Why did ACHR miss EPS forecasts in 2024?

Archer Aviation missed the EPS forecast in 2024 due to several factors:

1. **Increased Expenses for Midnight Program Development**: The company incurred higher expenses related to people and support for the Midnight program development, which led to an increase in the adjusted EBITDA loss. This indicates that the company is investing heavily in its core program, which may impact short-term profitability.
2. **Test and Manufacturing Costs**: The costs associated with testing and manufacturing capabilities also contributed to the increased expenses. As Archer advances its programs, such as the Midnight aircraft, these costs are likely to remain elevated until the aircraft is in full production.
3. **Regulatory and Certification Processes**: Archer is in the final phase of its certification program for the Midnight aircraft, which requires significant investment and resources. The process of obtaining FAA certification is complex and time-consuming, leading to ongoing expenses that affect the company's financials.

In summary, Archer's EPS miss in 2024 is primarily due to the high expenses associated with the development and certification of its innovative aircraft programs, along with the need to invest in manufacturing capabilities and regulatory processes. These factors indicate that while Archer is making significant progress toward commercialization, it may face short-term challenges that impact its financial performance.