ACHR - Archer Aviation gains after saying commercialization efforts are progressing

Archer Aviation Inc. ( NYSE: ACHR ) reported a GAAP net loss of $71.7M in Q2 on total operating expenses of $80.2M.

The company said it is advancing commercialization efforts and executing on its plan including the development and certification of the Midnight production aircraft.

ACHTR is also initiating efforts for its early launch markets for commercial operations.

"Our recent successful completion of Midnight’s Preliminary Design Review provides us confidence that our technology supports our commercial objectives. These accomplishments are validated by United Airlines $10 million pre-delivery payment."

Archer Aviation ( ACHR ) ended the quarter with a cash position of $655M.

Shares of ACHR moved up 5.20% in after-hours trading to $4.45 vs. the 52-week trading range of $2.61 to $10.54.

The Seeking Alpha Quant Rating on ACHR moved to Hold from Sell on July 11.

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