Core Viewpoint - Archer Aviation's share prices have decreased by over 45% from recent highs, raising questions among investors about whether to buy the dip as the company progresses in developing its eVTOL aircraft, Midnight [1][2]. Group 1: Company Overview - Archer Aviation is focused on creating an electric vertical takeoff and landing (eVTOL) aircraft, named Midnight, intended for urban air taxi services [3]. - The company aims to operate in major U.S. cities such as New York, Chicago, and Los Angeles, providing fast travel over traffic congestion [4]. Group 2: Current Status and Challenges - Archer has not yet received FAA approval for the Midnight aircraft, which has conducted limited test flights, including a 55-mile flight at an average speed of 126 mph [5]. - The company is preparing for commercialization by outfitting a manufacturing facility in Georgia, with production expected to start by the end of the year [7]. Group 3: Financial Situation - Archer has incurred a free cash flow loss of $487 million over the past year, indicating significant cash burn as it prepares for operations [8]. - To fund ongoing development, Archer has increased its share count by nearly 30% this year and recently announced a $650 million offer for an additional 81 million shares, which may dilute existing shareholders' equity [9].