000 | 481,500,000 | 505,900,000 | 573,800,000 | 637,600,000 | 691,200,000 | 737,900,000 | 768,400,000 | 805,700,000 | 500,770,589 | 500,999,587 |
liabilities and stockholders’ equity | |||||||||||||||||||||
current liabilities | |||||||||||||||||||||
accounts payable | 25,400,000 | 30,200,000 | 23,700,000 | 22,700,000 | 14,800,000 | 14,600,000 | 23,500,000 | 25,100,000 | 14,100,000 | 14,300,000 | 15,600,000 | 14,600,000 | 6,400,000 | 3,600,000 | 5,200,000 | 2,000,000 | 1,800,000 | 3,400,000 | 19,400,000 | 77,617 | 118,425 |
current portion of lease liabilities | 4,700,000 | 5,300,000 | 5,400,000 | 4,500,000 | 4,000,000 | 3,700,000 | 3,600,000 | 3,300,000 | 3,300,000 | 2,800,000 | 2,900,000 | 3,000,000 | 3,100,000 | 3,700,000 | 4,100,000 | 4,300,000 | 3,600,000 | 3,100,000 | |||
accrued expenses and other current liabilities | 73,700,000 | 68,100,000 | 63,900,000 | 51,600,000 | 48,600,000 | 52,800,000 | 59,600,000 | 55,200,000 | 52,800,000 | 96,900,000 | 96,200,000 | 135,500,000 | 47,500,000 | 36,700,000 | 25,100,000 | 28,000,000 | 19,400,000 | 12,300,000 | |||
current portion of debt | 1,400,000 | 800,000 | |||||||||||||||||||
total current liabilities | 105,200,000 | 104,400,000 | 93,000,000 | 78,800,000 | 67,400,000 | 71,100,000 | 86,700,000 | 83,600,000 | 70,200,000 | 114,000,000 | 117,000,000 | 157,700,000 | 64,000,000 | 53,300,000 | 43,800,000 | 43,700,000 | 34,300,000 | 28,300,000 | 29,700,000 | 7,857,245 | 4,285,516 |
debt, net of current portion | 78,800,000 | 79,500,000 | |||||||||||||||||||
lease liabilities, net of current portion | 36,900,000 | 36,300,000 | 19,100,000 | 13,000,000 | 10,200,000 | 11,300,000 | 10,900,000 | 11,500,000 | 12,400,000 | 13,200,000 | 13,500,000 | 13,900,000 | 8,800,000 | 9,200,000 | 7,600,000 | 8,200,000 | 8,800,000 | 1,200,000 | |||
warrant liabilities | 7,100,000 | 29,900,000 | 58,600,000 | 87,600,000 | 47,700,000 | 89,400,000 | 9,600,000 | 9,600,000 | 19,100,000 | 39,900,000 | 32,800,000 | 22,600,000 | 12,000,000 | 7,000,000 | 15,500,000 | 15,400,000 | 23,800,000 | 30,300,000 | 40,900,000 | 38,226,667 | 45,280,001 |
other long-term liabilities | 15,400,000 | 13,000,000 | 10,500,000 | 13,900,000 | 13,900,000 | 12,800,000 | 12,600,000 | 12,600,000 | 11,900,000 | 12,900,000 | 11,800,000 | 11,000,000 | 11,000,000 | 11,000,000 | 11,200,000 | 1,000,000 | 300,000 | 400,000 | 500,000 | ||
total liabilities | 243,400,000 | 263,100,000 | 245,300,000 | 257,400,000 | 203,300,000 | 248,600,000 | 183,800,000 | 150,000,000 | 131,700,000 | 187,200,000 | 175,100,000 | 205,200,000 | 95,800,000 | 80,500,000 | 80,400,000 | 73,000,000 | 74,200,000 | 69,500,000 | 83,800,000 | 46,083,912 | 49,565,517 |
commitments and contingencies | |||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||
class a common stock, 0.0001 par value... | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 500,143,016 | 500,157,359 | |||||||||||||
additional paid-in capital | 4,604,000,000 | 4,507,900,000 | 3,771,500,000 | 3,665,900,000 | 2,790,400,000 | 2,438,400,000 | 1,955,300,000 | 1,706,300,000 | 1,644,500,000 | 1,515,900,000 | 1,404,200,000 | 1,264,400,000 | 1,214,200,000 | 1,185,000,000 | 1,153,900,000 | 1,122,700,000 | 1,096,500,000 | 1,072,500,000 | 1,052,200,000 | 23,750 | 23,750 |
accumulated deficit | -2,521,500,000 | -2,303,800,000 | -2,114,900,000 | -1,985,000,000 | -1,779,000,000 | -1,685,600,000 | -1,487,500,000 | -1,372,200,000 | -1,265,300,000 | -1,148,800,000 | -1,039,700,000 | -988,100,000 | -804,000,000 | -690,900,000 | -595,500,000 | -504,500,000 | -432,800,000 | -373,600,000 | -330,300,000 | -45,481,339 | -48,748,289 |
accumulated other comprehensive loss | -3,200,000 | -1,400,000 | -2,400,000 | -100,000 | -200,000 | -300,000 | -100,000 | -100,000 | -100,000 | -800,000 | -1,200,000 | ||||||||||
total stockholders’ equity | 2,079,400,000 | 2,202,800,000 | 1,654,300,000 | 1,680,900,000 | 1,011,300,000 | 752,600,000 | 467,700,000 | 334,000,000 | 379,200,000 | 367,100,000 | 364,500,000 | 276,300,000 | 410,100,000 | 493,300,000 | 557,200,000 | 618,200,000 | 663,700,000 | 698,900,000 | 721,900,000 | ||
total liabilities and stockholders’ equity | 2,322,800,000 | 2,465,900,000 | 1,899,600,000 | 1,938,300,000 | 1,214,600,000 | 1,001,200,000 | 651,500,000 | 484,000,000 | 510,900,000 | 554,300,000 | 539,600,000 | 481,500,000 | 505,900,000 | 573,800,000 | 637,600,000 | 691,200,000 | 737,900,000 | 768,400,000 | 805,700,000 | ||
notes payable | 64,100,000 | 64,100,000 | 64,100,000 | 64,000,000 | 64,000,000 | 32,700,000 | 18,100,000 | 2,300,000 | 4,600,000 | 7,000,000 | |||||||||||
class b common stock, 0.0001 par value... | 1,250 | 1,250 | |||||||||||||||||||
current portion of notes payable | 7,000,000 | 9,300,000 | 9,400,000 | 9,400,000 | 9,500,000 | 9,500,000 | |||||||||||||||
notes payable, net of current portion | 7,200,000 | 2,300,000 | 4,700,000 | 7,000,000 | 9,300,000 | 11,700,000 | |||||||||||||||
right-of-use asset | 2,700,000 | ||||||||||||||||||||
lease liability | 1,700,000 | ||||||||||||||||||||
other current liabilities | 1,600,000 | 4,404 | |||||||||||||||||||
lease liability, net of current portion | 1,000,000 | ||||||||||||||||||||
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current assets: | |||||||||||||||||||||
cash | 297,376 | 445,231 | |||||||||||||||||||
investments held in trust account | 500,143,016 | 500,157,359 | |||||||||||||||||||
prepaid insurance - non-current | 78,569 | ||||||||||||||||||||
liabilities and stockholders' (deficit) equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accrued expenses | 7,376,317 | 4,113,507 | |||||||||||||||||||
franchise tax payable | 98,907 | 49,180 | |||||||||||||||||||
promissory note - related party | 300,000 | ||||||||||||||||||||
stockholders’ (deficit) equity: | |||||||||||||||||||||
total stockholders' (deficit) equity | -45,456,339 | -48,723,289 | |||||||||||||||||||
total liabilities and stockholders' (deficit) equity | 500,770,589 | 500,999,587 | |||||||||||||||||||
due to related party | 4,404 | ||||||||||||||||||||
stockholders' (deficit) equity: |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||
net loss | -217,700,000 | -188,900,000 | -129,900,000 | -206,000,000 | -93,400,000 | -198,100,000 | -115,300,000 | -106,900,000 | -116,500,000 | -51,600,000 | -184,100,000 | -113,100,000 | -95,400,000 | -91,000,000 | -71,700,000 | -59,200,000 | -43,300,000 | ||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||
depreciation and amortization expense | 7,800,000 | 5,100,000 | 4,800,000 | 4,100,000 | |||||||||||||||
stock-based compensation expense | 70,400,000 | ||||||||||||||||||
change in fair value of warrant liabilities | -22,800,000 | -29,100,000 | 40,000,000 | -41,700,000 | -6,600,000 | ||||||||||||||
non-cash lease expense | 1,700,000 | 1,500,000 | 1,200,000 | 1,000,000 | 800,000 | 800,000 | 800,000 | 700,000 | 700,000 | 700,000 | 600,000 | 1,100,000 | 1,400,000 | 1,400,000 | 1,100,000 | 1,200,000 | 900,000 | 700,000 | |
research and development warrant expense | 900,000 | 800,000 | 800,000 | 800,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,100,000 | 4,400,000 | 4,400,000 | 4,500,000 | 4,200,000 | 0 | 500,000 | 1,200,000 | 1,200,000 | 1,300,000 | ||
general and administrative warrant expense | 1,100,000 | 0 | |||||||||||||||||
amortization of short-term investments purchased at a premium | 1,600,000 | ||||||||||||||||||
others | 300,000 | ||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||
prepaid expenses | -5,400,000 | -13,800,000 | 1,100,000 | 2,100,000 | -1,600,000 | -2,000,000 | -4,500,000 | 2,300,000 | 200,000 | -4,000,000 | 2,700,000 | 200,000 | 3,000,000 | 1,000,000 | -700,000 | -800,000 | -1,700,000 | -6,500,000 | |
other current assets | 1,900,000 | 1,900,000 | -9,000,000 | 2,100,000 | -1,200,000 | -1,300,000 | -1,100,000 | -600,000 | -1,100,000 | 500,000 | -100,000 | 700,000 | -300,000 | -700,000 | 600,000 | -1,000,000 | -100,000 | 100,000 | |
other long-term assets | -6,500,000 | -300,000 | -1,500,000 | 400,000 | -1,700,000 | -500,000 | -700,000 | -600,000 | -600,000 | -4,900,000 | 1,700,000 | -1,200,000 | -600,000 | -1,400,000 | 300,000 | 900,000 | 600,000 | -2,200,000 | |
accounts payable | -5,200,000 | 2,900,000 | 500,000 | 4,900,000 | 500,000 | -1,700,000 | -7,000,000 | -1,100,000 | 2,100,000 | 5,700,000 | 2,500,000 | -1,600,000 | 3,100,000 | 0 | -1,600,000 | -17,700,000 | |||
accrued expenses and other current liabilities | 28,000,000 | 5,200,000 | 7,300,000 | -4,100,000 | 8,100,000 | -10,100,000 | 1,700,000 | 3,900,000 | -14,400,000 | 3,900,000 | 8,900,000 | 9,700,000 | -5,600,000 | 6,200,000 | 5,300,000 | ||||
operating lease right-of-use assets and lease liabilities | -300,000 | -2,300,000 | -1,600,000 | -1,200,000 | -1,000,000 | -1,000,000 | -500,000 | -1,000,000 | -800,000 | -400,000 | -500,000 | 4,500,000 | -1,200,000 | -900,000 | -1,000,000 | -600,000 | -900,000 | ||
other long-term liabilities | -4,000,000 | -3,200,000 | -3,300,000 | 0 | 1,600,000 | 300,000 | -100,000 | 1,000,000 | 900,000 | 0 | -300,000 | -200,000 | 9,800,000 | ||||||
net cash from operating activities | -149,100,000 | -129,300,000 | -105,600,000 | -103,400,000 | -94,600,000 | -104,400,000 | -97,200,000 | -80,500,000 | -86,500,000 | -84,000,000 | -66,800,000 | -57,100,000 | -63,700,000 | -67,200,000 | -50,800,000 | -45,600,000 | -36,800,000 | -48,900,000 | |
capital expenditures | -11,100,000 | -29,600,000 | -20,300,000 | -20,000,000 | -3,300,000 | -24,200,000 | -19,600,000 | -18,800,000 | -7,300,000 | -9,000,000 | -22,100,000 | 2,300,000 | -5,600,000 | -3,400,000 | 100,000 | -1,500,000 | 1,200,000 | ||
free cash flows | -160,200,000 | -158,900,000 | -125,900,000 | -123,400,000 | -97,900,000 | -128,600,000 | -116,800,000 | -99,300,000 | -93,800,000 | -93,000,000 | -88,900,000 | -54,800,000 | -69,300,000 | -70,600,000 | -50,700,000 | -47,100,000 | -47,700,000 | ||
cash flows from investing activities | |||||||||||||||||||
purchase of property and equipment | -32,600,000 | -29,600,000 | -20,300,000 | -18,900,000 | -10,000,000 | -24,200,000 | -19,600,000 | -20,900,000 | -17,300,000 | -9,000,000 | -15,800,000 | -8,100,000 | -11,400,000 | -3,300,000 | -1,500,000 | -1,500,000 | -600,000 | -500,000 | |
proceeds from maturities of short-term investments | 115,000,000 | 0 | 0 | 151,000,000 | 314,000,000 | ||||||||||||||
business acquisition, net of cash acquired | -3,700,000 | ||||||||||||||||||
net cash from investing activities | 78,700,000 | -73,400,000 | -1,068,500,000 | -24,100,000 | -10,000,000 | -24,200,000 | -19,600,000 | -20,900,000 | -17,300,000 | -9,000,000 | -15,800,000 | 142,900,000 | 302,600,000 | 26,900,000 | -489,100,000 | -1,500,000 | -600,000 | -500,000 | |
cash flows from financing activities | |||||||||||||||||||
repayment of long-term debt | -100,000 | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | -2,500,000 | |||||||||||
proceeds from pipe financing | 0 | 0 | 0 | 10,000,000 | 425,000,000 | 0 | 0 | ||||||||||||
proceeds from issuance of common stock | 0 | 70,000,000 | 0 | ||||||||||||||||
proceeds from exercise of stock options | 100,000 | -300,000 | 100,000 | 200,000 | 100,000 | 100,000 | |||||||||||||
payment of offering costs in connection with financing activities | -24,900,000 | 100,000 | -32,700,000 | -11,600,000 | |||||||||||||||
net cash from financing activities | 628,700,000 | 46,400,000 | 821,100,000 | 300,200,000 | 461,500,000 | 258,100,000 | 56,000,000 | 44,800,000 | 95,800,000 | 136,500,000 | 22,600,000 | -4,800,000 | -2,800,000 | -2,400,000 | -2,300,000 | -2,400,000 | 100,000 | ||
net change in cash, cash equivalents, and restricted cash | -70,400,000 | ||||||||||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 1,028,800,000 | 0 | 0 | 0 | 841,300,000 | 0 | 0 | 0 | 471,500,000 | 0 | 0 | 0 | 72,300,000 | 0 | 0 | 0 | 746,900,000 | ||
cash, cash equivalents, and restricted cash, end of period | 958,400,000 | 426,000,000 | -1,127,700,000 | 693,600,000 | 1,036,900,000 | 332,900,000 | 141,300,000 | -45,400,000 | 412,500,000 | 2,800,000 | 53,900,000 | 108,400,000 | 306,400,000 | -43,100,000 | -542,300,000 | -49,400,000 | 707,100,000 | ||
supplemental cash flow information: | |||||||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||||
purchases of property and equipment included in accounts payable and accrued expenses | 14,100,000 | -1,100,000 | 6,700,000 | 2,100,000 | 10,000,000 | -6,300,000 | 10,400,000 | 5,800,000 | -100,000 | 1,600,000 | |||||||||
purchases of property and equipment in common stock | 7,400,000 | ||||||||||||||||||
purchase of business acquisition in common stock | 2,900,000 | ||||||||||||||||||
payment of offering costs in connection with financing activities in common stock | 1,200,000 | ||||||||||||||||||
depreciation and amortization | 700,000 | 600,000 | 500,000 | ||||||||||||||||
debt discount and issuance cost amortization | 0 | 200,000 | 200,000 | 100,000 | 200,000 | 100,000 | 100,000 | 100,000 | 200,000 | ||||||||||
change in fair value of warrant liabilities and other warrant costs | 79,800,000 | 0 | -9,500,000 | -20,800,000 | 7,100,000 | 10,200,000 | 10,600,000 | 5,000,000 | -8,500,000 | 100,000 | |||||||||
gain on issuance of common stock | 0 | 0 | 0 | ||||||||||||||||
other warrant expense | 0 | 0 | 0 | 2,100,000 | 4,800,000 | 0 | |||||||||||||
technology and dispute resolution agreements expense | 0 | 0 | 0 | 5,600,000 | -5,000,000 | 2,300,000 | |||||||||||||
purchase of short-term investments | 0 | 200,000 | |||||||||||||||||
acquisition of intangible assets | -20,900,000 | -100,000 | |||||||||||||||||
business acquisition | |||||||||||||||||||
proceeds from issuance of debt | 0 | 31,700,000 | 14,800,000 | 11,000,000 | 0 | ||||||||||||||
payment of debt issuance costs | -100,000 | -300,000 | -200,000 | -100,000 | 0 | ||||||||||||||
payments for taxes related to net share settlement of equity awards | 0 | 0 | -1,200,000 | -2,300,000 | |||||||||||||||
proceeds from shares issued under at-the-market program | 0 | 51,300,000 | 13,700,000 | 39,400,000 | 33,900,000 | ||||||||||||||
proceeds from shares issued under employee stock purchase plan | 3,600,000 | 0 | 2,500,000 | 0 | 1,600,000 | 0 | |||||||||||||
net increase in cash, cash equivalents, and restricted cash | 426,000,000 | -1,127,700,000 | 693,600,000 | 195,600,000 | 332,900,000 | 141,300,000 | -45,400,000 | -59,000,000 | 2,800,000 | 53,900,000 | 108,400,000 | 234,100,000 | |||||||
cash paid for interest | 1,000,000 | 1,000,000 | 1,100,000 | 1,000,000 | 500,000 | 200,000 | 200,000 | 200,000 | 300,000 | 300,000 | 400,000 | 500,000 | 300,000 | 400,000 | |||||
stock-based compensation | 52,700,000 | 51,800,000 | 30,100,000 | 23,900,000 | 21,400,000 | 22,800,000 | 40,700,000 | 20,400,000 | -27,400,000 | 26,500,000 | 25,700,000 | 26,500,000 | 26,200,000 | 25,600,000 | 24,500,000 | 18,900,000 | |||
proceeds from registered direct offering | 0 | 850,000,000 | 301,800,000 | ||||||||||||||||
offering costs in connection with financing activities through issuance of common stock | |||||||||||||||||||
depreciation, amortization and other | 3,500,000 | 3,300,000 | 2,600,000 | 2,300,000 | 2,300,000 | 2,100,000 | 1,100,000 | 1,000,000 | 1,700,000 | ||||||||||
interest income on short-term investments | -200,000 | -200,000 | |||||||||||||||||
accretion and amortization income of short-term investments | 0 | 0 | -300,000 | -2,000,000 | -3,500,000 | ||||||||||||||
payment of offering costs in connection with pipe financing | -17,200,000 | 0 | |||||||||||||||||
payment of offering costs in connection with at-the-market program | 0 | 0 | |||||||||||||||||
net income | 3,252,607 | ||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||
gain on forgiveness of ppp loan | 0 | ||||||||||||||||||
proceeds from shares issued under at-the-market offering | |||||||||||||||||||
payment of offering costs in connection with at-the-market offering | |||||||||||||||||||
recapitalization transaction | 0 | ||||||||||||||||||
recapitalization transaction costs | 0 | ||||||||||||||||||
proceeds from exercise of stock warrants | 0 | ||||||||||||||||||
repayment of debt | |||||||||||||||||||
allocation of debt proceeds to stock warrants | 0 | ||||||||||||||||||
conversion of convertible preferred stock to common stock in connection with the reverse recapitalization | 0 | ||||||||||||||||||
pipe financing issuance costs settled with the issuance of class a common stock | 0 | ||||||||||||||||||
recapitalization transaction costs settled with the issuance of class a common stock | 0 | ||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -542,300,000 | -49,400,000 | -39,800,000 | ||||||||||||||||
purchases of property and equipment included in accounts payable | 1,700,000 | ||||||||||||||||||
debt discount amortization | 100,000 | ||||||||||||||||||
non-cash interest | |||||||||||||||||||
operating lease liabilities | |||||||||||||||||||
purchase of domain names | |||||||||||||||||||
proceeds from issuance of preferred stock | |||||||||||||||||||
net increase in cash and cash equivalents | -49,300,000 | ||||||||||||||||||
cash and cash equivalents, beginning of period | 0 | ||||||||||||||||||
cash and cash equivalents, end of period | -49,300,000 | ||||||||||||||||||
promissory notes and interest settled with preferred shares | |||||||||||||||||||
change in fair value of warrant liability | |||||||||||||||||||
other current liabilities | |||||||||||||||||||
operating lease liability | |||||||||||||||||||
class a common stock subject to possible redemption | |||||||||||||||||||
numerator: earnings attributable to class a common stock subject to possible redemption | |||||||||||||||||||
unrealized gain on investments held in trust account | 5,002 | ||||||||||||||||||
interest and dividend income on investments held in trust account | 8,633 | ||||||||||||||||||
less: income available to be withdrawn for payment of taxes | -13,635 | ||||||||||||||||||
net earnings attributable to class a common stock subject to possible redemption | |||||||||||||||||||
| |||||||||||||||||||
denominator: weighted-average class a common stock subject to possible redemption | |||||||||||||||||||
basic and diluted weighted-average shares outstanding, class a common stock subject to possible redemption | 50,000,000 | ||||||||||||||||||
basic and diluted net earnings per share, class a common stock subject to possible redemption | |||||||||||||||||||
non-redeemable class b common stock | |||||||||||||||||||
numerator: non-redeemable net income | |||||||||||||||||||
less: net earnings attributable to class a common stock subject to possible redemption | |||||||||||||||||||
non-redeemable net income | 3,252,607 | ||||||||||||||||||
denominator: weighted-average non-redeemable class b common stock | |||||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable class b common stock | 12,500,000 | ||||||||||||||||||
basic and diluted net income per share, non-redeemable class b common stock | 0.26 | ||||||||||||||||||
less: unrealized gain available to be withdrawn for payment of taxes | |||||||||||||||||||
numerator: net income minus net earnings | |||||||||||||||||||
redeemable class a common stock | |||||||||||||||||||
numerator: earnings allocable to redeemable class a common stock | |||||||||||||||||||
franchise tax expense | |||||||||||||||||||
net earnings | |||||||||||||||||||
denominator: weighted-average redeemable class a common stock | |||||||||||||||||||
basic and diluted weighted-average shares outstanding, redeemable class a common stock | |||||||||||||||||||
basic and diluted net earnings per share, redeemable class a common stock | |||||||||||||||||||
non-redeemable class a and class b common stock | |||||||||||||||||||
denominator: weighted-average non-redeemable class a and class b common stock | |||||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable class a and class b common stock | |||||||||||||||||||
basic and diluted net income per share, non-redeemable class a and class b common stock |