Archer Aviation

Strengths: high liquidity (1.96 billion dollars at 12/31/25; ~1.8 billion dollars at 3/31/26) and low debt (80 million dollars) provide runway and flexibility.

Risks: heavy cash burn (FY 2025 cash used in ops ~433 million dollars; capex ~79 million dollars; Q1 2026 cash used in ops ~149 million dollars; capex ~33 million dollars) implies ~9 to 11 quarters of runway at recent burn rates before new capital or sharply lower burn is required.

Vendor share issuances and SBC expand the fully diluted base and reduce per‑share intrinsic value. Balance sheet resilience is solid for an early‑stage OEM, but not yet self‑funding through cycles.