XTI Aerospace, Inc.

Listed Company

XTIACIK 0001529113NasdaqNon-AcceleratedSmaller ReportingServices-Computer Programming ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$22.49M

Net Income

$-68.76M

Total Assets

$81.25M

Equity

$17.74M

Shares Out

38.47M

Op. Cash Flow

$-36.60M

Business

XTI Aerospace, Inc. is primarily an aircraft development company that is developing a vertical takeoff and landing (VTOL) airplane and also provides industrial real‑time location systems (RTLS) and IIoT solutions. Its main offerings include the TriFan 600 VTOL business airplane and a suite of RTLS products and services (SaaS platform, IoT sensors/tags, transceivers/modules, analytics and wireless device detection). The company operates through two principal business lines—aviation (TriFan development, certification and sales) and RTLS & IIoT (software, hardware and LaaS). It sells directly and through channel partners, agents and distributors to customers worldwide across private aviation, EMS, charter, industrial, manufacturing, logistics, government and security markets.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	22	—	—	—	—
Cost of Revenues	18	—	—	2	4
Gross Profit	5	—	—	4	12
Research and development	5	2	1	5	14
Sales and marketing	6	2	721,000	2	8
General and administrative	33	20	4	14	41
Merger and acquisition transaction costs	4	6	—	—	—
Amortization of intangible assets	166,000	30,000	30,000	887,000	4
Total Operating Expenses	48	30	8	23	84
Loss from Operations	−43	−30	−8	−19	−73
Interest expense, net	−270,000	−782,000	−1	—	—
Amortization of deferred loan costs	—	−17,000	−88,000	—	—
Loss on conversion of note receivable to equity investment	—	−3	—	−2	0
Loss on extinguishment of debt	−421,000	−7	−7	—	—
Provision for expected credit losses on convertible note investment	−2	—	—	—	—
Change in fair value of convertible notes payable	—	13	—	—	—
Change in fair value of equity securities	−349,000	−1	—	—	—
Change in fair value of warrant liability	−596,000	−281,000	−164,000	—	—
Warrant issuance expense	−7	—	—	—	—
Other income, net	30,000	42,000	—	—	—
Total Other (Expense) Income	−10	1	−17	−619,000	1
Loss from Continuing Operations Before Income Taxes	−53	−28	−25	−20	−72
Income tax benefit (provision)	10,000	−16,000	—	181,000	1
Net Loss from Continuing Operations, net of tax	−53	−28	−34	−20	—
Loss from discontinued operations, net of tax	−15	−7	−13	−47	—
Net Loss	−69	−36	−47	−66	−70
Net (income) loss attributable to noncontrolling interest	−270,000	—	−1	−3	−975,000
Net Loss Attributable to XTI Aerospace, Inc.	−69	−36	−25	−63	−69
Less: Preferred stock dividends	−437,000	−606,000	—	—	—
Less: Deemed dividends	—	−772,000	—	—	—
Net Loss Attributable to Common Stockholders	−69	−37	−25	−80	−77
Continuing operations (in Dollars per share)	−3.28	−129.24	−55.22	−1,413	—
Net loss per share diluted Continuing operations (in Dollars per share)	−3.28	−129.24	−55.22	−1,413	—
Discontinued operations (in Dollars per share)	−0.96	−33.54	−21.21	−1,999	—
Net loss per share diluted Discontinued operations (in Dollars per share)	−0.96	−33.54	−21.21	−1,999	—
Net loss per share (in Dollars per share)	−4.24	−162.78	−1,576	−3,412	−51.18
Net loss per share diluted (in Dollars per share)	−4.24	−162.78	−1,576	−3,412	−51.18
Weighted Average Shares Outstanding, Basic (in Shares)	16	227,193	15,900	23,320	2
Weighted Average Shares Outstanding, Diluted (in Shares)	16	227,193	15,900	23,320	2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2024 2024-12-31	FY 2024 2024-03-31	FY 2023 2023-12-31
Cash and cash equivalents	17	—	4	—	5,000
Accounts receivable, net	12	—	—	—	—
Other receivables	—	—	513,000	—	101,000
Inventories	15	—	—	—	—
Prepaid expenses and other current assets	4	—	888,000	—	125,000
Current assets of discontinued operations (Note 19)	4	—	3	—	3
Total Current Assets	52	—	9	—	231,000
Property and equipment, net	385,000	—	72,000	—	12,000
Operating lease right-of-use asset, net	3	—	310,000	—	—
Intangible assets, net	9	—	284,000	—	266,000
Goodwill	12	12	—	12	—
Other assets	403,000	—	1	—	—
Non-current assets of discontinued operations (Note 19)	5	—	14	—	0
Total Assets	81	—	24	—	509,000
Accounts payable	5	—	5	—	2
Accrued expenses and other current liabilities	6	—	6	—	1
Accrued interest	391,000	—	522,000	—	560,000
Customer deposits	3	—	1	—	1
Warrant liability	23	—	—	—	497,000
Operating lease obligation, current	550,000	—	88,000	—	—
Short-term debt	8	—	3	—	7
Current liabilities of discontinued operations (Note 19)	2	—	1	—	2
Total Current Liabilities	48	—	17	—	13
Long-term debt	450,000	—	65,000	—	19
Operating lease obligation, noncurrent	2	—	231,000	—	—
Non-current liabilities of discontinued operations (Note 19)	322,000	—	—	—	0
Total Liabilities	51	—	18	—	32
Commitments and Contingencies (Note 15)	—	—	—	—	—
Representative and placement agent warrants, net of issuance costs of $191	3	—	—	—	—
Preferred Stock value	—	—	—	—	—
Common Stock - $0.001 par value; 500,000,000 shares authorized; 32,786,816 and 1,685,021 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	33,000	—	2,000	—	—
Additional paid-in capital	157	—	99	—	26
Accumulated other comprehensive income	881,000	—	−622,000	—	—
Accumulated deficit	−162	—	−94	—	−58
Total Stockholders Equity	18	—	7	—	−32
Noncontrolling interest Class B Units of XTI Drones Holdings, LLC	10	—	—	—	390,000
Total Equity	28	—	7	—	−32
Total Liabilities, Mezzanine Equity, and Equity	81	—	24	—	509,000

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	148,000	113,000	—	—	—
Amortization of intangible assets	387,000	622,000	2	6	5
Amortization of right-of-use asset	114,000	237,000	—	706,000	—
Non-cash interest (income) expense, net	145,000	417,000	613,000	—	—
Stock-based compensation	12	4	2	4	11
Impairment of goodwill	10	—	—	—	—
Impairment of intangible assets	600,000	3	—	—	—
Provision for credit losses	2	—	—	−32,000	121,000
Unrealized loss on equity investment	—	628,000	—	—	—
Change in fair value of convertible notes payable	—	−13	—	—	—
Warrant issuance expense	7	—	—	—	—
Change in fair value of warrant liability	596,000	281,000	—	—	—
Other	4,000	359,000	108,000	—	—
Accounts receivable and other receivables	−2	−18,000	26,000	−115,000	−313,000
Inventories	3	611,000	—	−565,000	−112,000
Prepaid expenses and other current assets	5	922,000	−84,000	1	−4
Other assets	311,000	40,000	—	33,000	199,000
Accounts payable	−3	346,000	873,000	182,000	391,000
Related party payables	−51,000	—	190,000	—	—
Accrued expenses and other current liabilities	−4	6	345,000	858,000	490,000
Accrued interest	116,000	259,000	599,000	—	—
Customer deposits	−271,000	—	—	—	—
Deferred revenue	−167,000	−435,000	—	—	—
Operating lease obligation	−112,000	−233,000	—	−677,000	−658,000
Net Cash Used in Operating Activities	−37	−22	−4	−34	−37
Purchase of property and equipment	−215,000	−68,000	−3,000	−245,000	−346,000
Cash received in purchase of Inpixon	—	3	—	—	—
Investment in convertible note receivable	−2	—	−3	−150,000	0
Acquisition of Drone Nerds, net of cash acquired	−17	—	—	0	184,000
Purchase of intangible asset	—	−47,000	−14,000	0	−4,000
Net Cash (Used in) Provided by Investing Activities	−19	3	−17,000	36	−54
Net proceeds from sale of common stock and pre-funded warrants via public offerings	57	—	224,000	—	—
Net proceeds from ATM stock offerings	2	22	—	—	—
Net proceeds from issuance of Series 10 Convertible Preferred Stock	23	—	—	—	—
Net proceeds from the exercise of equity classified warrants	—	2,000	—	—	—
Net proceeds from the exercise of liability classified warrants	4	—	—	—	—
Net proceeds from issuance of promissory notes	—	2	—	—	—
Net proceeds from loan from Inpixon (prior to merger)	—	1	—	—	—
Redemptions of Series 9 Preferred Stock	−1	−795,000	—	—	—
Repayments of debt	−16	−868,000	−14,000	—	—
Net Cash Provided by Financing Activities	68	24	4	−35	125
Effect of Foreign Exchange Rate on Changes on Cash	−23,000	−10,000	—	−83,000	86,000
Net Increase in Cash and Cash Equivalents	13	4	−110,000	−32	34
Interest	329,000	61,000	17,000	2,000	3,000
Income Taxes	14,000	16,000	—	125,000	2
Common shares issued for conversion of debt	750,000	10	—	—	—
Common shares issued in exchange of warrants and cashless exercise of warrants and options	—	2	—	—	—
Deemed dividend related to December 2024 warrant exchange	—	283,000	—	—	—
Common shares issued as settlement of accrued compensation	—	4	—	—	—
Common shares issued as prepayment for services	—	335,000	—	—	—
Issuance of common stock for merger consideration, net of cash received	—	23	—	—	—
Right of use asset obtained in exchange for lease liability	3	394,000	—	284,000	—
Capital contribution forgiveness of related party payable	—	380,000	—	—	—
Common shares issued in exchange of Series 9 Preferred Stock exchange	—	10	—	—	—
Series 9 Preferred Stock dividend accrued	—	606,000	—	—	—
Deemed dividend related to Series 9 preferred stock exchange	—	490,000	—	—	—
Conversion of accrued interest to Series 9 Preferred Stock	—	602,000	—	—	—
Conversion of convertible note receivable to equity investment	—	968,000	—	—	—
ATM proceeds withheld as payment towards accounts payable	—	129,000	—	—	—
Series 10 Convertible Preferred Stock dividend accrued	408,000	—	—	—	—
Placement agent warrants issued in Series 10 financing	957,000	—	—	—	—
Issuance of Class B Units in connection with acquisition	10	—	—	—	—
Issuance of promissory notes in connection with acquisition	12	—	—	—	—

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