Archer Aviation (ACHR) is a pre-revenue company in the electric vertical takeoff and landing (eVTOL) aircraft sector. The company has secured significant funding and has progressed in its FAA certification process. Key catalysts include partnerships with the US Army for defense applications and its role as the official air taxi provider for the LA28 Olympic Games. However, the stock faces risks related to the unpredictable timeline of FAA certification, which directly impacts revenue generation and operational traction. Delays in certification could significantly increase losses and negatively impact the stock price. Market adoption is also a key concern, as consumer acceptance and demand for eVTOL services are not yet proven. Despite these risks, analyst consensus remains a 'Moderate Buy' with a price target suggesting potential for significant upside if the company successfully navigates regulatory hurdles and achieves operational scale.