It has been a breakout year for Archer Aviation (NYSE:ACHR) stock, as shares are up more than 140% so far this year. Meanwhile, the electric vertical takeoff and landing (eVTOL) company just announced a new flight testing milestone.
Following four years of flight testing, Archer’s Midnight aircraft has finally taken flight. The company’s flight envelope, which shows an aircraft’s capabilities and efficiencies over its altitude range, is expected to progress “from hover to full wing-borne transition flight in the coming months.” This will eventually help lead to “for credit” testing, which is expected to begin in early 2024.
“Midnight is building on the successes of its predecessor aircraft and represents another significant step forward in Archer’s path to commercialization,” said founder and CEO Adam Goldstein. “The next year and a half will be focused on continuing to rapidly advance our flight test program and Archer’s electric air taxi operations as we prepare to bring Midnight to market in 2025.”
ACHR Stock: Archer’s Midnight Aircraft Takes Flight
Archer’s other aircraft, called Maker, will continue its flight test program along with Midnight’s flight test program. The company ultimately has a goal of replacing 60 to 90 minute car rides with 10 to 20 minute cost-efficient eVTOL flights.
Back in August, Archer disclosed that the Midnight had received the Special Airworthiness Certificate from the Federal Aviation Administration (FAA). The certificate allowed Archer to begin flight test operations on the aircraft. Earlier this month, Archer also received its first payment of nearly $1 million from the U.S. Air Force, pursuant to contracts worth up to $142 million. The payment was received in exchange for a mobile flight simulator, which will be used to train pilots and provide information on Archer’s civilian-use eVTOL aircraft platform.
To put the cherry on top, Archer announced on Tuesday that a federal securities lawsuit, titled Cenderelli v. Archer Aviation, Inc., had been closed after the plaintiff chose to dismiss the case. The company had previously filed a motion to dismiss the case on Oct. 13.
Shareholders of ACHR stock will soon get a more in-depth update on Archer’s business prospects. The company has confirmed that it will report its third-quarter earnings on Nov. 9 after the market close.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
