Archer tanks 12% after air taxi maker sells additional 85 million shares, buys LA-area airport

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Archer Aviation

’s stock plummeted 12% after a share sale overshadowed a narrower-than-expected third-quarter loss.

The company posted a net loss $129.9 million, narrower than the FactSet estimate of a $178.6 million loss.

However, Archer disclosed a $650 million stock offering for 81.25 million shares to support its $126 million acquisition of Hawthorne Airport in Los Angeles as a hub for air taxi operations there. Archer was chosen as the official air taxi provider for the 2028 Olympics in Los Angeles.