Archer Aviation is developing eVTOL aircraft (Midnight) for air taxi services and dual-use hybrid-electric VTOL aircraft for defense and commercial cargo. The company reported a net loss of $618.2 million for the year ended December 31, 2025, an increase from $536.8 million in 2024. Revenue for 2025 was $0.3 million, generated from subleasing hangar space at the recently acquired Hawthorne Airport, marking the first significant revenue generation. Research and development expenses increased by 38.1% to $493.9 million in 2025, reflecting increased investment in technology development, personnel, and prototype aircraft. General and administrative expenses rose by 54.9% to $235.4 million in 2025, primarily due to higher stock-based compensation and workforce expansion. As of December 31, 2025, Archer had $1,964.7 million in cash, cash equivalents, and short-term investments, which management believes is sufficient to fund operations for at least the next 12 months. The company made significant progress in FAA certification for its Midnight aircraft, finalizing the G-1 Issue Paper in June 2024 and achieving full FAA acceptance of its Means of Compliance in January 2026. Piloted test flights for the Midnight program began in June 2025, and the company is largely focused on the fourth and final implementation phase of Type Certification, having received approximately 15% of compliance verification documents. Internationally, the UAE's GCAA transitioned Midnight into a Restricted Type Certification program, with hot weather flight testing completed and additional aircraft deliveries planned for initial passenger operations this year. Archer acquired control of Hawthorne Municipal Airport on December 8, 2025, planning it as an operational and innovation hub for its Los Angeles network, including for the LA28 Olympic Games. A dual-use hybrid-electric VTOL aircraft platform is being advanced with Anduril Industries Inc. for defense and commercial cargo, with the first third-party adoption deal for its electric powertrain announced in November 2025 with Anduril and EDGE Group. Production capabilities are being scaled at "golden manufacturing lines" in Silicon Valley and a high-volume facility in Georgia. The company's Class B common stock automatically converted into Class A common stock on December 31, 2024, as the number of outstanding Class B shares fell below 10% of total common stock. Archer issued 15,045,913 shares of Class A common stock to vendors in 2025, satisfying $126.8 million in obligations. Multiple capital raises were completed in 2025, including registered direct offerings totaling $1,801.8 million in gross proceeds and $46.3 million in net proceeds from the Third ATM Program.