Archer Aviation shares have declined more than 30% over the past 12 months as the electric vertical takeoff and landing aircraft developer awaits Federal Aviation Administration approval for its first commercial flights. Analysts expect Archer to generate only $10 million in revenue in 2026 while incurring a net loss of $994 million, compared to rival Joby Aviation's projected $121 million in revenue and $869 million net loss. Joby is further along in the FAA approval process, benefits from its Blade air-taxi subsidiary, and operates a tighter supply chain with first-party components. Archer recently announced a planned acquisition of Boeing's Wisk Aero, SkyGrid, and Insitu subsidiaries on undisclosed terms, which could strengthen its business but may also dilute shares and increase debt. The stock trades at nine times estimated 2028 sales versus Joby's 20 times, and the author believes Joby remains a better buy until Archer secures FAA clearance and ramps up production.
