ACHR - Archer Aviation Inc. (ACHR) Q1 2024 Earnings Call Transcript
2024-05-09 22:28:08 ET
Archer Aviation Inc. (ACHR)
Q1 2024 Earnings Conference Call
May 9, 2024 05:00 PM ET
Company Participants
Eric Lentell - General Counsel
Adam Goldstein - Founder and CEO
Mark Mesler - CFO
Tom Muniz - COO
Conference Call Participants
Edison Yu - Deutsche Bank
Andres Sheppard - Cantor Fitzgerald
Savi Syth - Raymond James
Austin Moeller - Canaccord
Josh Sullivan - Benchmark
Bill Peterson - JPMorgan
David Zazula - Barclays
Presentation
Operator
Good afternoon and thank you for attending today's Archer Aviation Q1 2024 Financial Results Conference Call. My name is Cole and I will be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end.
I'd now like to pass it over to our host, Eric Lentell. Please go ahead.
Eric Lentell
Thank you, operator. Good afternoon everyone and thank you for joining us today to review Archer's first quarter operating and financial results. My name is Eric Lentell, Archer's General Counsel. On the call with me today are Adam Goldstein, our Founder and CEO; Mark Mesler, our CFO; and Tom Muniz, our COO.
During today's call, we will be making forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements.
For more information about these risks and uncertainties, please refer to our SEC filings under the caption Risk Factors. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.
During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of certain GAAP to non-GAAP measures is included in our shareholder letter posted on our Investor Relations' website.
And now, I'll turn the call over to Adam. Adam?
Adam Goldstein
Thanks Eric. At Archer, we remain steadfast in our focus on commercializing our Midnight aircraft. We've design Midnight in pursuit of bringing to market an electric aircraft with world-class design and cutting edge performance capabilities that will make it the desired air taxi globally.
When I think back to 2019, when I first sat down with Tom Muniz and Geoff Bower to sketch out a vision for what became Midnight, we were aligned on one single goal to design an aircraft that would capture the market potential as soon as possible, meaning one that is both certifiable and manufacturable at scale, all while being purpose built to addressing the congested 20 to 50-mile automobile commute corridors that gridlock our cities today.
We decided a 12-Tilt six vehicle was optimal for this mission. And then we built a full scale 3,500 pound Max gross weight 40-foot wingspan aircraft called Nacre. We shepherded that aircraft in 2022 and 2023 through the full flight envelope, including transition and high speed flight, and then use those lessons to inform the design of the next evolution, our production aircraft Midnight. Today, you're flying Midnight nearly every day and benefiting tremendously from all the lessons we learned from Nacre.
In Q1, our flight test team logged over 100 flights, putting us on pace to exceed our goal of 400 flights this year. And we continue to be focused on accelerating the velocity of our flight tested, aiming for reaching 10 to 15 flights a day to mimic commercial endurance....
Archer Aviation Inc. (ACHR) Q1 2024 Earnings Call Transcript