$ACHR On the bear takeaway — "increasing net losses and significant cash outflows" — most of it is accounting noise and planned spend, not distress. Net loss grew $45.5M QoQ, but ~$19M is a non-cash warrant revaluation (mark-to-market on ACHR's own warrant liabilities); the rest is deliberate spend on flight test, cert, the hybrid, and ZEE. The number that measures the business — adjusted EBITDA — was -$177M, just $4.6M worse than Q1 and at the LOW end of guide. On the $215M cash drop: ~$25M was a one-time Hawthorne Airport buy, ~$37M capex. Recurring burn was ~$156M against $1.56B in the bank. ~2.5 yrs runway before the Boeing deal even factors in. The real risks are legit: the Boeing deal is announced NOT closed (regulatory + closing conditions), and it means dilution. That's the honest bear case. But "rising losses + cash outflows" as the scare? That's a well-capitalized company spending on plan to hit its catalysts. Not advice. Bullish