Archer Aviation Inc ( ACHR ) shares are moving higher and trending on Thursday. Here’s a look at what’s going on.

What To Know: Archer on Thursday announced an exclusive partnership making the company the official air taxi provider of the LA28 Olympic and Paralympic Games. The company was also selected as the official air taxi provider for Team USA.

“We want to transform the way people get around Los Angeles and leave a legacy that shapes the future of transportation in America. There’s no better time to do that than during the LA28 Games,” said Adam Goldstein, CEO and founder of Archer Aviation ( ACHR ).

Archer said it will provide its Midnight eVTOL aircraft during the games for fan and VIP transportation. The agreement also includes access to storytelling throughout NBCUniversal’s 2026 and 2028 Olympic Games coverage.

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Archer shares have surged more than 35% over the past week, boosted by the company’s quarterly results at the start of the week. The company reported a smaller-than-expected loss of 17 cents for the first quarter versus estimates for a loss of 28 cents.

Archer said its spending for the quarter stayed within the previously guided range. The company ended the quarter with $1.03 billion in cash and cash equivalents, its highest cash position to date.

Archer also confirmed that it’s on track to deliver its first aircraft to the UAE in the coming months and said deployment is slated for sometime in 2025.

“This quarter, the team made strong progress across our civil and defense efforts as we continue to deepen our strategic partner relationships and prepare for commercialization in the UAE later this year," Goldstein said.

ACHR Price Action: Archer shares are up about 68% over the past month and have risen approximately 220% over a one-year period. The stock is trading near its 52-week highs of $12.47 and has a momentum score of 98.89, according to Benzinga Pro. Archer shares were up 2.79% at $12.16 at the time of publication Thursday.

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