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As of Q4'25, ACHR's EV/EBITDA ratio has sharply declined to -28.23, marking a significant deterioration compared to previous quarters. This latest data point represents the lowest level in the observed period from Q1'23 to Q4'25. Throughout the timeframe, the EV/EBITDA ratio remained negative, indicating persistent operating losses relative to enterprise value. After fluctuating between approximately -0.8 and -2.7 from Q1'23 through Q3'24, the ratio began a pronounced downward trend starting in Q4'24, accelerating to -8.10 in Q1'25 and culminating in the steep drop to -28.23 by Q4'25. This pattern suggests a substantial worsening in the company’s operating performance or a significant change in valuation metrics in the most recent quarters.