Archer Aviation Inc. (ACHR) dropped its third-quarter numbers after the closing bell on Monday, and the market's initial reaction was a shrug and a small step back. The electric aircraft maker delivered a revenue beat but a slight earnings miss, leaving investors to weigh the good against the not-so-good.

Archer Aviation Q3 Key Details

Archer reported $5.10 million of total revenue for the third quarter, beating estimates of approximately $3.57 million, according to market data. The company posted a third-quarter loss of 35 cents per share, missing estimates for a loss of 34 cents per share. So yes, a beat on the top line, a miss on the bottom line. The classic mixed bag.

Operating expenses came in at $294.30 million for the quarter. The company said it exited the period with approximately $1.35 billion in cash, cash equivalents and short-term investments. That's a hefty war chest for a company still in its build-out phase.

"I started Archer to unlock the skies, and we are now doing that across both commercial and defense," said Adam Goldstein, founder and CEO of Archer.

"With our first aircraft in Los Angeles and Boeing set to become our largest shareholder following our transaction close, I believe we are building an end-to-end aerospace and defense platform that very few companies could assemble, and one that will matter for decades."

That transaction Goldstein mentioned is Archer's acquisition of Boeing's Wisk, Insitu and SkyGrid businesses, which is nearing a close. The deal is expected to accelerate Archer's evolution into a diversified aerospace and defense platform with significant revenue-generating operations. In other words, Archer isn't just about flying taxis anymore. It's aiming to be a broader player in the skies.

On the numbers front, Archer reported an adjusted EBITDA loss of $178.5 million in the quarter. For the fourth quarter, management guided for an adjusted EBITDA loss of $185 million to $205 million and revenue of $5 million to $6 million.

Archer management will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.

ACHR Shares Fall After Earnings

ACHR Price Action: Archer Aviation shares were down 4.57% in after-hours on Monday, trading at $4.59 at the time of publication, according to market data. The stock closed up 8.33% in Monday's regular trading session. So the after-hours dip takes a bit of the shine off what was a strong regular session.