Archer’s Midnight aircraft reaches 7,000 feet in test flight

SALINAS, Calif. - Archer Aviation Inc. (NYSE:ACHR), a $6.36 billion market cap company whose stock has surged over 220% in the past year, announced Monday that its Midnight electric vertical takeoff and landing (eVTOL) aircraft reached an altitude of 7,000 feet during a recent test flight, marking the aircraft’s highest altitude achievement to date.According to InvestingPro analysis, Archer maintains strong liquidity with a current ratio of 22.3, providing solid financial backing for its ambitious development programs.

The test flight, conducted at Archer’s facility in Salinas, California, is part of the company’s ongoing envelope expansion testing program. During the flight, the test pilot performed a steady climb after takeoff, maintained altitude, and flew a total of 45 miles at speeds exceeding 120 mph.

This achievement follows a previous test last month when the Midnight aircraft covered approximately 55 miles in 31 minutes at speeds over 126 mph.

While eVTOL aircraft like Midnight are primarily designed to operate at altitudes between 1,500 and 4,000 feet in urban environments, the ability to fly at higher altitudes provides additional flexibility for air traffic management in congested areas and enables operations in elevated cities.

"I’m proud of the team for consistently proving Midnight’s performance capabilities while maintaining the highest safety standards," said Adam Goldstein, founder and CEO of Archer, according to the company’s press release.

The company stated that these test flights demonstrate progress toward Federal Aviation Administration certification in the United States and planned commercial operations in the UAE.

Archer Aviation is developing electric aircraft technology aimed at advancing the aviation industry. The company’s statement indicates that test pilots will continue to evaluate the Midnight’s speed, duration and mission capabilities as it prepares for commercial launch.

In other recent news, Archer Aviation Inc. has been the focus of several significant developments. The company reported a successful 55-mile piloted test flight of its Midnight aircraft, marking its longest piloted journey to date. This achievement was witnessed by United Airlines’ Chief Financial Officer, highlighting Archer’s ongoing collaboration with the airline. Archer is also exploring participation in the federal eVTOL Integration Pilot Program alongside United Airlines, aiming to conduct supervised trial operations in the United States.

Cantor Fitzgerald reiterated its Overweight rating on Archer Aviation with a price target of $13.00, citing the company’s manufacturing ramp-up and progress toward commercialization. Benchmark also maintained its Buy rating and $12.00 price target, noting advancements in Archer’s eVTOL certification campaign. The FAA has approved 15% of the company’s compliance verification documents, which Benchmark expects will expedite the certification process. Archer is preparing for its role as the exclusive air taxi provider for the upcoming LA Olympics, further solidifying its position in the eVTOL market.

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