ACHR — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Midnight is our eVTOL aircraft purpose-built for air taxi operations in major cities. To prepare for commercial operations, we are working with aviation authorities, governments, and strategic partners in key U.S. and international markets to certify Midnight and build out air taxi networks. These p…

• •In the U.S., we were recently selected as a partner in multiple winning applications under the White House-backed electric vertical takeoff and landing (eVTOL) Integration Pilot Program (eIPP). Through the program, we have the opportunity to begin early operations this year in several key states, s…

• •Outside the U.S., through our Launch Edition program, we are offering aircraft, technologies, and services to governments and customers to support the commercialization of Midnight in select international markets, with the UAE leading the way. In the UAE, we have been working closely with the count…

• Our commercial readiness progress is driving growing global demand across Europe, Middle East, Africa and Asia-Pacific for this new category of transportation.

• We are also advancing the development of our hybrid-electric, autonomous vertical take-off and landing (“VTOL”) aircraft platform intended for dual use by both civil and defense customers. As part of this development effort, we are working closely with our strategic partner, Anduril Industries Inc. …

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• 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 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 t…

• 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 locali…

• 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…

• Lastly, we continue to develop AI-based technologies to support this future of advanced aviation our aircraft are intended to operate in.

Text added vs the prior filing · source: 10-Q · 2026-05-11

• In designing and evaluating our disclosure controls and procedures, management, including the Chief Executive Officer and Chief Financial Officer, recognizes that our disclosure controls and procedures or our internal control over financial

• reporting cannot prevent or detect all possible instances of errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact t…

• There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial r…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• In designing and evaluating our disclosure controls and procedures, management, including the Chief Executive Officer and Chief Financial Officer, recognizes that our disclosure controls and procedures or our internal control over financial reporting cannot prevent or detect all possible instances o…

• There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial re…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• We are still developing our eVTOL aircraft, have not yet obtained governmental certification of our eVTOL aircraft under development and are in the early stages of developing our manufacturing and UAM operations, which makes evaluating our business and future prospects difficult and increases the ri…

• We were incorporated in October 2018 and have a limited operating history in designing, developing, and working to certify an eVTOL aircraft. Our eVTOL aircraft is in the development stage and we are still working with the FAA and DOT in the U.S. and equivalent government authorities in certain othe…

• As an organization, we have no experience in volume manufacturing of aircraft. Some of our current and potential competitors are larger and have substantially greater resources than we have and expect to have in the future. Although we are currently producing six Midnight aircraft, we may not be abl…

• We are developing aircraft and related services that can serve multiple use cases. For example, in February 2025, we announced our Launch Edition program, through which we are offering aircraft, services and technologies to governments and

• customers to prepare for the planned commercial launch of air taxi services with our Midnight aircraft in markets outside the U.S. Through this program, we have begun providing services related to certification, testing, pilot training, demonstration flights, market survey and early trial operations…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Rule 10b5-1 Trading Plans. During the three months ended March 31, 2026, none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, in each case as defined in Item 408 of Regulation S-K.

• On May 7, 2026, the Company’s Acting Chief Financial Officer, Priya Gupta, entered into the Company’s standard form of Change in Control and Severance Agreement. The form of the Change in Control and Severance Agreement was previously filed by the Company as Exhibit 10.1 to the Company’s Quarterly R…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• On or about November 17, 2025, we will issue an aggregate of $43.6 million of shares of our Class A common stock, issuable to certain vendors in exchange for services rendered and/or goods purchased (collectively, the “Vendor Shares”).

• The Vendor Shares are being offered by us pursuant to our shelf registration statement on Form S-3ASR (File No. 333-284812), which was filed with the SEC on February 11, 2025 and was automatically effective on the same date, including the prospectus supplement dated November 7, 2025, and accompanyin…

• A copy of the opinion of Fenwick & West LLP relating to the validity of the Vendor Shares is filed herewith as Exhibit 5.1.

• Rule 10b5-1 Trading Plans. During the three months ended September 30, 2025, none of our directors or officers adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, in each case as defined in Item 408 of Regulation S-K, except as described belo…

• On August 28, 2025, Tom Muniz, Chief Technology Officer of the Company, adopted a trading arrangement, as amended on September 29, 2025, for the sale of the Company’s Class A common stock, which expires September 1, 2026, and provides for the sale of up to 465,000 shares of Class A common stock purs…