March 2, 2026 at 5 p.m.

ET CALL PARTICIPANTS Chief Executive Officer — Adam GoldsteinChief Financial Officer — Priya GuptaPresident, Aircraft OEM — Benjamin LyonChief Operating Officer — Thomas Muniz Need a quote from a Motley Fool analyst? Email [email protected] Liquidity -- Ended the quarter with approximately $2 billion in liquidity, the highest level in company history, according to Priya Gupta.FAA milestone -- Achieved 100% acceptance by the FAA of Midnight's Means of Compliance, enabling advancement to final certification plans and anticipated TIA activities this year.Global backlog -- Reported an order book valued in the billions, now including Saudi Arabia's PIF and the Serbian government as new partners.Adjusted EBITDA guidance -- Estimated adjusted EBITDA loss in the range of $160 million-$180 million for the first quarter, reflecting a deliberate step-up in investment.UAE progress -- Became the first eVTOL manufacturer to establish a restricted type certificate program with the GCAA, positioning Midnight aircraft for piloted and passenger-carrying operations in the UAE this year.Piloted flight test program -- Launched the piloted VTOL flight test campaign for Midnight, with ongoing fleet expansion and flight envelope growth planned throughout 2026.Commercial launch timeline -- On track to deploy Midnight in U.S.

cities via the EIPP and in the UAE’s commercial launch program before year-end.Defense strategy -- Partnership with Anduril focused on developing an autonomous, hybrid-electric VTOL aircraft for dual civil and defense applications, with optimism for winning a major defense contract this year.Software platform -- Collaborated with Palantir, NVIDIA, and SpaceX to integrate advanced software and connectivity; first software product in this category set for unveiling later this year.Manufacturing investment -- Significant CapEx already deployed in the Georgia (Covington) plant, tooling, and non-recurring engineering (NRE) to enable aircraft production ramp as certification concludes.Leadership integration -- Benjamin Lyon noted as fully integrated as President of Aircraft OEM, credited with accelerating engineering and manufacturing execution velocity.Quarterly spending discipline -- Fourth-quarter spending closely matched prior guidance, with spending increases aligned to targeted program progress and market entry milestones.Olympics commercialization target -- Management referenced alignment with the Summer 2028 Olympics as an “unslippable date,” driving regulatory focus and coordination across supply chain and infrastructure.

Archer Aviation (ACHR +5.97%) concluded the quarter with a record $2 billion in liquidity, reinforcing its ability to pursue multiple operational and strategic initiatives.

The company reached a key regulatory achievement by securing the FAA’s full acceptance of the Midnight aircraft’s Means of Compliance, enabling the next phase of certification.

Archer Aviation is set to launch U.S.

air taxi operations as part of the EIPP and begin commercial activity in the UAE, supported by a newly established restricted type certificate from the GCAA.

Investments in manufacturing and supply chain readiness underpin an aggressive production ramp leading up to the anticipated 2028 Olympic milestone.

Archer Aviation expanded its customer backlog to include major international and governmental partners, which management cites as evidence of commercial momentum.The company forecasted a sizable near-term increase in adjusted EBITDA loss, citing targeted spending in manufacturing scale-up, hybrid aircraft, and software platforms as foundational investments for diversified future revenue streams.Management disclosed "The step-up in investment is deliberate" and tied directly to advancements in aircraft certification, defense platform development, and commercial readiness.Piloted flight testing and continuous improvement in software and operational automation were emphasized as enabling faster program execution while maintaining safety standards.Unveiling of a new software product, as well as active collaborations with technology leaders for autonomy and connectivity, may contribute incremental optionality and addressable market expansion.Establishment of new engineering hubs, such as in Bristol, UK, serves to accelerate defense segment technology development and program talent acquisition.

INDUSTRY GLOSSARY CTOL: Conventional Takeoff and Landing — an aircraft’s ability to ascend and land using runways, distinct from vertical operations.VTOL: Vertical Takeoff and Landing — the capability for aircraft to ascend and land vertically without the need for a runway.eVTOL: Electric Vertical Takeoff and Landing — electrically powered aircraft designed for urban air mobility with vertical lift and landing capabilities.TIA: Type Inspection Authorization — an FAA process step where the agency examines aircraft for compliance during the certification phase.GCAA: General Civil Aviation Authority — the civil aviation regulator for the United Arab Emirates.EIPP: eVTOL Integration Pilot Program — a U.S.

White House initiative supporting demonstration and integration of eVTOL aircraft into urban environments.NRE: Non-Recurring Engineering — upfront engineering design and development costs that do not repeat with ongoing manufacturing.PIF: Public Investment Fund — the sovereign wealth fund of Saudi Arabia, a major investor or partner in aerospace deals.

Full Conference Call Transcript Adam Goldstein: Thanks, Kate.

At Archer Aviation Inc., we are building a next-generation aerospace company with civil and defense applications.

We have formed an ecosystem with some of the best partners in the world from Anduril to SpaceX to NVIDIA.

We have great momentum, and I am excited to walk you through it today.

I published a more detailed shareholder letter that I encourage everyone to read.

I am going to keep my remarks relatively brief and dedicate most of this call to Q&A from analysts and retail investors.

Last year, our pilots took Midnight through its CTOL campaign: flights over 50 miles, over 30 minutes of flight time, at altitude above 10,000 feet, and speeds exceeding 150 miles per hour.

We have now begun Midnight's piloted VTOL flight test campaign.

We will continue to expand our piloted Midnight fleet and the flight envelope throughout 2026, enabling us to begin TIA activities with the FAA as soon as this year.

As we expand our flight test program, we are simultaneously preparing to be ready for air taxi operations.

We are on track to begin deploying Midnight this year both in American cities as part of the White House's eVTOL Integration Pilot Program, or EIPP, and in the UAE, as part of our commercial launch program.

Before we go into our plans for the UAE this year, I want to acknowledge the current geopolitical situation in the Middle East.

Our team and partners in the region are in our thoughts, and their safety will always be our top priority.

We will continue to monitor the situation closely.

Despite that current uncertainty, we remain focused on rapidly progressing our commercialization strategy in the UAE.

I am pleased to share that Archer Aviation Inc.

is the first eVTOL manufacturer to establish a restricted type certificate program with the GCAA, which sets us up to deliver additional Midnight aircraft to the country this year for piloted and passenger-carrying operations, while simultaneously building out our network of certified vertiports across Abu Dhabi.

While our team is hard at work commercializing in the United States and the UAE, our global backlog continues to grow.

Our order book is in the billions, with seven of the world's largest airlines choosing to partner with us.

Some new partners include Saudi Arabia's PIF and the Serbian government.

The commercial momentum is real, and it is built on a certification strategy that we have been executing against for seven years.

This quarter, the FAA confirmed its final acceptance of 100% of Midnight's Means of Compliance.

I believe this makes us the first eVTOL company to achieve this level of progress with the FAA.

Completing Midnight's Means of Compliance unlocks the ability to finish the next phase: finalizing its remaining certification plans.

We expect those to get there in the coming quarters, clearing the path for TIA work to begin on the program as soon as this year.

Our partnership with Anduril is central to our defense strategy.

We are designing an autonomous, hybrid-electric VTOL aircraft built for dual use: a loyal wingman for defense, and cargo or medevac for commercial customers.

I remain optimistic about winning a major defense contract this year.

We are always looking for opportunities to apply the proprietary technologies we have developed for our commercial aircraft to other adjacent applications.

In November, we announced our first third-party powertrain deal with Anduril and EDGE Group to power their Omen autonomous air vehicle.

They spent five years searching for a propulsion solution for Omen; I am proud they chose ours.

Beyond commercial aircraft and defense, we see a third opportunity: software.

We partnered with Palantir for next-generation air traffic control, movement control, and route planning.

We are working with NVIDIA to integrate their IGX Thor platform into Midnight for safety-critical autonomy applications, and we are working with SpaceX's Starlink to bring high-speed, low-latency connectivity to our aircraft.

We plan to unveil our first software product in this category later this year.

Executing across all of these fronts requires exceptional leadership.

I want to highlight Benjamin Lyon, who has integrated fully into his role at Archer Aviation Inc.

as President of Aircraft OEM.

Benjamin is a longtime pilot who spent decades at Apple shaping some of the most complex hardware programs they ever built, then served as CTO at Aptiv, one of the world's leading industrial technology companies.

He is exactly the kind of operator you want driving a program towards commercialization, and its impact on our engineering, manufacturing, and certification velocity is tangible.

Thomas Muniz continues to support the Midnight program, but has now taken a leadership role in developing our hybrid aircraft.

Together, Benjamin and Thomas represent exactly the caliber of leadership the opportunity requires.

We ended Q4 with approximately $2 billion in liquidity.

While this is a strong position, I try to be ruthless about cutting anything that does not earn its place.

My job is to drive execution: fly aircraft, deploy them in cities, complete certification, scale manufacturing, and deliver to the customers who are waiting.

Thank you to our team, our partners, the government agencies, and our shareholders that all play a part in our success.

Deep tech is extremely challenging; you give us the ability to pursue it.

With that, I do not take your support for granted, and we will work every day to continue to earn it.

I will hand it over to Priya.

Priya Gupta: Thanks, Adam.

On today's call, I am not going to walk through all the detailed financial results, as those are set out in our earnings release.

Instead, I will briefly discuss the key highlights: our liquidity position, capital allocation priorities, and overall financial discipline.

First, with respect to liquidity, as Adam highlighted, we closed the quarter with a very strong balance sheet and total liquidity of approximately $2 billion, which is the highest watermark in Archer Aviation Inc.'s history.

Our financial strength allows us to think and act beyond a single program.

With respect to our priorities for deploying capital, it is very straightforward.

In the near term, commercializing Midnight remains our number one priority.

This includes progressing certification activities, scaling manufacturing, and advancing market launch effort.

Beyond the Midnight platform, as we position Archer Aviation Inc.

as a category leader, our next investment priority is in adjacent opportunities, such as the hybrid aircraft program, and our software platform.

These efforts meaningfully expand our long-term optionality and total addressable market.

Our focused capital allocation carries through to day-to-day execution, with Q4 spending tightly aligned to the guidance we outlined in the last earnings call.

We are moving steadily towards industrialization and market entry.

That naturally requires increased but disciplined spend.

For Q1, we estimate our adjusted EBITDA loss to be in the range of $160 million to $180 million.

The step-up in investment is deliberate and is a direct reflection of the meaningful progress we are planning for the year.

We will continue to provide transparency on spend trajectory and liquidity as we continue to execute against our key priorities.

I will now turn it back over to Adam.

Adam Goldstein: Thanks, Priya.

I want to first start by addressing some of the retail questions.

The first question is, how is the pathway for Archer Aviation Inc.

to be the main air taxi service for the Summer 2028 Olympics? Well, the Summer 2028 Olympics is the most important commercialization milestone for Archer Aviation Inc.

because it represents an unslippable date for us, and it is driving the regulators, and it is really driving us towards making decisions and ultimately making progress.

But it is not just certification that has to be ready for the launch.

It really is all about the infrastructure, the supply chain, the technical progress, all converging at the same time.

Just last quarter, you saw us invest in the Hawthorne Airport; our team is on the ground every day there working through initial flight operations and pilot training.

This is a very important event for the administration, and we are coordinating at the highest levels to make sure that this goes off smoothly.

We will now open for questions.

Operator: Thank you.

We will now begin the question-and-answer session.

If for any reason at all you would like to remove that question, please press star followed by 2.

Again, to ask a question, please press star 1.

The first question comes from Edison Yu with Deutsche Bank.

Edison Yu: Hi.

Thank you for taking our questions.

I want to start off on EIPP.

Can you give us a sense of what the next milestones are and the sequencing of events that need to happen before you start to fly the aircraft? Adam Goldstein: Sure.

Thanks, Edison.

Just to take a quick step back on the EIPP program, we view this really as a big moment for the industry.

I like to call it our Waymo moment.

It is like the first time you saw a Waymo, it felt like science fiction to you, but now the goal is to have half a million people in the biggest cities in the country start to see these aircraft as part of your everyday commute, just like they started to see Waymos every day.

That is what I think the EIPP has the power to do for air taxis.

So seeing new aircraft flying over major cities will be exciting at first, but we do need to get people comfortable with them and ultimately accept them as an everyday outcome.

That is how we are going to drive consumer acceptance across the industry and, in turn, regulatory approval.

All that is on track, and Archer Aviation Inc.

is on track to participate in that event.

For the EIPP, we have had a lot of inbound interest from the municipalities.

Ultimately, we have submitted the applications, and there are roughly a dozen or so municipalities that we partner with, including Southern California, Texas, and Florida.

Now we are looking forward to the DOT announcing the finalists later this month.

Once the finalists are announced, we will begin working directly with the selected localities to establish the initial operational plans.

Then we will focus on public flights as soon as the second half of the year.

It is really back to the DOT's hands at this point; we are waiting for them on next steps.

Edison Yu: Understood.

In terms of the piloted vertical for transition, I think in the letter you mentioned the next few months the test campaign will rev.

What is the broader plan for the number of aircraft, for the levels of flying that you would do for the rest of the year? Thomas Muniz: Yeah.

Hey, Edison.

This is Thomas.

Maybe to take a step back, as you mentioned earlier, we are now in the piloted VTOL and transition part of our flight test, and that is all in support of and on track for the EIPP work that Adam mentioned earlier on the call.

Just to remind everybody, this comes on the back of all the VTOL flying we have done on Midnight, with a pilot on board over the last several years, and the extensive CTOL campaign that we did last year.

We believe we are in a strong position with the testing that we have done.

We also are really glad we invested time in that detailed CTOL campaign, as having the ability to do both conventional takeoffs and landings and vertical takeoffs and landings we think is a huge advantage for the product and a big differentiator, obviously for the business case and safety case, things we have talked about.

Our goal with this aircraft and the others that are coming online is to efficiently get through the transition testing in support of the EIPP, but then we will get right into TIA....