Archer Aviation Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
ACHR$4.71-2.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net loss | $(457.9) | $(317.3) | $(347.8) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation, amortization and other | 6.5 | 4.4 | 1.3 |
| Debt discount and issuance cost amortization | 0.7 | 0.5 | 0.2 |
| Stock-based compensation | 45.2 | 102.8 | 123.6 |
| Change in fair value of warrant liabilities and other warrant costs | 32.9 | (22.9) | (10.4) |
| Gain on issuance of common stock | (3.6) | — | — |
| Non-cash lease expense | 3.8 | 4.6 | 1.7 |
| Research and development warrant expense | 17.5 | 2.9 | 7.0 |
| Other warrant expense | 2.1 | 10.8 | 117.3 |
| Technology and dispute resolution agreements expense | 70.3 | — | — |
| Interest income on short-term investments | — | (0.5) | — |
| Accretion and amortization income of short-term investments | (2.3) | (4.9) | — |
| Gain on forgiveness of PPP loan | — | — | (0.9) |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses | 1.9 | (2.2) | (6.8) |
| Other current assets | 0.8 | (1.2) | (0.3) |
| Other long-term assets | (5.0) | 0.4 | (2.7) |
| Accounts payable | 9.2 | (0.1) | (0.8) |
| Accrued expenses and other current liabilities | 2.3 | 15.6 | 12.1 |
| Operating lease right-of-use assets and lease liabilities, net | 2.4 | (3.4) | (1.9) |
| Other long-term liabilities | 1.6 | 10.1 | — |
| Net cash used in operating activities | (271.6) | (200.4) | (108.4) |
| Cash flows from investing activities | |||
| Purchase of short-term investments | — | (487.4) | — |
| Proceeds from maturities of short-term investments | 465.0 | 30.0 | — |
| Purchase of property and equipment | (44.3) | (6.9) | (3.5) |
| Net cash provided by (used in) investing activities | 420.7 | (464.3) | (3.5) |
| Cash flows from financing activities | |||
| Proceeds from issuance of debt | 7.5 | — | 20.0 |
| Repayment of long-term debt | (10.0) | (10.0) | — |
| Payment of debt issuance costs | (0.3) | — | (0.2) |
| Payments for taxes related to net share settlement of equity awards | (3.5) | — | — |
| Proceeds from PIPE financing | 145.0 | — | 600.0 |
| Payment of offering costs in connection with PIPE financing | (6.0) | — | — |
| Proceeds from shares issued under at-the-market offering | 20.7 | — | — |
| Payment of offering costs in connection with at-the-market offering | (1.2) | — | — |
| Recapitalization transaction | — | — | 257.6 |
| Recapitalization transaction costs | — | — | (55.8) |
| Proceeds from exercise of stock options | — | 0.1 | 0.5 |
| Proceeds from exercise of stock warrants | — | — | 0.1 |
| Proceeds from shares issued under employee stock purchase plan | 2.9 | — | — |
| Proceeds from issuance of common stock | 95.0 | — | — |
| Net cash provided by (used in) financing activities | 250.1 | (9.9) | 822.2 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 399.2 | (674.6) | 710.3 |
| Cash, cash equivalents, and restricted cash, beginning of period | 72.3 | 746.9 | 36.6 |
| Cash, cash equivalents, and restricted cash, end of period | $471.5 | $72.3 | $746.9 |
| Supplemental Cash Flow Information: | |||
|---|---|---|---|
| Cash paid for interest | $0.8 | $1.5 | $0.7 |
| Non-cash investing and financing activities: | |||
| Purchases of property and equipment included in accounts payable and accrued expenses | 10.8 | 3.1 | 2.1 |
| Allocation of debt proceeds to stock warrants | — | — | 1.2 |
| Conversion of convertible preferred stock to common stock in connection with the reverse recapitalization | — | — | 61.5 |
| PIPE financing issuance costs settled with the issuance of Class A common stock | — | — | 7.0 |
| Recapitalization transaction costs settled with the issuance of Class A common stock | — | — | 8.1 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.