Latest news with #PriyaGupta
Yahoo
10 hours ago
- Business
- Yahoo
Archer Aviation CFO steps down after year of medical leave
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Archer Aviation CFO Mark Mesler officially resigned from his role effective July 7, after a period of medical leave beginning September 2024, the company said in a recent securities filing. The Santa Clara, California-based company develops electric vertical takeoff and landing vehicle (eVTOL) aircraft — also known as 'air taxis' — and software, according to its website. Priya Gupta, who has served as the electric air taxi firm's acting CFO and acting principal financial officer since his leave, will 'continue to serve in her same capacity,' according to the filing. 'After careful consideration and reflection on what's next for him personally and professionally, Mark has decided to step down from his position,' the company said in a statement emailed to CFO Dive. Harsh Rungta will continue to serve as Archer's chief accounting officer, alongside Gupta in her continued role as interim CFO, the eVTOL creator said. 'The entire team at Archer thanks Mark for his contributions and wishes him the best.' The electric air taxi company entered into a transition agreement with Mesler in association with his retirement, where Mesler is set to receive a one-time cash payment equal to nine months of his base salary, plus three months of his target annual bonus, according to the filing with the Securities and Exchange Commission. He will also receive accelerated vesting for certain outstanding restricted stock units, according to the agreement. For full-year 2024, Mesler received an annual base salary of $500,000, and received a bonus of $146,311, according to Archer's latest proxy statement filed in April. His compensation also included approximately $1.1 million in stock awards. Gupta, as acting CFO, received total compensation of $676,970, including a base salary of $338,000 and an annual non-equity incentive bonus of $158,548, according to the proxy. The CFO's resignation comes as attention on the air taxi market has increased over the past few years: though air taxis are still butting up against safety and regulatory concerns, regulators have also taken steps to codify operations for such vehicles, creating new opportunities. Last October, the Federal Aviation Administration issued its final rule on 'powered lift' crafts — a category that includes air taxis — in a move which aimed to place the U.S. in a key leadership position in the burgeoning industry. Archer Aviation has taken several steps to establish itself as a dominant player in the expanding market, inking key partnerships with large-scale companies including United Airlines and Palantir — working with the latter to create AI-powered software for 'next-gen' aviation systems, according to a March release. Its Midnight eVTOL aircraft began test flight in Abu Dhabi, with the air taxi company planning to expand the test flight program in the region and to gather 'additional data to support its certification and commercialization plans in both the UAE and other key markets,' according to a July 2 press release. Archer is jockeying for the top space in the emerging market against competitors such as Joby Aviation, which also recently began test flights for its own EVTOL craft in June in the United Arab Emirates, the company said. Joby received a $250 million investment from Toyota in May, part of a previously announced deal for the carmaker to invest $500 million in the air taxi maker, according to a CNBC report. Archer, meanwhile, raised $850 million in a stock sale in June, with the new capital to be used to help build out the company's commercial capabilities and infrastructure, according to a press release. The funding came after President Donald Trump issued an executive order which provided for the establishment of an eVTOL Integration Pilot Program (eIPP), 'an extension of the BEYOND program to accelerate the deployment of safe and lawful eVTOL operations in the United States,' according to the order. The sale gave Archer a liquidity position of approximately $2 billion, according to the June release, coming after the air taxi company said its total cash position had surpassed $1 billion during its Q1 earnings results in May. For the quarter ended March 31, Archer reported total operating expenses of $144 million and a net loss of $93.4 million, as well as an adjusted EBITDA loss of $109 million, per its earnings results. For its Q2 of 2025, the company anticipates an adjusted EBITDA loss between $100 million to $120 million. Recommended Reading Rivian swipes Tesla vet for CAO Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
3 days ago
- Business
- Globe and Mail
Archer Aviation CFO Mark Mesler Resigns
Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Archer Aviation ( (ACHR)) has shared an announcement. Mark Mesler has resigned as Chief Financial Officer of Archer Aviation effective July 7, 2025, after being on medical leave since September 2024. Priya Gupta will continue as the acting CFO, while Harsh Rungta remains the Senior VP of Finance. Mesler's transition includes a severance package and accelerated stock vesting, reflecting a structured leadership transition within the company. The most recent analyst rating on (ACHR) stock is a Buy with a $12.50 price target. To see the full list of analyst forecasts on Archer Aviation stock, see the ACHR Stock Forecast page. Spark's Take on ACHR Stock According to Spark, TipRanks' AI Analyst, ACHR is a Neutral. Archer Aviation's overall score reflects significant challenges in financial performance due to its developmental stage, lack of revenue, and reliance on financing. Technical indicators suggest mixed momentum, while valuation remains challenging with negative earnings. Positive developments in strategic partnerships and liquidity were highlighted in the earnings call, but FAA certification and high expenses pose risks. To see Spark's full report on ACHR stock, click here. Archer Aviation operates in the aviation industry, focusing on the development and production of electric vertical takeoff and landing (eVTOL) aircraft, aiming to revolutionize urban air mobility. Average Trading Volume: 34,630,964 Technical Sentiment Signal: Buy Current Market Cap: $6.63B For detailed information about ACHR stock, go to TipRanks' Stock Analysis page.
Fashion Value Chain
20-06-2025
- Business
- Fashion Value Chain
Solidus Techno Power Strengthens Long-Term O&M Capabilities Through Strategic Partnership with Sol-Bright
Solidus Techno Power Pvt. Ltd., one of India's fastest-growing solar EPC companies, has signed a strategic long-term partnership with global O&M technology leader Sol-Bright New Energy Technology Co., Ltd. The collaboration begins with the deployment of dry-type robotic cleaning systems at Solidus' 28.71 MWp solar PV project in Kitasar, Rajasthan-but it is designed to extend across Solidus expanding national portfolio in the coming years. Solidus Techno Power Partners with Sol-Bright With this alliance, Solidus takes a major step toward revolutionizing its operations and maintenance (O&M) strategy – introducing automated, water-free robotic cleaning solutions to enhance performance, reduce manual intervention, and ensure long-term sustainability, particularly in highdust and water-scarce zones. 'At Solidus, innovation isn't an add-on – it's integral to how we build and manage every solar project,' said Harvinder Singh, Director, Solidus Techno Power Pvt. Ltd..'Our partnership with Sol-Bright is not just about one site in Rajasthan. It's a long-term collaboration that supports our vision of building smart, self-sustaining solar infrastructure powered by global best practices in O&M.' Founded and headquartered in Punjab, Solidus Techno Power has emerged as a dynamic force in Indias solar industry. Known for its high-quality execution, project customization, and future-ready EPC approach, the company is currently executing more than 200 MWp of solar projects across North India. With a sharp focus on performance optimization, Solidus is setting new standards in solar asset lifecycle management. The integration of Sol-Bright's 7th-generation dry-cleaning robots will allow Solidus to maintain energy efficiency while significantly reducing water usage and operational overhead. The deployment at Kitasar is a pilot for broader application across Solidus' upcoming C&I and utility-scale projects. Sol-Bright is the inventor of the Automatic Robotic (Dry) Cleaning System, and the world largest manufacturer and supplier of this cleaning robot. From 2013 till date, from 1st generation to 7th generation, Sol-Bright has supplied almost 98,000 units of robot and covered roughly 40 GWp capacity worldwide. From China to the world, Sol-Bright robot has its footprints in countries including KSA, UAE, Oman, Kuwait, Jordan, Palestine, Iran, Afghanistan, Israel, Uzbekistan, India, Thailand, Kenya, Eritrea, Australia, Chile, Argentina, USA, France and more on the way. Sol-Bright wins the market with its outstanding characteristics including: 100% dry cleaning, self-powered, long-distance and long-time cleaning, excellent ability of obstacle crossing, travelling posture adjustment, self-locking mechanism on docking station, patented non-disengaging flexible bridge design, high cleaning efficiency, intelligent SCADA control and more than ten (10) years' rich project experiences globally. Priya Gupta, Country Head – India at Sol-Bright, added, 'Solidus Techno Power is one of our valued partner – ambitious, quality-driven, and future-focused. We're proud to support their operational vision with our technology and look forward to scaling this partnership across many more projects.' This announcement reflects Solidus Techno Power's continued investment in smart energy infrastructure – pushing the boundaries of EPC and O&M excellence. As the company moves forward with its next phase of growth, strategic partnerships like this one reinforce its leadership role in building a sustainable solar-powered future for India.
