Archer Aviation’s stock plunged 22.9% in 2025 then rallied 17.8% in early 2026 after posting Q2 and Q3 net losses of $206M and $129.9M alongside a $650M equity raise and $126M Hawthorne airport acquisition. Recovery reflects a partnership with Anduril for hybrid-propulsion military VTOLs, though FAA certification remains uncertain.