Consolidated Condensed Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (429.3)	$ (338.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	14.0	8.2
Debt discount and issuance cost amortization	0.1	0.0
Stock-based compensation	134.6	84.9
Change in fair value of warrant liabilities	(30.8)	(30.3)
Gain on issuance of common stock	0.0	(1.5)
Non-cash lease expense	3.0	2.2
Research and development warrant expense	2.4	6.1
General and administrative warrant expense	0.0	0.2
Technology and dispute resolution agreements expense	0.0	5.6
Changes in operating assets and liabilities:
Prepaid expenses	1.6	(2.0)
Other current assets	(8.1)	(2.8)
Other long-term assets	(2.8)	(1.9)
Accounts payable	5.9	1.6
Accrued expenses and other current liabilities	11.3	5.8
Operating lease right-of-use assets and lease liabilities, net	(3.8)	(2.3)
Other long-term liabilities	(1.7)	0.7
Net cash used in operating activities	(303.6)	(264.2)
Cash flows from investing activities
Purchase of short-term investments	(1,048.1)	0.0
Purchase of property and equipment	(49.2)	(57.8)
Acquisition of intangible assets	(5.3)	0.0
Net cash used in investing activities	(1,102.6)	(57.8)
Cash flows from financing activities
Proceeds from issuance of debt	0.0	57.5
Payment of debt issuance costs	0.0	(0.6)
Proceeds from PIPE financing	10.0	165.1
Proceeds from registered direct offering	1,151.8	0.0
Proceeds from shares issued under at-the-market program	46.3	87.0
Payment of offering costs in connection with financing activities	(44.2)	(7.4)
Proceeds from shares issued under employee stock purchase plan	3.8	2.3
Proceeds from issuance of common stock	0.0	55.0
Net cash provided by financing activities	1,167.7	358.9
Net (decrease) increase in cash, cash equivalents, and restricted cash	(238.5)	36.9
Cash, cash equivalents, and restricted cash, beginning of period	841.3	471.5
Cash, cash equivalents, and restricted cash, end of period	602.8	508.4
Supplemental Cash Flow Information:
Cash paid for interest	3.1	1.4
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	9.7	15.4
Offering costs in connection with financing activities through issuance of common stock	1.7	0.0
Purchases of property and equipment in common stock	$ 2.2	$ 0.0

Archer Aviation Inc. 10-Q