A potential catalyst is on the horizon for Archer Aviation (NYSE:ACHR), as the electric vertical take-off and landing (eVTOL) company has confirmed that it will report its third-quarter earnings on Thursday, Nov. 9 after the market close.
Archer has announced a slew of press releases this month, or six to be more exact. One of these press releases detailed the company receiving “nearly $1M” from the U.S. Air Force in exchange for a mobile flight simulator. The payment was pursuant to contracts valued at up to $142 million and is expected to be the first of many payments made from the Air Force to Archer. Still, the announcement was made on Oct. 4, which falls outside of the range of the third quarter. That makes sense, as Wall Street analysts tracked by Koyfin forecast Archer to report $0 in revenue for the quarter.
ACHR Stock: Archer to Report Third-Quarter Earnings on Nov. 9
Interestingly enough, analysts also forecast $0 of revenue for the fourth quarter, which doesn’t line up with the close to $1 million that Archer received during that time period. This could possibly be a result of a rounding error or outdated forecasts. Still, Archer has not reported any revenue since it became a publicly traded entity. That said, 2024 should change things, as analysts forecast full-year revenue of $5 million. Archer is expected to begin “for credit” testing early on in the year after its Midnight aircraft received a Special Airworthiness Certificate from the Federal Aviation Administration (FAA) back in August.
Unsurprisingly, Archer is expected to be unprofitable during the third quarter. Analysts believe that the company will report a GAAP EPS loss of 21 cents and an adjusted EPS loss of 30 cents. During Q2, the company reported a GAAP EPS loss of 73 cents and an adjusted EPS loss of 29 cents. These analysts don’t expect profitability to improve during the fourth quarter either, estimating for a GAAP EPS loss of 36 cents and an adjusted EPS loss of 30 cents.
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.
