As of Q4'25, Archer Aviation (ACHR) reported cash and short-term investments at $1.96B, marking a significant increase from prior periods and reflecting robust liquidity growth. In contrast, debt stood at $122M, showing moderate expansion but remaining a small fraction of cash reserves, which supports a healthy net cash position of approximately $1.84B. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited a strong upward trend, rising from $450M to $1.96B with notable accelerations in Q4'24 ($835M) and Q2'25 ($1.72B), indicating successful capital raises or operational efficiencies. Debt levels, starting at $19M, steadily increased to $122M, driven by rises in Q2'24 ($48M) and Q3'24 ($79M), yet this growth was controlled and did not erode the company's overall financial strength, as cash consistently outpaced debt by over 10x throughout the timeframe.