Archer Aviation Acquires Hawthorne Airport and Raises $650M to Accelerate Midnight Flights
By ATTN Desk · Editorial oversight: Sean Han
Introduction
Archer Aviation Inc. (NYSE: ACHR) is a publicly traded company headquartered in San Jose, California, that develops electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Following its September 20, 2021, initial public offering, Archer has been working toward certification of its production model, Midnight, with plans to offer air taxi services in Miami and Los Angeles by 2025.
Corporate Structure
Archer employs between 1,001 and 5,000 people across engineering, manufacturing, operations, and support functions. Adam Goldstein serves as Chief Executive Officer and Chairman of the Board. The company maintains facilities in Santa Clara and a flight test center and operates a research lab at the University of Florida’s campus in Gainesville.
eVTOL aircraft by Hyundai Motor Group
Developments and News
- November 6, 2025 (Q3 2025 Report): Archer completed the $126 million acquisition of Hawthorne Airport in Los Angeles to serve as its operational hub and testbed for artificial intelligence technology.
- June 12, 2024: Midnight completed its first transition flight. By the end of 2024, the company had conducted over 400 test flights.
- July 2025: The first test flight of Midnight outside the United States took place in Abu Dhabi, conducted under local environmental conditions.
- Q3 2025: The Midnight aircraft achieved flights exceeding 50 miles in range and 10,000 feet in altitude, which included demonstrations at the California International Airshow.
- Q3 2025: Archer closed the $21 million acquisition of Lilium’s patent portfolio, which adds key technologies in ducted fans, high-voltage systems, and flight controls.
- Summer 2025: Delivery and flight operations of Midnight began in the United Arab Emirates with Abu Dhabi Aviation; in October 2025, the UAE General Civil Aviation Authority visited Archer’s headquarters to facilitate regulatory approvals.
- Q3 2025: Partnerships expanded in Asia through agreements with Korean Air and Japan Airlines’ joint venture, Soracle, for service trials in Tokyo and Osaka.
- October 2025: Archer raised $650 million in equity capital, increasing total liquidity to over $2 billion.
Financial and Strategic Analysis
Archer’s stock price closed at $7.47 on November 7, 2025, down 15.88% from the previous trading day, on a volume of 1,997,190 shares. Key metrics as of that date include:
| Metric | Value |
|---|---|
| Market Capitalization | $7.26 billion |
| Trailing EPS (TTM) | –$1.27 |
| Net Income (TTM) | –$612.8 million |
| Return on Assets (TTM) | –29.23% |
| Return on Equity (TTM) | –60.83% |
| Total Cash (MRQ) | $1.72 billion |
| Total Debt/Equity (MRQ) | 4.85% |
| Levered Free Cash Flow (TTM) | –$314.7 million |
In November 2025, Archer filed a prospectus supplement under Rule 424(b)(5) to offer 81,250,000 shares of Class A common stock at $8.00 per share, with expected net proceeds of approximately $625.9 million. Proceeds are designated for scaling manufacturing, advancing certification, and marketing its Urban Air Mobility network.
Market Position and Industry Context
Archer competes in the emerging urban air mobility sector, where multiple eVTOL developers aim to secure market share. Its partnership with United Airlines (which includes a 200-aircraft order) and its operations in Los Angeles and Miami position Archer alongside established air transport companies. The focus on a four-passenger piloted vehicle, Midnight, and its hub-and-spoke model at existing airports are distinguishing elements of its strategy. Regulatory milestones with the FAA and international authorities are anticipated to be critical for the commercial launch in 2025.
tl;dr
On November 6, 2025, Archer reported Q3 2025 results and announced the $126 million acquisition of Hawthorne Airport as its Los Angeles hub. In Q3 2025, Midnight achieved over 50 miles of range and 10,000 feet altitude in demonstration flights, and UAE flight testing began following summer deliveries. Archer raised $650 million in equity capital in October 2025, bringing liquidity above $2 billion. The company’s future actions will focus on FAA certification of Midnight and initiating air taxi services in Miami and Los Angeles by 2025.