Core Insights - Archer Aviation Inc (ACHR) shares saw gains despite a disappointing second-quarter report, indicating market resilience or speculative interest [1] Financial Performance - Archer generated zero revenues in Q2, with an adjusted EBITDA loss widening to $119 million from $109 million in the previous quarter [5] - The company reported a net loss of 36 cents per share, compared to a loss of 17 cents per share in the prior quarter [5] Certification and Compliance - Ongoing uncertainties regarding the timing of FAA certification were highlighted, with no sequential increase in FAA acceptance of compliance verification documents [2][3] - The process is described as "lumpy," with several policy items still outstanding that are not specific to Archer [3] Strategic Developments - Archer's UAE program has progressed to flight testing, with the first Midnight aircraft delivered to Abu Dhabi [4] - Initial commercial payments are expected later this year as milestones are unlocked, marking the first tangible revenue stream for the company [4] - A White House-backed pilot program is seen as a credible path for US testing as early as 2026 [4] Analyst Ratings - JPMorgan maintains a Neutral rating with a price target of $10 [7] - Needham reaffirms a Buy rating with a price target of $13 [7] - HC Wainwright also maintains a Buy rating, setting a price target of $18 [7] Stock Performance - Archer Aviation shares rose over 4.5% to $9.96 at the time of publication [6]