What Is Driving The Move In Archer Aviation Stock? Trefis Team Mon, October 12, 2026 at 6:44 PM EDT 3 min read ARCH.OL +0.23% ACHR -5.44% JOBY -5.51% ^GSPC -0.06% EVEX -1.80% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Shares of Archer Aviation (ACHR) fell 60.8% in the year to October 9, 2026, trailing a 17.3% return for the S&P 500. The decline compounded over several months, with the bulk of the drop occurring by July 17, 2026, when the stock slipped below $5. So what worried Archer's holders over those months, and what has the fall left unchanged?
What Has Archer Aviation Stock Been Reacting To?
Air taxi stocks fell broadly over the year. Joby Aviation and Eve, two other air taxi developers, lost 68.3% and 66.1% over the same window. Archer also faced two distinct problems of its own.
The first involved the aircraft itself. According to commentary published on May 26, 2026, Archer experienced flight-testing timeline adjustments during aircraft development and systems validation.
The second was the share count. By July 17, 2026, press coverage indicated that dilution from the issue of new shares had become a larger concern than Archer's cash. The company's own figures reflect that reality, showing the share count rose 211.4% over three years.
Archer Aviation Has Almost No Revenue Yet
The company generated $5 million of revenue in fiscal Q2 2026, aided by expanding operations at the Hawthorne Airport. During the same quarter, its adjusted EBITDA loss, the spending measure management guides to, was $177 million. Over the past twelve months, the net loss was about $0.8 billion.
Despite these figures, the stock is still priced at 561.9 times twelve-month sales, compared to 3.1 for the S&P 500. That valuation assumes future sales that Archer has yet to realize.
To add sales sooner, management announced a deal on its August 10, 2026 call to acquire three Boeing-owned companies: Wisk Aero, Insitu and SkyGrid. Insitu manufactures surveillance drones and is profitable, generating over $200 million in annual revenue. Because Boeing is being paid entirely in Archer stock, Archer would secure those sales by handing over a stake in itself.
Is Archer Aviation's Loss Running Above Its Guidance?
Archer's loss remains within guidance. Its fiscal Q2 adjusted EBITDA loss landed at the lower end of management's guided range of $170 million to $200 million. Executives guided to the same range for Q3, a period that has since ended, and those results are not out yet.
Archer finished Q2 with $1.6 billion in liquidity, covering about eight quarters of losses at the top of that range. The company also owes little: its debt is 3.2% of its market value, against 20.6% for the S&P 500.
Management expects the Boeing transaction to close by the end of the year, aiming to keep cash burn roughly flat afterward. Sustained quarterly EBITDA losses in excess of $200 million post-closing would indicate higher-than-expected near-term integration or operating expenses.
Does This Mean You Should Act On ACHR?
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