Archer Aviation shares climbed 11% to $6.93 in Tuesday morning trading, extending Monday's 11.99% gain as investors absorbed more detail from the company's second-quarter earnings call and its all-stock agreement to acquire Boeing subsidiaries Wisk Aero, Insitu and SkyGrid. Archer reported $5 million in second-quarter revenue, up 213% from the prior quarter and above the $1.96 million consensus estimate, while its 34-cent per-share loss matched expectations. Management focused investor attention on the strategic value of Insitu and Archer's broader defense pivot. CFO Priya Gupta said Insitu is a profitable business generating more than $200 million in annual revenue and is expected to contribute positive free cash flow, which she said would allow Archer to operate on a "self-funding basis" and "significantly change the profile for Archer." CEO Adam Goldstein said the defense and drone assets offer a route to profitability that could reduce cash burn and dilution risk. Archer posted a second-quarter adjusted EBITDA loss of $177.1 million, guided for a third-quarter adjusted EBITDA loss of $170 million to $200 million, and ended the quarter with about $1.56 billion, or roughly $1.6 billion, in liquidity. The company said Midnight has completed piloted city-to-city flights and that Archer is the only eVTOL original equipment manufacturer in the final phase of FAA type certification. Joby Aviation shares fell 2% to $8.59, EHang Holdings was flat at $5.68 and the Invesco QQQ Trust was little changed at $720.16, suggesting the move was driven by Archer-specific catalysts rather than a broader sector rally.