ACHR
Archer Aviation Inc.
NYSEUSDEQUITY
Industrials
DELAYED
Strong sell
-57/100
Last price
4.69
▼ 0.03 (0.64%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
4.69
Prev close
4.72
Day high
4.82
Day low
4.60
Volume
26.32M
Market cap
$3.58B
P/E (TTM)
—
52W range
4.30 – 14.62
Day trading desk
Gap from prior close
-0.64%
Prior close 4.72
VWAP
—
—
Relative volume
0.00×
Quiet session
Session range
1.08%
4.64 – 4.69
Position in range
100%
Near session high
ATR (14D)
0.27
5.70% of price
Prior day high
4.89
PDH
Prior day low
4.70
PDL
Bid / ask spread
—
Quote not published
Session volume
—
Avg 31.24M
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-8.10%
-10.1%
1M
-18.56%
-19.7%
3M
-3.93%
-8.4%
6M
-12.92%
-31.1%
YTD
-38.16%
-52.4%
1Y
-59.81%
-76.2%
3Y
-8.10%
-90.4%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on ACHR open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+255.79K
Net buying
Buy transactions
14
725.97K shares
Sell transactions
10
470.19K shares
Net transactions
+24
Buys less sells
Sell : buy shares
0.6 : 1
Mixed
Insider-held shares
113.45M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 21, 26 | LYON BENJAMIN Officer |
SELL | 45.36K | $246.30K | Direct |
| Aug 20, 26 | LENTELL ERIC Officer |
SELL | 100.00K | $631.00K | Direct |
| Aug 17, 26 | LYON BENJAMIN Officer |
SELL | 50.19K | $321.85K | Direct |
| Aug 17, 26 | GUPTA PRIYA Chief Financial Officer |
SELL | 10.02K | $64.22K | Direct |
| Aug 14, 26 | LYON BENJAMIN Officer |
— | 95.55K | — | Direct |
| Aug 14, 26 | GUPTA PRIYA Chief Financial Officer |
— | 20.40K | — | Direct |
| Jun 26, 26 | DIAZ DEBORAH Director |
— | 19.10K | — | Direct |
| Jun 26, 26 | SPELLACY MICHAEL Director |
— | 19.10K | — | Direct |
| Jun 26, 26 | PINELLI MARIA Director |
— | 19.10K | — | Direct |
| Jun 26, 26 | MUNOZ OSCAR X Director |
— | 19.10K | — | Direct |
| Jun 26, 26 | DIAZ FRED M. Director |
— | 19.10K | — | Direct |
| Jun 11, 26 | LENTELL ERIC Officer |
SELL | 3.75K | $18.76K | Direct |
| May 18, 26 | MUNIZ THOMAS PAUL Chief Technology Officer |
SELL | 136.58K | $817.86K | Direct |
| May 18, 26 | LENTELL ERIC Officer |
SELL | 88.14K | $528.98K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
DIAZ DEBORAH |
Director | 172.63K | Conversion of Exercise of derivative security |
GOLDSTEIN ADAM D |
Chief Executive Officer | — | Conversion of Exercise of derivative security |
GUPTA PRIYA |
Chief Financial Officer | 202.78K | Sale |
MESLER MARK |
Chief Financial Officer | 711.52K | Sale |
MUNIZ THOMAS PAUL |
Chief Technology Officer | 1.46M | Sale |
MUNOZ OSCAR X |
Director | 461.22K | Conversion of Exercise of derivative security |
PERKINS TOSHA |
Officer | 384.77K | Sale |
PINELLI MARIA |
Director | 201.79K | Conversion of Exercise of derivative security |
SPELLACY MICHAEL |
Director | 1.24M | Conversion of Exercise of derivative security |
STELLANTIS N.V. |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
Fundamentals
Market cap$3.58B
Enterprise value$2.17B
Revenue (TTM)$6.90M
Gross profit$1.00M
EBITDA$-905.80M
Net income$-799.70M
EPS (TTM)$-1.09
Free cash flow$-376.44M
Total cash$1.56B
Total debt$125.60M
Book value / share$2.46
Shares outstanding770.03M
Float653.13M
Short % of float14.10%
Dividend yield0.00%
Beta (5Y)3.27
Valuation & profitability ratios
Trailing P/E—
Forward P/E-5.76
PEG ratio—
Price / sales—
Price / book1.89
EV / revenue314.34
EV / EBITDA-2.39
Gross margin14.49%
Operating margin-5514.00%
Profit margin0.00%
Return on equity-44.47%
Return on assets-28.13%
Debt / equity6.56
Current ratio10.21
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $300.00K | $0 | $0 | $0 | — |
| Operating revenue | $300.00K | $0 | $0 | $0 | — |
| Cost of revenue | $300.00K | $0 | $0 | — | — |
| Gross profit | $0 | $0 | $0 | — | — |
| Research & development | $493.90M | $357.70M | $276.40M | $171.50M | +38.1% |
| Selling, general & admin | $235.40M | $152.00M | $168.40M | $165.10M | +54.9% |
| Total operating expense | $729.30M | $509.70M | $444.80M | $336.60M | +43.1% |
| Operating income | -$729.30M | -$509.70M | -$444.80M | -$336.60M | -43.1% |
| Net interest income | $52.80M | $21.90M | $16.40M | $2.30M | +141.1% |
| Pre-tax income | -$617.90M | -$536.60M | -$457.40M | -$317.30M | -15.2% |
| Tax provision | $300.00K | $200.00K | $500.00K | $0 | +50.0% |
| Net income | -$618.20M | -$536.80M | -$457.90M | -$317.30M | -15.2% |
| Net income to common | -$618.20M | -$536.80M | -$457.90M | -$317.30M | -15.2% |
| Basic EPS | -0.99 | -1.42 | -1.69 | -1.32 | +30.3% |
| Diluted EPS | -0.99 | -1.42 | -1.69 | -1.32 | +30.3% |
| EBIT | -$729.30M | -$509.70M | -$444.80M | -$336.60M | -43.1% |
| EBITDA | -$709.30M | -$498.00M | -$438.30M | -$332.20M | -42.4% |
| Basic shares | 624.31M | 376.73M | 270.41M | 240.48M | +65.7% |
| Diluted shares | 624.31M | 376.73M | 270.41M | 240.48M | +65.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $1.02B | $834.50M | $464.60M | $69.40M | — | +22.4% |
| Cash & short-term investments | $1.96B | $834.50M | $464.60M | $531.20M | — | +135.4% |
| Total current assets | $2.08B | $858.40M | $480.20M | $545.50M | — | +141.9% |
| Property, plant & equipment | $294.40M | $134.90M | $66.50M | $23.40M | — | +118.2% |
| Goodwill & intangibles | $80.30M | $300.00K | $400.00K | $400.00K | — | +26,666.7% |
| Total assets | $2.47B | $1.00B | $554.30M | $573.80M | — | +146.3% |
| Total current liabilities | $104.40M | $71.10M | $114.00M | $53.30M | — | +46.8% |
| Current debt | $800.00K | — | — | $9.30M | $9.50M | — |
| Long-term debt | $79.50M | $64.00M | $7.20M | — | $9.30M | +24.2% |
| Total debt | $121.90M | $79.00M | $23.20M | $22.20M | — | +54.3% |
| Total liabilities | $263.10M | $248.60M | $187.20M | $80.50M | — | +5.8% |
| Retained earnings | -$2.30B | -$1.69B | -$1.15B | -$690.90M | — | -36.7% |
| Shareholder equity | $2.20B | $752.60M | $367.10M | $493.30M | — | +192.7% |
| Working capital | $1.97B | $787.30M | $366.20M | $492.20M | — | +150.4% |
| Net tangible assets | $2.12B | $752.30M | $366.70M | $492.90M | — | +182.1% |
| Shares issued | 744.05M | 503.78M | 303.78M | 241.64M | — | +47.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$618.20M | -$536.80M | -$457.90M | -$317.30M | -15.2% |
| Depreciation & amortisation | $20.00M | $11.70M | $6.50M | $4.40M | +70.9% |
| Stock-based compensation | $223.50M | $108.80M | $45.20M | $102.80M | +105.4% |
| Change in working capital | -$7.20M | -$17.20M | $13.20M | $19.20M | +58.1% |
| Operating cash flow | -$432.90M | -$368.60M | -$271.60M | -$200.40M | -17.4% |
| Capital expenditure | -$105.00M | -$82.00M | -$44.30M | -$6.90M | -28.0% |
| Investing cash flow | -$1.18B | -$82.00M | $420.70M | -$464.30M | -1,334.1% |
| Financing cash flow | $1.80B | $820.40M | $250.10M | -$9.90M | +119.0% |
| Free cash flow | -$537.90M | -$450.60M | -$315.90M | -$207.30M | -19.4% |
| End cash position | $1.03B | $841.30M | $471.50M | $72.30M | +22.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $5.00M | $1.60M | $300.00K | $0 | $0 | — | +212.5% |
| Operating revenue | $5.00M | $1.60M | $300.00K | $0 | $0 | — | +212.5% |
| Cost of revenue | $4.30M | $1.30M | — | — | $0 | $0 | +230.8% |
| Gross profit | $700.00K | $300.00K | — | — | $0 | $0 | +133.3% |
| Research & development | $186.00M | $171.70M | $147.10M | $120.70M | $122.40M | — | +8.3% |
| Selling, general & admin | $93.90M | $83.20M | $87.30M | $54.10M | $53.70M | — | +12.9% |
| Total operating expense | $279.90M | $254.90M | $234.40M | $174.80M | $176.10M | — | +9.8% |
| Operating income | -$279.20M | -$254.60M | -$234.40M | -$174.80M | -$176.10M | — | -9.7% |
| Net interest income | $14.20M | $16.40M | $17.60M | $16.30M | $10.20M | — | -13.4% |
| Pre-tax income | -$263.20M | -$217.60M | -$188.90M | -$129.80M | -$205.90M | — | -21.0% |
| Tax provision | $0 | $100.00K | $0 | $100.00K | $100.00K | — | -100.0% |
| Net income | -$263.20M | -$217.70M | -$188.90M | -$129.90M | -$206.00M | — | -20.9% |
| Net income to common | -$263.20M | -$217.70M | -$188.90M | -$129.90M | -$206.00M | — | -20.9% |
| Basic EPS | -0.34 | -0.28 | — | -0.20 | -0.36 | -0.17 | -21.4% |
| Diluted EPS | -0.34 | -0.28 | — | -0.20 | -0.36 | -0.17 | -21.4% |
| EBIT | -$279.20M | -$254.60M | -$234.40M | -$174.80M | -$176.10M | — | -9.7% |
| EBITDA | -$269.10M | -$246.80M | -$228.40M | -$169.70M | -$171.30M | — | -9.0% |
| Basic shares | 781.70M | 766.85M | — | 660.89M | 579.20M | 540.43M | +1.9% |
| Diluted shares | 781.70M | 766.85M | — | 660.89M | 579.20M | 540.43M | +1.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $852.70M | $951.10M | $1.02B | $595.50M | $1.72B | -10.3% |
| Cash & short-term investments | $1.56B | $1.78B | $1.96B | $1.64B | $1.72B | -12.1% |
| Total current assets | $1.65B | $1.90B | $2.08B | $1.69B | $1.76B | -13.3% |
| Property, plant & equipment | $370.50M | $317.90M | $294.40M | $186.20M | $159.10M | +16.5% |
| Goodwill & intangibles | $175.00M | $84.00M | $80.30M | $5.30M | $5.50M | +108.3% |
| Total assets | $2.21B | $2.32B | $2.47B | $1.90B | $1.94B | -4.7% |
| Total current liabilities | $161.30M | $105.20M | $104.40M | $93.00M | $78.80M | +53.3% |
| Current debt | $2.10M | $1.40M | $800.00K | — | — | +50.0% |
| Long-term debt | $78.00M | $78.80M | $79.50M | $64.10M | $64.10M | -1.0% |
| Total debt | $125.60M | $121.80M | $121.90M | $88.60M | $81.60M | +3.1% |
| Total liabilities | $298.70M | $243.40M | $263.10M | $245.30M | $257.40M | +22.7% |
| Retained earnings | -$2.78B | -$2.52B | -$2.30B | -$2.11B | -$1.99B | -10.4% |
| Shareholder equity | $1.89B | $2.08B | $2.20B | $1.65B | $1.68B | -9.0% |
| Working capital | $1.49B | $1.79B | $1.97B | $1.60B | $1.68B | -17.2% |
| Net tangible assets | $1.72B | $2.00B | $2.12B | $1.65B | $1.68B | -13.9% |
| Shares issued | 770.01M | 757.91M | 744.05M | 651.30M | 640.64M | +1.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$263.20M | -$217.70M | -$188.90M | -$129.90M | -$206.00M | -20.9% |
| Depreciation & amortisation | $10.10M | $7.80M | $6.00M | $5.10M | $4.80M | +29.5% |
| Stock-based compensation | $85.60M | $70.40M | $88.90M | $52.70M | $51.80M | +21.6% |
| Change in working capital | $11.20M | $8.80M | -$9.60M | -$6.50M | $4.20M | +27.3% |
| Operating cash flow | -$156.40M | -$149.10M | -$129.30M | -$105.60M | -$103.40M | -4.9% |
| Capital expenditure | -$37.10M | -$32.60M | -$50.50M | -$20.40M | -$24.10M | -13.8% |
| Investing cash flow | $52.90M | $78.70M | -$73.40M | -$1.07B | -$24.10M | -32.8% |
| Financing cash flow | $5.10M | $0 | $628.70M | $46.40M | $821.10M | — |
| Free cash flow | -$193.50M | -$181.70M | -$179.80M | -$126.00M | -$127.50M | -6.5% |
| End cash position | $860.00M | $958.40M | $1.03B | $602.80M | $1.73B | -10.3% |
Options analytics
Put / call volume
0.69
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
1.00
-78.5% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
+25.0%
Puts bid over calls
Call volume
2.01K
Contracts, this expiry
Put volume
1.39K
Contracts, this expiry
Heaviest call OI
1.00
0 contracts
Heaviest put OI
1.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.25 | -0.22 | +12.6% |
| Mar 2026 | -0.24 | -0.19 | +23.5% |
| Dec 2025 | -0.17 | -0.14 | +18.1% |
| Sep 2025 | -0.20 | -0.12 | +42.3% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.25 | 2 | $3.57M | 0.0% |
| Next quarter | -0.23 | 2 | $4.64M | +1,447.9% |
| Current year | -0.96 | 3 | $15.13M | +4,944.4% |
| Next year | -0.81 | 3 | $143.02M | +845.1% |
Analyst targets & ownership
Mean target$10.61
High target$18.00
Low target$4.50
Implied upside126.25%
Analyst count9
ConsensusNONE
Strong buy / Buy2 / 4
Hold3
Sell / Strong sell0 / 0
Held by insiders14.73%
Held by institutions50.06%
Institutions holding639
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
5.15
-9.02% from price
SMA 20
5.30
-12.31% from price
SMA 50
5.59
-16.75% from price
SMA 100
5.52
-15.05% from price
SMA 200
6.17
-24.67% from price
EMA 12
5.09
-7.94% from price
EMA 26
5.32
-11.88% from price
EMA 50
5.44
-13.87% from price
RSI (14)
32.2
Neutral
MACD (12,26,9)
-0.23
Hist -0.08
ATR (14)
0.27
5.75% of price
Realised vol 30D
43.7%
Annualised
Bollinger upper
5.94
20, 2σ
Bollinger lower
4.67
20, 2σ
50 / 200 cross
Death
5.59 vs 6.17
Trend bias
Below 200
-24.67%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
2.91
More volatile than market
Correlation to SPY
0.54
Loosely linked
Realised vol 30D
43.7%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-67.4%
Peak to trough
Max drawdown 5Y
-79.8%
Peak to trough
ATR 14
0.27
5.75% of price
Beta (reported)
3.27
5Y monthly, from filing
Short interest
Shares short
94.44M
Prior 92.00M
Change vs prior
+2.7%
Shorts adding
% of float
14.10%
Elevated
% of shares out
12.26%
Against total outstanding
Days to cover
3.8
Liquid
Float
653.13M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 11, 26 | Cantor Fitzgerald | MAINTAINED | Overweight | Overweight |
| May 12, 26 | Canaccord Genuity | MAINTAINED | Buy | Buy |
| Mar 3, 26 | Needham | MAINTAINED | Buy | Buy |
| Jan 14, 26 | Needham | MAINTAINED | Buy | Buy |
| Dec 1, 25 | Goldman Sachs | INITIATED | — | Neutral |
| Nov 21, 25 | Canaccord Genuity | MAINTAINED | Buy | Buy |
| Nov 11, 25 | Canaccord Genuity | MAINTAINED | Buy | Buy |
| Nov 7, 25 | JP Morgan | MAINTAINED | Neutral | Neutral |
| Nov 7, 25 | Needham | MAINTAINED | Buy | Buy |
| Aug 12, 25 | Needham | MAINTAINED | Buy | Buy |
| Aug 12, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Aug 1, 25 | JP Morgan | MAINTAINED | Neutral | Neutral |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-10-02
Corporate Changes & Voting Matters
8-K · 2026-09-24
Notification filed by national security exchange to report the removal from listing and registration of matured
25-NSE · 2026-09-16
Corporate Changes & Voting Matters
8-K · 2026-09-04
Corporate Changes & Voting Matters
8-K · 2026-08-18
Periodic Financial Reports
10-Q · 2026-08-10
Corporate Changes & Voting Matters
8-K · 2026-06-30
Proxy Statements
DEFA14A · 2026-06-24
Headlines
Cathie Wood’s ARK Invest Loads Up On Joby, Archer Aviation As Airtaxi, Defense Prospects Grow
Stocktwits · 5h ago
Five-Star Investor Warns on Archer Aviation Stock
GuruFocus.com · 12h ago
Joby Aviation Is Near Its 52-Week Low With 91% Upside. The Catch Is Real
24/7 Wall St. · 2d ago
Should You Be Worried About Joby Stock?
Trefis · 2d ago
Could Archer Aviation Stock Be a 10X Investment?
Motley Fool · 2d ago
Prediction: The Next Big Aviation Revolution Could Start With Joby
24/7 Wall St. · 6d ago
Archer Aviation (ACHR) Dropped, So What Is Driving Attention Now?
Simply Wall St. · 7d ago
Archer Aviation (ACHR) Stock Could Trade Below Fair Value On Its 47% Slump
Simply Wall St. · 7d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.