Archer Aviation Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
ACHR$4.44+14.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001628280-25-039622
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001824502-25-000010
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 73 previous paragraphs and 84 current paragraphs.
48 unchanged; 25 reworded; 10 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Our first planned production aircraft, Midnight, is an electric vertical take-off and landing (“eVTOL”) aircraft. Our aircraft production capabilities span our high-volume manufacturing facility in Covington, Georgia and our lower rate manufacturing facilities in California. Across these facilities, we are building Midnight aircraft for among other things, use in company testing and certification in the U.S. and United Arab Emirates (“UAE”).
Current report
We are working to commercialize our Midnight aircraft in parallel with our aircraft development, testing and certification efforts, by beginning to generate revenue from our testing, demonstration related services and activities. The primary intended use case for our Midnight aircraft is as an air taxi intended to be used in major cities around the world as an alternative to congested highways. To do so, we are working with aviation authorities, countries, cities, and strategic partners in these locations to obtain certification of our Midnight aircraft and to build out urban air mobility (“UAM”) networks that will utilize our Midnight aircraft in their commercial operations. We have initiated our first commercial deployment of aircraft in Abu Dhabi, UAE under our Launch Edition program as more fully described below, which includes test and demonstration flights, as well as working with regulators, local operators, and infrastructure partners, to chart a regulatory pathway for the launch of our planned air taxi services, pilot recruitment and training, and infrastructure electrification.
Current report
In the U.S., if selected to participate, we plan to design and demonstrate trial aircraft operations under the White House eVTOL Integration Pilot Program (“eIPP”) announced in June 2025. The eIPP is designed to establish pre-certification operating environments for air taxis in participating localities. We expect to work with partners in these early adopter markets and markets that we designate to be critical hubs for our UAM operations, such as Southern California, which we expect to include building out vertiport and charging infrastructure, as well as designing and developing products and services to meet the needs of our customers and partners. Furthermore, as the Official Air-Taxi Provider of the LA28 Olympic Games and Team USA, we intend to build and operate our aircraft across a Los Angeles-based UAM network, with the goal of offering convenient access to key locations and events across the metropolitan area.
Current report
We also continue to advance the development of our dual-use, hybrid, vertical take-off and landing (“VTOL”), autonomous aircraft. We have entered into a strategic partnership with Anduril Industries Inc. (“Anduril”) to jointly develop this next-generation aircraft, which they plan to use for defense applications. To further support our defense program, we recently acquired a patent portfolio and hired critical employees from Overair and acquired key composite manufacturing assets and a composite manufacturing facility from Mission Critical Composites.
Current report
Lastly, we continue to develop AI-based technologies to support this future of advanced aviation our aircraft are intended to operate in.
Current report
In support of all this, we have recently made several strategic acquisitions to acquire certain intellectual property, manufacturing and other assets that we believe will help accelerate our path to commercialization and planned future operations. For example, in October 2025, we won the competitive bid process to acquire certain advanced air mobility patent assets of Lilium GmbH. As further described below, we have entered into a series of definitive agreements to acquire control of Hawthorne Airport and certain of the infrastructure there. We plan to utilize Hawthorne Airport as our operational hub for our air taxis in Los Angeles and as a testbed and showcase for the AI-based advanced aviation technologies we are developing. We also intend to acquire a controlling stake in the fixed-business operator service at Hawthorne Airport, enabling the creation of a vertically integrated platform that combines fuel, aircraft handling and UAM operations.
Current report
Recent Developments
Current report
On November 5, 2025, we signed definitive agreements (the “Hawthorne Airport Acquisition Agreements”) to acquire control of Hawthorne Airport. The airport is located in the heart of Los Angeles and sits on an 80-acre site and includes approximately 190,000 square feet of terminal, office and hangar facilities. The historic Hawthorne Airport was built in the 1920s and once helped shape Southern California’s aerospace legacy and is also known as Jack Northrop Field. It is strategically located less than three miles from LAX, and is the closest airport to some of the city’s biggest attractions — SoFi Stadium, The Forum, Intuit Dome, and Downtown Los Angeles.
Current report
We plan for the airport to serve as our operational command center for our planned Los Angeles air taxi network operations, including serving the LA28 Olympic Games, and in partnership with United Airlines Inc. (“United”), as an innovation testbed for the next-generation AI-powered aviation technologies that we are developing and planning to deploy. This includes AI-driven air traffic and surface management, digital apron orchestration, predictive maintenance, immersive pilot training, operational forecasting, and seamless passenger identification and security.
Current report
See Note 13 - Subsequent Events - Hawthorne Airport Acquisition to our consolidated condensed financial statements for further details.
Reworded paragraphs (25)
Previous wording
Headquartered in Silicon Valley, California, Archer is developing the technologies and aircraft to power the future of advanced aviation. We plan to provide customers with advanced aircraft and related technologies and services in the United States and internationally in both the commercial and defense sectors. We unveiled our first planned production aircraft, an electric vertical take-off and landing (“eVTOL”) aircraft, Midnight, in November 2022. In December 2024, we completed construction of our high-volume aircraft manufacturing facility, ARC, located in Covington, Georgia. We started production of aircraft at this facility in the first quarter of 2025 and plan to focus on building aircraft across our facilities in Georgia and Silicon Valley for use to support our commercialization efforts. We are first and foremost working to commercialize our Midnight aircraft which is intended to be used in select major cities around the world. To do so, we are working with aviation authorities, countries, cities, and strategic partners in these locations to obtain certification of our Midnight aircraft and build out urban air mobility (“UAM”) networks that will utilize our Midnight aircraft in their commercial operations. In parallel, we plan to continue to advance the development of our aircraft for Archer Defense, as well as other technologies to support the future of advanced aviation.
Current wording
Headquartered in Silicon Valley, California, Archer is developing the technologies and aircraft to power the future of advanced aviation. We plan to provide customers with advanced aircraft and related technologies and services in the United States and internationally in both the commercial and defense sectors.
Previous wording
By maintaining an innovative and disciplined approach to new product and service development, manufacturing, and commercialization we believe that we can deliver advanced aviation technologies and solutions that can service a broad range of industries and applications. We intend to operate in the following areas:
Current wording
By maintaining an innovative and disciplined approach to new product and service development, manufacturing, and commercialization we believe that we can develop advanced aviation technologies and solutions that can service a broad range of industries and use cases. We intend to operate in the following areas:
Previous wording
•Commercial: This is planned to consist of the sale of our commercial aircraft (“Archer Direct”), such as Midnight, as well as technologies and services related thereto. In addition, we plan to provide direct-to-consumer aerial ride share services utilizing our aircraft and potentially others in select metropolitan areas around the world with consumers being able to book rides via an app-based platform (“Archer UAM”).
Current wording
•Commercial: This is planned to consist of the sale of our commercial aircraft globally, such as Midnight, to aircraft operators as well as technologies and services related thereto. Through our Launch Edition program, we are offering aircraft, services and technologies to governments and customers to support the commercialization of our Midnight aircraft in markets outside the U.S. Through this program, we anticipate that we will provide services related to certification, testing, pilot training, demonstration flights, market survey and early trial operations, and maintenance and repair. For example, as noted above, we are working with local operators and the UAE’s aviation authority, the General Civil Aviation Authority (the “GCAA”), to deploy aircraft, technologies and related services in support of the launch of air taxi services in the UAE as part of our Launch Edition program. In addition in the U.S., we plan to provide direct-to-consumer aerial ride share services utilizing our aircraft and potentially others in select metropolitan areas around the world with consumers being able to book rides via an app-based platform.
Previous wording
•Defense: This is planned to consist of the sale of next-generation aircraft, related technologies and support services for defense applications.
Current wording
•Defense: This is planned to consist of the sale of next-generation aircraft and related technologies for defense applications. Our initial product is intended to be a dual use, hybrid-propulsion, vertical take-off and landing (“VTOL”) autonomous aircraft that we are jointly developing with Anduril. Further, we have also been partnering with the Department of Defense (“DoD”) since 2021 on a series of projects through the United States Air Force’s (“USAF”) AFWERX program with the goal of helping the AFWERX Agility Prime program assess the transformational potential of the vertical flight market and related technologies for DoD purposes. We continue to advance this partnership and deliver under the related contracts we have entered into with the USAF.
Previous wording
To date, we have not generated significant revenue from either of these planned areas. We will use our cash and cash equivalents for the foreseeable future as we continue to develop our commercial aircraft, defense aircraft, related technologies, manufacturing operations and work to commercialize our commercial and defense aircraft. The amount and timing of any future capital requirements will depend on many factors, including the pace and results of the design and development of our aircraft and manufacturing operations, as well as our progress in obtaining necessary aircraft certifications and other government approvals to begin commercial operations. For example, any significant delays in obtaining such certifications and other government approvals may require us to raise additional capital above our existing cash on hand and delay our generation of significant revenues.
Current wording
To date, we have not generated significant revenue from either of these planned areas. We will use our cash and cash equivalents for the foreseeable future as we continue to develop our aircraft, related technologies, manufacturing operations and UAM operations, and work to commercialize both the commercial and defense sectors of our business. The amount and timing of any future capital requirements will depend on factors, including the pace and results of the design and development of our aircraft and operations, our plans to develop Hawthorne Airport into our flagship Los Angeles hub, including for supporting our operations during the LA28 Olympic Games, as well as our progress in obtaining necessary aircraft certifications and other government approvals to begin commercial operations. For example, any significant delays in obtaining such certifications and other government approvals may require us to raise additional capital above our existing cash on hand and delay our generation of significant revenues.
Previous wording
Research and development activities represent a significant part of our business. Our research and development efforts focus on the design and development of our aircraft, including certain of the systems that are used in it. As part of those activities, we continue to work closely with U.S. and international regulators towards our goal of commercialization. Research and development expenses consist primarily of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for employees focused on research and development activities, costs associated with developing and building prototype aircraft, associated facilities costs, and depreciation. We expect research and development expenses to increase significantly as we progress towards commercialization and manufacturing.
Current wording
Research and development activities represent a significant part of our business. Our research and development efforts focus on the design and development of our aircraft, including certain of the systems that are used in it. As part of those activities, we continue to work closely with U.S. and international regulators towards our goal of commercialization. Research and development expenses consist primarily of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for employees focused on research and development activities, costs associated with developing and building prototype aircraft, associated facilities and IT infrastructure costs, and depreciation. We expect research and development expenses to increase significantly as we progress towards commercialization and manufacturing.
Previous wording
General and administrative expenses consist primarily of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for employees associated with administrative services such as finance, legal, human resources, information technology, associated facilities costs, depreciation, and technology and dispute resolution agreements expense. We expect our general and administrative expenses to increase as we hire additional personnel and consultants to support our operations and comply with applicable regulations.
Current wording
General and administrative expenses consist primarily of personnel-related costs (including salaries, bonuses, benefits, and stock-based compensation) for employees associated with administrative services such as finance, legal, human resources, information technology, associated facilities and IT infrastructure costs, depreciation, and technology and dispute resolution agreements expense. We expect our general and administrative expenses to increase as we hire additional personnel and consultants to support our operations and comply with applicable regulations.
Previous wording
Interest income, net primarily consists of interest income from our cash and cash equivalents, net of interest on notes payable.
Current wording
Interest income, net primarily consists of interest income from our cash and cash equivalents and short-term investments in marketable securities, net of interest on notes payable.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2025 and 2024
Current wording
Comparison of the Three and Nine Months Ended September 30, 2025 and 2024
Previous wording
Research and development expenses increased by $52.8 million, or 30.5%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, as we invested in people and materials to advance our technology development. The increase was primarily due to an increase of $19.6 million in personnel-related expenses due to a significant increase in our workforce from the prior year period, an increase of $13.5 million in costs related to engineering, parts and materials to support our increased research and development activities, and an increase of $10.5 million in stock-based compensation. The remainder of the increase was made up of other incidental items.
Current wording
Research and development expenses increased by $30.9 million, or 34.4%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, as we invested in people and materials to advance our technology development. The increase was primarily due to an increase of $15.0 million in stock-based compensation, an increase of $13.4 million in personnel-related expenses due to a significant increase in our workforce from the prior year period, and an increase of $4.1 million in costs incurred for engineering services to support our increased research and development activities. The increase was partially offset by a decrease of $5.3 million in costs related to parts and materials. The remainder of the increase was made up of other incidental items.
Previous wording
Research and development expenses increased by $32.6 million, or 36.3%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, as we invested in people and materials to advance our technology development. The increase was primarily due to an increase of $11.8 million in stock-based compensation, an increase of $10.1 million in personnel-related expenses due to a significant increase in our workforce from the prior year period, and an increase of $5.1 million in costs related to engineering, parts and materials to support our increased research and development activities. The remainder of the increase was made up of other incidental items.
Current wording
Research and development expenses increased by $83.7 million, or 31.8%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, as we invested in people and materials to advance our technology development. The increase was primarily due to an increase of $25.5 million in stock-based compensation, an increase of $33.0 million in personnel-related expenses due to a significant increase in our workforce from the prior year period, an increase of $9.1 million in costs incurred for engineering services to support our increased research and development activities, and an increase of $3.1 million in costs related to parts and materials. The remainder of the increase was made up of other incidental items.
Previous wording
General and administrative expenses increased by $22.3 million, or 71.0%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was primarily due to an increase of $21.2 million in stock-based compensation. See Note 9 - Stock-Based Compensation to our consolidated condensed financial statements for further details on our stock-based compensation. The remainder of the increase was made up of other incidental items.
Current wording
General and administrative expenses increased by $21.8 million, or 67.5%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily due to an increase of $20.5 million in stock-based compensation (excluding the restricted stock units granted to our founder) and an increase of $2.7 million in personnel-related expenses due to an increase in our workforce from the prior year period. The increase was partially offset by a decrease of $4.1 million in stock-based compensation associated with the restricted stock units granted to our founder immediately prior to the closing of the Business Combination in September 2021. See Note 9 - Stock-Based Compensation to our consolidated condensed financial statements for further details on our stock-based compensation. The remainder of the increase was made up of other incidental items.
Previous wording
General and administrative expenses increased by $3.9 million, or 4.3%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was primarily due to an increase of $32.4 million in stock-based compensation. The increase was partially offset by a decrease of $24.5 million in stock-based compensation associated with the restricted stock units granted to our founder immediately prior to the closing of the Business Combination in September 2021, and a decrease of $10.3 million in the charge for the warrant issued related to technology and dispute resolution agreements, which was fully exercised and settled in 2024. See Note 9 - Stock-Based Compensation to our consolidated condensed financial statements for further details on our stock-based compensation. The remainder of the increase was made up of other incidental items.
Current wording
General and administrative expenses increased by $25.7 million, or 21.0%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was primarily due to an increase of $52.8 million in stock-based compensation (excluding the restricted stock units granted to our founder), an increase of $4.1 million in personnel-related expenses due to an increase in our workforce from the prior year period, and an increase of $3.8 million in IT infrastructure expenses. The increase was partially offset by a decrease of $28.6 million in stock-based compensation associated with the restricted stock units granted to our founder immediately prior to the closing of the Business Combination in September 2021, and a decrease of $10.3 million in the charge for the warrant issued related to technology and dispute resolution agreements, which was fully exercised and settled in 2024. See Note 9 - Stock-Based Compensation to our consolidated condensed financial statements for further details on our stock-based compensation. The remainder of the increase was made up of other incidental items.
Previous wording
Other income (expense), net decreased by $49.3 million and $27.9 million for the three and six months ended June 30, 2025, respectively, compared to the same periods ended June 30, 2024. The decrease was primarily due to changes in fair value of our warrant liabilities. See Note 3 - Summary of Significant Accounting Policies to our consolidated condensed financial statements for further details.
Current wording
Other income (expense), net increased by $27.3 million and decreased by $0.6 million for the three and nine months ended September 30, 2025 compared to the same periods ended September 30, 2024, primarily due to changes in fair value of our warrant liabilities. See Note 3 - Summary of Significant Accounting Policies to our consolidated condensed financial statements for further details.
Previous wording
Interest income, net increased by $5.1 million, or 100.0%, and $8.5 million, or 81.7%, for the three and six months ended June 30, 2025, respectively, compared to the same periods ended June 30, 2024. The increase was primarily due to interest income from increased balance in our cash and cash equivalents.
Current wording
Interest income, net increased by $10.8 million, or 196.4%, and $19.3 million, or 121.4%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods ended September 30, 2024. The increase was primarily due to interest income from increased balance in our cash and cash equivalents.
Previous wording
As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents of $1,724.0 million. We have incurred net losses since our inception and to date have not generated any revenues. We expect to incur additional losses and higher operating expenses for the foreseeable future. We believe that our existing cash and cash equivalents will be sufficient for at least the next 12 months to meet our requirements and plans for cash, including meeting our working capital requirements and capital expenditure requirements.
Current wording
As of September 30, 2025, our principal sources of liquidity were cash and cash equivalents of $595.5 million and short-term investments in marketable securities of $1,045.8 million. We have incurred net losses since our inception and to date have not generated any revenues. We expect to incur additional losses and higher operating expenses for the foreseeable future. We believe that our existing cash and cash equivalents will be sufficient for at least the next 12 months to meet our requirements and plans for cash, including meeting our working capital requirements and capital expenditure requirements.
Previous wording
On October 5, 2023, we entered into a credit agreement (the “Credit Agreement”) with Synovus Bank, as administrative agent and lender, and the additional lenders (the “Lenders”) from time to time, in an aggregate principal amount of up to $65.0 million for the construction and development of our manufacturing facility in Covington, Georgia (the “Loan”). The Loan under the Credit Agreement shall accrue interest from and including the date the applicable advance is made but excluding the repayment date at a rate of the secured overnight financing rate (“SOFR”), plus 2.0% subject to a SOFR floor of 0.0%. We are required to make interest-only payments for 36 months on the Loan starting on November 14, 2023, followed by monthly interest and principal payments for the remaining maturity, with any outstanding principal, interest and other then outstanding indebtedness due at maturity. The Credit Agreement matures on the earlier of October 5, 2033 or the date on which the outstanding Loan has been declared or automatically becomes due and payable pursuant to the terms of the Credit Agreement. Our obligations under the Credit Agreement are secured by funds in a collateral account and the Credit Agreement is guaranteed by our domestic subsidiaries. We had drawn down the full $65.0 million of the Loan as of June 30, 2025.
Current wording
On October 5, 2023, we entered into a credit agreement (the “Credit Agreement”) with Synovus Bank, as administrative agent and lender, and the additional lenders (the “Lenders”) from time to time, in an aggregate principal amount of up to $65.0 million for the construction and development of our manufacturing facility in Covington, Georgia (the “Loan”). The Loan under the Credit Agreement shall accrue interest from and including the date the applicable advance is made but excluding the repayment date at a rate of the secured overnight financing rate (“SOFR”), plus 2.0% subject to a SOFR floor of 0.0%. We are required to make interest-only payments for 36 months on the Loan starting on November 14, 2023, followed by monthly interest and principal payments for the remaining maturity, with any outstanding principal, interest and other then outstanding indebtedness due at maturity. The Credit Agreement matures on the earlier of October 5, 2033 or the date on which the outstanding Loan has been declared or automatically becomes due and payable pursuant to the terms of the Credit Agreement.
Previous wording
In November 2024, we filed a shelf registration statement on Form S-3ASR with the Securities and Exchange Commission (“SEC”) and a related prospectus for the sale under a Controlled Equity Offering SM Sales Agreement (the “ATM Sales Agreement”) of shares of our Class A common stock, having an aggregate value of up to $70.0 million (the “ATM Program”). We pay the placement agent a commission rate of up to 3.0% of the gross proceeds from any shares of Class A common stock sold through the ATM Sales Agreement. During the three and six months ended June 30, 2025, we did not sell any shares of Class A common stock under the ATM Program. As of June 30, 2025, we had $47.5 million remaining eligible for sales under the ATM Program. In July 2025, we sold 3,921,875 shares of Class A common stock under the ATM Program for net proceeds of $46.3 million.
Current wording
In November 2024, we filed a shelf registration statement on Form S-3ASR with the Securities and Exchange Commission (“SEC”) and a related prospectus for the sale under a Controlled Equity Offering SM Sales Agreement (the “ATM Sales Agreement”) of shares of our Class A common stock, having an aggregate value of up to $70.0 million (the “2024 ATM Program”). We pay the placement agent a commission rate of up to 3.0% of the gross proceeds from any shares of Class A common stock sold through the ATM Sales Agreement. The ATM Program was fully utilized in July 2025. During both the three and nine months ended September 30, 2025, we sold 3,921,875 shares of Class A common stock under the 2024 ATM Program for net proceeds of $46.3 million.
Previous wording
We lease office, lab, hangar, and storage facilities in the normal course of business. Under our operating leases as noted in Note 7 - Commitments and Contingencies to our consolidated condensed financial statements, we have current obligations of $7.4 million and long-term obligations of $16.8 million.
Current wording
We lease office, lab, hangar, and storage facilities in the normal course of business. Under our operating leases as noted in Note 7 - Commitments and Contingencies to our consolidated condensed financial statements, we have current obligations of $5.4 million and long-term obligations of $19.1 million.
Previous wording
Net cash used in operating activities during the six months ended June 30, 2024 was $167.0 million, resulting from a net loss of $223.4 million, adjusted for non-cash items consisting primarily of $63.5 million in stock-based compensation, a gain of $30.3 million due to a change in fair value of our warrant liabilities, and a $5.6 million non-cash charge for the technology and dispute resolution agreements expense. The net cash provided by changes in our net operating assets and liabilities was $7.2 million.
Current wording
Net cash used in operating activities during the nine months ended September 30, 2025 was $303.6 million, resulting from a net loss of $429.3 million, adjusted for non-cash items consisting primarily of $134.6 million in stock-based compensation, a gain of $30.8 million due to a change in fair value of our warrant liabilities, and $14.0 million in depreciation and amortization. The net cash provided by changes in our net operating assets and liabilities was $2.4 million.
Previous wording
Net cash used in operating activities during the six months ended June 30, 2025 was $198.0 million, resulting from a net loss of $299.4 million, adjusted for non-cash items consisting primarily of $81.9 million in stock-based compensation, and $8.9 million in depreciation and amortization. The net cash provided by changes in our net operating assets and liabilities was $8.9 million.
Current wording
Net cash used in operating activities during the nine months ended September 30, 2024 was $264.2 million, resulting from a net loss of $338.7 million, adjusted for non-cash items consisting primarily of $84.9 million in stock-based compensation, a gain of $30.3 million due to a change in fair value of our warrant liabilities, and a $8.2 million in depreciation, amortization and other, $6.1 million of research and development warrant expenses related to the warrants issued to Stellantis, and a $5.6 million non-cash charge for the Wisk Warrant. The net cash provided by changes in our net operating assets and liabilities was $0.9 million.
Previous wording
Net cash used in investing activities during the six months ended June 30, 2025 was $34.1 million, driven by purchases of property and equipment of $28.9 million and acquisitions of intangible assets of $5.2 million within the period.
Current wording
Net cash used in investing activities during the nine months ended September 30, 2025 was $1,102.6 million, driven by purchases of short-term investments in marketable securities of $1,048.1 million and purchases of property and equipment of $49.2 million within the period.
Previous wording
Net cash used ininvesting activities during the six months ended June 30, 2024 was $38.2 million, driven by purchases of property and equipment within the period.
Current wording
Net cash used ininvesting activities during the nine months ended September 30, 2024 was $57.8 million, driven by purchases of property and equipment within the period.
Previous wording
Net cash provided by financing activities during the six months ended June 30, 2025 was $1,121.3 million, driven by gross proceeds from the registered direct offering of $1,151.8 million, gross proceeds from the First 2024 PIPE Financing of $10.0 million, partially offset by payments of offering costs in connection with financing activities for $44.3 million.
Current wording
Net cash provided by financing activities during the nine months ended September 30, 2025 was $1,167.7 million, driven by gross proceeds from the registered direct offering of $1,151.8 million, gross proceeds from the First 2024 PIPE Financing of $10.0 million, and proceeds from shares issued under the ATM Program of $46.3 million, partially offset by payments of offering costs in connection with financing activities for $44.2 million.
Previous wording
Net cash provided by financing activities during the six months ended June 30, 2024 was $100.8 million, driven by proceeds from shares issued under the ATM Program of $73.3 million, and proceeds from issuance of debt of $25.8 million.
Current wording
Net cash provided by financing activities during the nine months ended September 30, 2024 was $358.9 million, driven by gross proceeds from the PIPE Financing of $165.1 million, proceeds from shares issued under the ATM Program of $87.0 million, proceeds from issuance of debt of $57.5 million, proceeds from issuance of Class A common stock to Stellantis with an aggregate value of $55.0 million, partially offset by payments of offering costs in connection with financing activities for $7.4 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our obligations under the Credit Agreement are secured by funds in a collateral account and the Credit Agreement is guaranteed by our domestic subsidiaries. We had drawn down the full $65.0 million of the Loan as of September 30, 2025.