Archer Aviation (ACHR, Financials) shares surged 11.9% to $8.86 as of 3:56 p.m. GMT-5 on Friday after the company announced plans to deliver its first revenue-generating Midnight aircraft later this year.

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Aiming to operate the aircraft in many early-adopter markets ahead of approval from the U.S. Federal Aviation Administration, the business is introducing its " Launch Edition" program with Abu Dhabi Aviation as first client. Archer intends to build up to 10 aircraft annually to assist certification and commercial deployment; it has begun manufacturing the first Midnight aircraft in its Covington, Georgia factory. To support first operations, the corporation will also provide engineers, technicians, and pilots to Abu Dhabi Aviation.

Archer is also growing in the military industry, developing a hybrid vertical takeoff and landing aircraft in association with Anduril Industries. Since the aircraft is meant for military uses, the manufacturer claims demand for it is more than projected and FAA certification will not be needed.

The corporation reported a full-year net loss of $536.8 million and a fourth-quarter net loss of $198.1 million. The quarter's total running expenditures were $124.2 million; the non-GAAP adjusted amount comes to $98.3 million. Archer claims its liquidity situation approaches $1 billion, including $302 million received via a stock issue in February. End 2024 with $834.5 million in cash and equivalents. Spending was constant for the second running.

Archer projects an adjusted EBITDA loss for the first quarter of 2025 between $95 million and $110 million. Citing ambiguity about stock-based pay and other expenditures, the corporation did not provide a GAAP reconciliation. Archer wants to market Midnight as an air taxi service and is building electric vertical takeoff and landing aircraft for urban air transportation.