US eVTOL developer Archer Aviation has reported its operating and financial results for the fourth quarter and full year ended 31 December, 2021. The company has issued a shareholder letter discussing these operating and financial results, as well as its outlook.

Archer’s GAAP total operating expenses (OPEX) are $53m for 4Q21, non-GAAP $33m. For the financial year to end 2021 its GAAP total OPEX are $358m, non-GAAP $110m.

Co-founder and co-CEO Brett Adcock says: “Archer has successfully achieved all of its stated 2021 milestones and remains on track to achieve its 2022 milestones, as outlined in our shareholder letter. Our business has considerable momentum, and we are continuing to invest in research and development, to add talent and to build the infrastructure necessary to commercialise our business. This will enable us to grow, deliver financial results and create real value for our shareholders.”

Key operating highlights were the first hover flight of the full scale Maker demonstrator eVTOL aircraft, successfully executed with a performance in line with expectations. The five seat, piloted aircraft is intended for commercial operations. After completing the Conceptual Design Review process in October 2021, the company is currently progressing towards its Preliminary Design Review milestone.

In November 2021, Archer formally received its Special Airworthiness Certificate from the FAA on the Maker, allowing it to begin conducting test flights. Separately, the company continues to focus on finalising its G-2 Issue Paper, which will set forth the means of compliance with the certification basis established in its G-1 Issue Paper last autumn. The company remains on track to achieve this milestone in 2022.

Archer's team was able to go from design to first hover flight in just two years. It has made key leadership additions to its battery, powertrain and finance teams, and continues to build out its board of directors and technical advisory board.

In financial estimates for 1Q22 the company expects GAAP total OPEX of $58 million to $64 million; and non-GAAP total OPEX of $33 million to $39 million. This reflects expected stock-based compensation and warrant expense of approximately $25 million.