Culper Research is short on Archer Aviation again, and this time, it has concerns regarding flight testing and delayed timelines.
- Culper Research claimed that flight logs indicate the company has not conducted a ground or air tests in the past three months.
- The firm said it has learnt that during closed-door meetings, Goldstein has told certain institutional investors that the company now expects FAA certification in 2028.
- Last year, Archer Aviation said it was already working with the U.S. government to submit multiple applications to launch initial air taxi operations under the White House’s eVTOL Integration Pilot Program.
Shares of Archer Aviation fell nearly 3% on Tuesday, snapping a two-day winning streak after Culper Research shorted the company and posed three questions to CEO Adam Goldstein after noting that the air taxi maker was misleading investors.
“We are again short Archer Aviation $ACHR. We have not commented publicly on Archer for some time, but we believe the Company continues to mislead investors, and may also now have Reg FD problems,” Culper Research said in a post on X on Tuesday.
Where Are ACHR’s Aircraft?
Culper Research noted that the company has stated it has multiple aircraft in final assembly but has not yet produced any. The research firm reported that in May 2025, Archer said it was assembling "multiple aircraft" for piloted testing later in 2025.
The firm also noted that in August 2025, Archer said that it had six more in production "with 3 of those in final assembly,” and in November, it said it was assembling its initial fleet.”
In September, Archer announced that its Midnight aircraft completed its highest altitude flight to date, reaching altitudes of 7,000 feet, after taking off from the company’s test facility in Salinas, California.
Why Is Flight Testing Halted?
Culper Research said it wants to know why the company halted its flight testing and if Archer has settled on a final Midnight aircraft design. The firm claimed that flight logs indicate the company has not conducted a ground or air tests in the past three months.
Further, the company doesn't appear to have obtained an airworthiness certificate for N704AX, “they couldn't fly it even if they wanted to,” the firm said. Culper Research cited a Glassdoor review and noted that the company had not finalized the aircraft design and was willing to break safety regulations.
Will ACHR Update On The Delay And New 2028 Timeline?
Culper Research claimed that during closed-door meetings, Goldstein told certain institutional investors that the company now expects FAA certification in 2028, “as Midnight requires substantial re-designs.”
Archer, however, has struck several partnerships in the past few months, including one with Nvidia to integrate Nvidia’s IGX Thor platform into future versions of its Midnight electric air taxi. In January, it also announced a partnership with Serbia as the country seeks to play a key role in driving the adoption of electric air taxis across Europe.
Last year, Archer Aviation said it was already working with the U.S. government to submit multiple applications to launch initial air taxi operations under the White House’s eVTOL Integration Pilot Program (eIPP).
How Are Retail Users Reacting?
Retail sentiment on Archer Aviation dipped to ‘bearish’ from ‘neutral’ a week ago, with message volumes at ‘normal’ levels, according to data from Stocktwits.
A bearish user on Stocktwits said, “desperation has reached the point where bulls are demanding proof of life.”
In the last 24 hours, retail message volumes on ACHR jumped 11% on Stocktwits, and over the past year, the ticker saw a 72% spike in followers on the platform.
Shares of Archer Aviation have declined more than 23% in the last 12 months.
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