Archer Aviation Inc ( ACHR ) reported financial results for the fourth quarter Thursday after the bell. Here’s a look at the key details from the print.

Q4 Earnings: Archer reported a fourth-quarter loss of $1.42 per share, missing analyst estimates for a loss of $1.24 per share, according to Benzinga Pro.

Archer said its quarterly spending stayed within the guided range and remained close to flat for the second straight quarter. The company ended the period with $834.5 million in cash and cash equivalents.

Archer unveiled its “Launch Edition” commercialization program on Thursday with Abu Dhabi Aviation as its first customer. The program is expected to allow the company to deploy the aircraft to dozens of early adopter markets in advance of type certification by the FAA. The company noted that it has received FAA approval for about 13% of the total compliance verification documents in the final phase before type certification. 

“With our new Launch Edition program now in place and aircraft production starting at ARC, we are on track to deliver our first revenue-generating Midnight aircraft later this year,” said Adam Goldstein, founder and CEO of Archer.

“Our billion-dollar-plus liquidity position gives us the resources we need to execute against our civil and defense business strategies while also setting us up to seize new opportunities around AI and more.”

The company said it’s also seeing strong demand in the defense market for its planned hybrid aircraft that it’s developing under an exclusive partnership with Anduril Industries.

“We believe the potential demand for this aircraft is stronger than expected,” the company said in a letter to shareholders.

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Management will further discuss the quarter on a conference call with investors and analysts at 5 p.m. ET.

ACHR Price Action: Archer Aviation ( ACHR ) shares were down 8.46% after hours, trading at $7.25 at the time of publication Thursday, according to Benzinga Pro.