Archer (ACHR) is still trying to bridge the gap between its SPAC projections and reality. They originally guided for $42M in revenue for 2024 but are currently at zero with expected net losses around $605M. The company has a $6B backlog with partners like United and the Air Force, but everything depends on FAA certification. They have 2 of the 4 necessary certificates. The Type Certification is in the testing phase, and while a new FAA program might help, full approval could take until 2028. They have $1.64B in cash, but the burn rate is high and dilution has already increased shares by 171% since the debut. Valuation is currently at a $5.26B market cap.