Archer Aviation’s Midnight aircraft has received a Market Survey Special Airworthiness Certificate from the FAA, the company said on November 9, 2026, opening the way for piloted operations in Los Angeles in the coming weeks. The update came with third-quarter 2026 results showing revenue of $5.1 million, a net loss of $274.6 million and $1.4 billion in liquidity.

In its results release, Archer said its acquisition of Boeing’s Wisk, Insitu and SkyGrid businesses is nearing close, subject to certain regulatory approvals and other closing conditions. The company, listed on the New York Stock Exchange as ACHR, also reported that it has begun testing the turboshaft engine for the Halo/Thunder platform it is developing with Anduril, and that it is forming a multi-year alliance with Formula 1.

Midnight’s path to Los Angeles

Archer said the certificate allows piloted operations in Los Angeles as it prepares to carry passengers in the electric vertical takeoff and landing (eVTOL) Integration Pilot Program (eIPP) and at the LA28 Olympic Games. In the release’s own words, the certificate is “unlocking operations in Los Angeles in coming weeks as Archer prepares for carrying passengers.”

The certificate follows the completion in October 2026 of the Northern California leg of Archer’s tour, part of what the company calls its “No Roads” flight tour. Archer said that portion included more than 300 miles of piloted flights across the Bay Area, including flights in and out of Oakland International Airport.

Archer already operates at Hawthorne Airport in Los Angeles. In its second-quarter release of August 10, 2026, the company said revenue rose to $5.0 million as it expanded operations at Hawthorne Airport, and that it used $25.0 million to acquire the fixed-base operator (FBO) business there. The same release said Archer planned to launch Midnight operations later in 2026 under the eIPP.

Where Archer sits in the federal pilot program

Transportation Secretary Sean P. Duffy and the FAA announced eight eIPP selections on March 9, 2026, chosen from more than 30 proposals. The FAA lists Archer as a partner on three of them: the Port Authority of New York and New Jersey project, which includes eVTOL passenger operations at the Manhattan heliport; the Texas Department of Transportation project, which plans regional flights connecting Dallas, Austin, San Antonio and eventually Houston; and the Florida Department of Transportation’s statewide project. The FAA said the eight projects span 26 states and that the agency will use the data to develop new regulations.

Boeing transaction nears close

Archer announced the Boeing deal in August alongside its second-quarter results, describing the goal as an end-to-end physical AI platform for aerospace and defense. Archer said in the third-quarter release that Insitu alone is expected to add more than $200 million in annual revenue, with operations across 35 countries, based on Insitu’s current financial statements and estimates.

Boeing would become a strategic partner and Archer’s largest shareholder. The August release added that the arrangement includes ongoing collaboration and technology sharing. Among the risk factors in its November 9 release, Archer lists the possibility that closing conditions, including regulatory approvals, are not met on time.

“I started Archer to unlock the skies, and we are now doing that across both commercial and defense,” founder and CEO Adam Goldstein said. He said that with the first aircraft in Los Angeles and Boeing to become the largest shareholder after the transaction closes, he believes Archer is building an end-to-end aerospace and defense platform that very few companies could assemble.

Halo, Thunder and Formula 1

Archer said testing has begun on the turboshaft engine for its Halo/Thunder autonomous, hybrid-electric vertical takeoff and landing platform, and that the turbo-generator is one of the central new technologies in the design. The same airframe, powertrain and core systems support the Halo commercial variant and the Thunder defense variant, both unveiled in July at the Farnborough International Airshow. Full-scale flight testing with Anduril remains on track for 2027.

Archer said the first engines for Omen were delivered to Anduril in the third quarter of 2026. With Formula 1, Archer said it is forming a strategic alliance through a multi-year relationship to explore eVTOL air taxi services at Grand Prix events, with the goal of flying VIPs and fans to and from circuits aboard Midnight.

Third-quarter figures and outlook

Revenue of $5.1 million compares with $5.0 million in the second quarter of 2026 and none in the third quarter of 2025. Total operating expenses were $294.3 million, against $284.2 million in the second quarter and $174.8 million a year earlier. Research and development accounted for $198.3 million and general and administrative expenses for $91.0 million.

The net loss of $274.6 million, or $0.35 per share, compares with $263.2 million in the second quarter and $129.9 million in the third quarter of 2025. For the nine months to September 30, 2026, Archer reported a net loss of $755.5 million and net cash used in operating activities of $470.1 million.

Archer said cash, cash equivalents and short-term investments fell $207 million from the second quarter, mainly because of $164.6 million in operating cash use, $31.7 million in property and equipment purchases and a $10.0 million investment in a private company. At the end of the second quarter the figure stood at $1,560.6 million.

For the fourth quarter of 2026, Archer expects revenue of $5 million to $6 million and an Adjusted EBITDA loss of $185 million to $205 million. The company issued a shareholder letter from Goldstein with the results and held its earnings call at 2:00 p.m. Pacific Time on November 9, 2026.

Leonardo raised its 2026 orders guidance to approximately €29.5 billion after booking €23.3 billion in new orders in the first nine months of the year, up 27.8% year over year. Inside its Aeronautics sector, the Aerostructures business unit cut its operating loss to €88 million from €135 million as Boeing 787 and ATR work increased.

In a press release dated November 5, 2026, the group said its Board of Directors had approved the results for the nine months to September 30, 2026. The order backlog reached €60.4 billion, exceeding €60 billion for the first time, helped by the consolidation of the Iveco Group’s Defence business (IDV), which added approximately €6 billion. Revenues rose 14.2% to €15.3 billion and EBITA rose 37.7% to €1,301 million.

Aerostructures recovery drives Aeronautics profit

Leonardo said the Aeronautics sector showed a significant increase in profitability, driven mainly by the gradual recovery of the Aerostructures business. Sector EBITA rose 91.7% to €184 million on revenues of €3,002 million, up 7.3%, and sector orders of €5,159 million, up 2.8%.

Aerostructures revenues rose 44.1% to €735 million, which Leonardo attributed to higher demand from its main original equipment manufacturer (OEM) customers, Boeing, Airbus and ATR. The unit’s EBITA loss narrowed to €88 million from €135 million, and its return on sales improved from negative 26.5% to negative 12.0%. Aerostructures orders rose 4.8% to €827 million, which the company said confirmed the gradual recovery in OEM demand.

The delivery figures show where the volume came from. For the Boeing 787 programme, Leonardo delivered 63 fuselage sections and 55 stabilizers, against 51 fuselage sections and 38 stabilizers a year earlier. For ATR, it delivered 30 fuselages, against 17 in the first nine months of 2025. The GIE ATR consortium recorded 16 aircraft deliveries, against 11, and its EBITA loss narrowed to €4 million from €34 million.

Military aircraft work

The Aircraft business unit booked €4,448 million in orders, including M-346 trainers for Austria and for the future aircraft of Italy’s National Aerobatic Team, the Pattuglia Acrobatica Nazionale, plus Typhoon orders for Germany, Italy and Turkey. Leonardo delivered 39 wings to Lockheed Martin for the F-35 programme and six wings for the Typhoon programme to the Eurofighter Consortium, both in line with September 2025. Customer support and services made up about 39% of Aircraft revenues, mainly driven by maintenance activities in Kuwait.

Helicopters and the wider group

Helicopter orders rose 27.7% to €6,234 million, with a book-to-bill ratio of 1.4x. The largest was the New Medium Helicopter programme for the UK Ministry of Defence, covering 23 AW149 helicopters for the UK armed forces. Leonardo also booked orders for 131 dual use helicopters, mainly for export customers, against 102 a year earlier. Government orders accounted for 72% of the total and commercial orders for 28%. Helicopter revenues rose 5.4% to €4,317 million and EBITA rose 8.4% to €347 million.

Defence Electronics remained the largest sector, with €11,086 million in orders and €895 million in EBITA. Free operating cash flow was negative €68 million, against negative €426 million a year earlier, and group net debt rose 43.8% to €3,325 million after the IDV acquisition, which Leonardo completed on March 18, 2026, for approximately €1.6 billion.

“We are committed to further strengthening our capabilities to translate our substantial Order Backlog into greater production and delivery capacity, improving process efficiency and programme execution, as required by the current scenario.”

That was Lorenzo Mariani, Leonardo’s Chief Executive Officer and General Manager, who said the results confirm the soundness of the group’s growth strategy.

Guidance and what comes next

Leonardo lifted its 2026 orders guidance to approximately €29.5 billion from approximately €28.2 billion, including IDV, and expects further commercial progress in the fourth quarter. It confirmed the other targets set in July 2026: revenues of approximately €22.1 billion, EBITA of approximately €2.21 billion with a target of a double-digit return on sales, free operating cash flow of approximately €1.37 billion and group net debt of approximately €2.2 billion.

The company said the guidance rests on its current assessment of the impact of the geopolitical situation on the supply chain, inflation and the global economy, subject to any further significant effects. For comparison, Leonardo reported new orders of €23.8 billion, an order backlog of €46.6 billion and revenues of €19.5 billion for 2025, the year covered in its full-year 2025 results. Leonardo DRS’s acquisition of Raft, a mission software company, is expected to close in the fourth quarter of 2026 for about USD 450 million.

Bombardier has raised its 2026 free cash flow guidance for the second time this year, to more than $1.3 billion, after a third quarter in which its Services business passed $700 million in quarterly revenue for the first time. Revenues for the quarter rose 3% to $2.4 billion on 33 aircraft deliveries.

The company reported the results in a press release dated November 5, 2026, and reaffirmed the rest of its 2026 guidance: more than 157 aircraft deliveries, revenues above $10.0 billion and adjusted EBITDA above $1,625 million. Those targets are unchanged from the April 30, 2026 update, when the free cash flow forecast was set at more than $1.0 billion.

Services carry the quarter

Services revenue reached a record $701 million, up 19% from a year earlier, which Bombardier attributed to the growth of its service network and its focus on customer experience. The company said it again ranked first in leading product support surveys.

Éric Martel, President and Chief Executive Officer, said the results were “strong indicators of our foundational strength and resilience.” He said Bombardier was entering the final stretch of 2026 “with a healthy backlog, strong demand” and “solid visibility on all remaining deliveries.”

The aftermarket footprint has kept expanding during the year, including a new line maintenance station in Sydney that opened on October 8, 2026, bringing Bombardier’s Asia-Pacific aftermarket network to 11 facilities.

Margins and earnings

Adjusted EBITDA rose 7% to $382 million, for a margin of 16.1%, up 70 basis points from 15.4%. Reported EBIT increased 17% to $266 million, and the EBIT margin rose 140 basis points to 11.2%. Adjusted EBIT was $267 million, a margin of 11.3%.

Adjusted net income rose 41% to $182 million, or $1.72 per share, from $129 million, or $1.21, a year earlier. Reported net income fell 5% to $81 million, and diluted earnings per share were $0.73, compared with $0.77 in the third quarter of 2025.

Cash, debt and backlog

Free cash flow was $183 million, up 20% from $152 million, and cash flows from operating activities rose 36% to $259 million. Net additions to property, plant and equipment and intangible assets were $76 million, against $38 million a year earlier, and Bombardier expects about $300 million for the full year.

The company said it has reduced debt by $1.1 billion so far in 2026. Long-term debt, including the current portion, stood at $4,052 million at September 30, 2026, down from $5,154 million at the end of 2025, and the ratio of adjusted net debt to adjusted EBITDA fell to 1.5x from 1.9x. Available liquidity was about $2.4 billion, including $1.6 billion in cash and cash equivalents.

Unit book-to-bill was 1.7x for the quarter, and the order backlog reached $22.2 billion at September 30, 2026, up $4.7 billion from $17.5 billion at the end of 2025.

How the 2026 outlook has moved

Bombardier closed 2025 with revenues of $9.55 billion, 157 deliveries and free cash flow of $1,072 million. In February, AirPro News reported that the company had projected more than $10 billion in 2026 revenue. With its first-quarter results in April, it reported a backlog of $20.3 billion and lifted its free cash flow guidance above $1 billion.

Over the first nine months of 2026, Bombardier generated free cash flow of $771 million, against an outflow of $316 million in the same period of 2025. Nine-month revenues were $6,122 million, compared with $5,857 million, and nine-month adjusted EBITDA was $953 million, compared with $901 million.

Defense work also featured in the release. Bombardier cited momentum with its partner Saab, noting that NATO selected the GlobalEye solution and that the Canadian government selected the same platform.

What comes next

Bombardier will hold an in-person Investor Day on February 18, 2027, to update its strategic priorities and outlook, with timing and location details to follow. The company says its fleet in service numbers about 5,300 aircraft, supported by 10 service centres in six countries, and that it builds aircraft in Canada, the United States and Mexico.