ACHR

Archer is functionally a pre-revenue R&D project dressed as a public company. FY2025 revenue was $300K against a $618M net loss and a $729M operating loss — the operating margin is a literally meaningless -243,100% because there is no commercial business yet. The five-year P&L history is brutally consistent: zero meaningful revenue from FY2021 through FY2024, and losses that have widened every single year ($348M → $317M → $458M → $537M → $618M). Cumulative deficit now stands at $2.30B since inception, per the filing's own admission that 'we have incurred a net loss of approximately $2.3 billion.' At $5.05 the market cap is $3.76B — investors are paying ~$3.76B for an asset base whose only real value is $1.02B of cash and an unfinished aircraft program.

The balance sheet is the one genuinely positive line item: $2.20B of equity (up 192.7% YoY from a large raise), $1.02B cash, only $80.3M total debt, and a clean 0.12x liabilities/equity. But operating cash burn of $433M plus $79M capex means the gross annual cash need is ~$512M — the cash pile funds roughly two years before another dilutive raise is required, and shares already sit at 745M. R&D alone ($494M) exceeds the entire cash burn rate of most early-stage peers, and it grew 38% YoY with no offsetting revenue ramp.