Joby reports first quarter net loss and progress over FAA hurdles [Yahoo! Finance]
Archer Aviation Inc. Class A (ACHR)
Company Research
Source: Yahoo! Finance
Revenue in the quarter reflected services provided to the Department of Defense as part of a $131 million contract. The company also said it had some $924 million in cash and short-term investments at the end of the quarter. However, JoeBen Bevirt, Joby's chief executive and founder, hailed the company's progress, saying movement toward Federal Aviation Administration (FAA) certification for its aircraft has been steady. "Joby was the first air taxi company to complete the first, the second and the third stages of the type-certification process," Bevirt said in a conference call with industry analysts after the release of the company's quarterly results. As a contrast to other air taxi companies, Bevirt emphasized that Joby has kept the "vast majority" of its parts manufacturing in-house, allowing engineers to get real-time feedback on how components perform. Competitor Archer Aviation, for example, has relied on legacy aerospace suppliers for parts. "This approach allows us
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ACHR
News
- Archer Aviation Inc. (NYSE: ACHR) had its price target lowered by analysts at Barclays PLC from $6.50 to $4.50. They now have an "equal weight" rating on the stock.MarketBeat
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- Archer Announces First Quarter 2024 Results; Flight Testing Accelerates As Midnight Closes In On Transition Milestone & Midnight's Key Systems Pass Rigorous Testing [Yahoo! Finance]Yahoo! Finance
ACHR
Sec Filings
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- ACHR's page on the SEC website