Archer Aviation Inc. ( ACHR ) stock tumbled Friday after the company reported third-quarter results and plans to acquire Hawthorne Airport.

Earnings Snapshot

On Thursday, Archer reported third-quarter financial results, posting a loss of 20 cents per share, which was narrower than the 31-cent loss analysts had estimated. The company reported a third-quarter adjusted EBITDA loss of $116.1 million.

Archer said it anticipates a fourth-quarter adjusted EBITDA loss of $110 million to $140 million.

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Also, Archer announced that it signed definitive agreements to acquire Hawthorne Airport in Los Angeles for $126 million in cash.

Analyst Views

JP Morgan analyst Bill Peterson slashed the price forecast to $8 from $10, while keeping a Neutral rating.

The analyst writes that the acquisition of Hawthorne Airport in Los Angeles provides a strategic operational hub ahead of the 2028 Olympics and a testbed for next-gen aviation tech.

Also, the piloted CTOL testing is wrapping up, with a transition to piloted VTOL missions, slightly later than some investors expected, though management remains confident, given Midnight’s VTOL testing history, adds the analyst.

Further, Peterson says that the FAA’s eIPP program is emerging as a critical pathway for early commercial deployments, supporting public acceptance and operational data ahead of full type certification.

Despite the GCAA delay, the analyst expects the UAE certification to occur in the second half of 2026, potentially 6–12 months ahead of the FAA.

Estimates

Peterson revised the 2026 outlook downward to account for delayed aircraft deliveries and a slower commercial-scale ramp-up.

The analyst now expects adjusted EBITDA loss of $(467) million for 2025 versus $(485) million earlier and $(298) million for 2026 versus $(315) million prior.

Price Action: ACHR shares were trading lower by 15.43% at $7.510 at the last check on Friday.

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