Archer Aviation

Positives: concentrating capital on certification, manufacturing readiness in Georgia with Stellantis, targeted acquisitions of Hawthorne Airport control and certain IP (Lilium, Overair), and opening small but strategic revenue lines (e.g., powertrain supply with Anduril/EDGE).

Negatives: large equity raises in 2025 (1.8 billion dollars gross) and high SBC (224 million dollars in 2025) materially diluted owners; the airport transaction also used equity. Until Archer proves unit economics and positive free cash generation, further external financing is likely.

We prefer asset‑light reinvestment models or heavy capex with proven toll‑roads; Archer is still proving the latter.