ACHR
Archer Aviation Inc.
Is ACHR Halal?
Electric vertical-takeoff-and-landing aircraft — permissible aerospace technology with dual-use concerns.
What You Should Know
Archer Aviation develops electric vertical-takeoff-and-landing aircraft, related technology and manufacturing operations. The core aerospace technology is generally permissible, but the company is pre-commercial and defense, dual-use and aviation deployment contexts require qualitative review. Its March 31, 2026 Form 10-Q reports $2,322.8 million of assets, $80.2 million of interest-bearing debt, $958.4 million of cash and restricted cash, $824.8 million of short-term investments and $1.6 million of quarterly revenue. Debt/assets is 3.45%, liquidity/assets is 76.77%, and disclosed net interest income is 1,025.00% of reported revenue; the liquidity and income screens fail while the product and customer activity mix remains qualitative.
⚠️ Concerns
- •Very large cash and short-term-investment balance
- •Pre-commercial revenue base
- •Defense and dual-use aviation applications
- •Disclosed net interest income is large relative to current revenue
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
80.2 / 2,322.8
1,783.2 / 2,322.8
958.4 / 2,322.8
16.4 / 1.6
- Financial
- Fails
- Overall
- Fails
Debt/assets is 3.45%, liquidity/assets is 76.77% above the examined 33.333% limit, receivables-plus-cash/assets is 41.26%, and disclosed income is 1,025.00% of revenue because the company is pre-commercial.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 76.77% and receivables-plus-cash/assets is 41.26%, above the examined MSCI limits; debt/assets is 3.45%.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 76.77%, above the examined Malaysia 33% limit; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the liquidity and income failures remain independently documented.
Business-activity disclosure
Archer develops electric vertical-takeoff-and-landing aircraft, related technology and manufacturing operations. The core aerospace technology is generally permissible, while planned defense and commercial aviation applications are not reduced to a universal prohibited-activity numerator.
Limitation: The company is pre-commercial and reports only $1.6 million of quarterly revenue; the filing does not provide a mature product or customer activity mix.
Purification
Archer reports $16.4 million of net interest income, but does not provide a complete prohibited-activity numerator or scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Archer Aviation's March 31, 2026 Form 10-Q.
- Debt is $80.2 million carrying amount for the Synovus Bank loan and Banc of California facility; lease liabilities are excluded.
- Cash and cash equivalents plus restricted cash are $958.4 million. Short-term investments are $824.8 million, including U.S. Treasuries and corporate debt securities.
- No accounts-receivable balance is separately reported. First-quarter revenue is $1.6 million, of which $1.0 million is lease-related; interest income, net is $16.4 million.
- Electric vertical-takeoff-and-landing aircraft and related technology are generally permissible, while defense, aviation, lease and commercialization contexts require qualitative review.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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