Archer Pours $126M Into Infrastructure as Joby Races Toward Certification

"Joby began power-on testing of its FAA-conforming aircraft and completed over 600 flights in 2025, including its first point-to-point demonstration. CEO JoeBen Bevirt called the regulatory progress "unprecedented." The company started manufacturing propeller blades in Ohio while adding 100+ production roles. Revenue hit $15,000, beating the $12,600 estimate, though this represents early contract work rather than commercial operations. Net loss reached $324.7 million with cash at $978.1 million following a $576 million equity raise."

"Archer achieved a 55-mile flight at 126 mph and reached 10,000 feet altitude with its Midnight eVTOL. The company acquired Hawthorne Airport in Los Angeles for $126 million to serve as a strategic hub and AI testbed. It also bought Lilium's patent portfolio, expanding to over 1,000 global IP assets. Revenue came in at zero versus a $400,000 estimate, with a net loss of $129.9 million."

Joby began power-on testing of its FAA-conforming aircraft and completed over 600 flights in 2025, including a point-to-point demonstration. The company started propeller blade manufacturing in Ohio and added more than 100 production roles. Joby reported $15,000 in revenue from early contracts, a $324.7 million net loss, and $978.1 million in cash after a $576 million equity raise. Archer achieved a 55-mile flight at 126 mph, reached 10,000 feet with its Midnight eVTOL, acquired Hawthorne Airport for $126 million, and purchased Lilium's patent portfolio, growing over 1,000 global IP assets. Archer reported no revenue, a $129.9 million net loss, and $1.64 billion in cash after a $650 million raise.

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