ACHR Q1: A Larger Focus on Defense, and On-Track for EIPP this Year. Reiterate OW - Cantor's Take

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ACHR Q1: A Larger Focus on Defense, and On-Track for EIPP this Year. Reiterate OW - Cantor's Take

May 12, 2026

process, and the company has also been advancing its 4th phase as it

targets to ramp up formal testing and analysis. In our estimates, we do not

expect full Type Certification until 2H27 at the earliest.

Total Liquidity of ~$1.8B. ACHR reported 1Q26 cash and short-term

investments of ~$1,775.9M (vs. ~$1,965M in 4Q25). ACHR's reported 1Q26

cash used in operations and investments was $149.1M, which includes

capex of $32.6M. We continue to view this liquidity as an important

differentiator in the industry.

Hawthorne Airport to Pave the Way for the LA Olympics Exclusivity

- Started Operations. On 11/6, ACHR announced an agreement to

acquire Hawthorne Airport, (located within three miles from Los Angeles

International Airport LAX), for $126M in cash. This airport includes an 80-

acre site and opportunities to expand to ~400,000 square ft. It also includes

a 5000 x 100ft runway, and the airport has a controlled class D airspace

(outside of LAX Class B), which should give them more flexibility on flights.

Notably, as the closest airport to the city's biggest attractions (SoFi Stadium,

Downtown L.A., The Forum, etc.), we expect this facility will be used as the

company's operational hub for its air taxi operations in L.A. and for the 2028

Olympics. Recall that ACHR was selected as the official and exclusive air taxi

provider for the L.A. 2028 Olympic Games, Paralympic Games, and as the

"sole eVTOL sponsor for Team USA," and we expect this facility to play a key

role in transportation efforts for these events.

Key Financial Metrics: ACHR reported 1Q26 revenue of $1.6M, vs. Visible

Alpha consensus of $1.9M (and vs. $0.3M in 4Q25). Additionally, ACHR