Archer Aviation Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, focused on designing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility, showed an increase in cash and cash equivalents, rising to $501.7 million from $464.6 million at the end of 2023. Total current assets also grew to $523.0 million, up from $480.2 million, contributing to a total asset increase to $651.5 million, compared to $554.3 million previously.

Despite these increases, Archer's financial performance reflected ongoing challenges. The company reported a net loss of $(115.3) million for the three months ended September 30, 2024, compared to a loss of $(51.6) million in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $(338.7) million, a slight improvement from $(348.8) million in the prior year. The net loss per share for the quarter was $(0.29), up from $(0.19) in 2023.

Operating expenses surged to $122.1 million for the third quarter, significantly higher than $46.2 million in the same quarter of 2023. This increase was driven primarily by a rise in research and development expenses, which reached $89.8 million, up from $67.8 million year-over-year. The increase in R&D expenses was attributed to higher personnel-related costs, professional services, and stock-based compensation.

Archer's total stockholders’ equity increased to $467.7 million as of September 30, 2024, from $367.1 million at the end of 2023. However, the accumulated deficit worsened to $(1,487.5) million, compared to $(1,148.8) million previously.

Strategically, Archer has been active in financing efforts, including a PIPE financing round that netted approximately $158.0 million and a second shelf registration statement allowing for the sale of up to $95.0 million in shares. The company also drew down $65.0 million from a loan agreement for the construction of a manufacturing facility in Georgia.

Legal challenges continue to impact Archer, with ongoing litigation from Wisk Aero LLC regarding trade secrets and patent infringement. The company has entered into agreements to resolve some disputes, including a collaboration with Boeing and Wisk.

Overall, while Archer Aviation Inc. has made strides in asset growth and financing, it continues to face substantial operating losses and legal hurdles as it advances its eVTOL aircraft development.