Archer Aviation Inc

A

Archer Aviation Inc.

ACHR · US

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Archer Aviation is the second major global eVTOL air-taxi contender, with a market cap of about $4.85 billion, net cash of about $1.7 billion ($2.23/share), and EV of about $3.15 billion. FAA certification has closed Stage 3 and net cash covers roughly two years, but the company still has almost no commercial revenue, burns more than $600 million a year, has expanded its share count by 166% in two years, and trails Joby by roughly one certification stage. Rating Watch: after falling by half to $6.38, the stock still lacks a margin of safety.