Andrew J. Hawkins

The rideshare company just reported its first full year of profitability (based on generally accepted accounting principles). And it only took *checks notes* 13 years! (Uber accomplished this last year.) Net income for 2024 was $22.8 million on adjusted earnings of $382.4 million, compared to a net loss of $340.3 million in 2023. Gross bookings were up 17 percent, and revenue was up 31 percent. But shares were down in after-market trading based on a slightly gloomier than expected outlook for 2025. Still, a significant milestone for the historically money-losing rideshare company.

The investment builds on last year’s $430 million equity deal and leaves the aviation company with approximately $1 billion in liquidity. Archer says the money will be put toward building out its manufacturing capability in anticipation of launching an air taxi network in Los Angeles in time for the 2026 Olympics. The company is also moving more into the defense space, with plans to next-gen military aircraft for Anduril Industries. This funding round included investments from Blackrock, Willington, and leading institutional developers, Archer says.