XTI Aerospace, Inc., formerly known as Inpixon, reported a significant financial performance shift in its latest 10-K filing for the fiscal year ending December 31, 2024. The company generated revenues of approximately $3.2 million, marking a notable increase from zero revenue in the previous year. This revenue primarily stemmed from its Industrial IoT segment following the completion of the XTI Merger on March 12, 2024. However, the company also reported a net loss of approximately $35.6 million, an increase from a loss of $25.1 million in 2023, reflecting a 42% rise in losses year-over-year.
The increase in operating expenses was a significant factor in the company's financial results, which rose to $38.9 million from $7.6 million in the prior year. This increase was attributed to several factors, including $9 million in operating expenses from the Industrial IoT segment, $6.3 million in nonrecurring transaction bonuses, and $4.6 million in merger-related costs. Additionally, the company recognized a $2.5 million non-cash impairment of intangible assets, which contributed to the overall increase in expenses.
Strategically, XTI Aerospace has focused on developing its TriFan 600 vertical takeoff and landing (VTOL) aircraft, which is still in the design and certification phase. The company has received over 290 conditional pre-orders for the TriFan 600, representing potential future revenue of more than $3 billion. However, the company has not yet generated revenue from aircraft sales, as it anticipates FAA certification and commercial production will not commence until 2030 at the earliest. The company is also exploring strategic transactions, including potential acquisitions, to enhance shareholder value and expand its market presence.
Operationally, XTI Aerospace has made significant strides in its workforce and geographic reach. As of April 11, 2025, the company employed 47 individuals, including engineers and sales personnel, and has expanded its operations to include locations in Germany and the United Kingdom. The company’s real-time location systems (RTLS) solutions have been adopted across various industries, contributing to its revenue generation. The company plans to continue investing in research and development to maintain a competitive edge in both the aviation and industrial IoT markets.
Looking ahead, XTI Aerospace aims to leverage its recent capital raises, including approximately $21.6 million from public offerings, to support its operational needs and advance the development of the TriFan 600. However, the company acknowledges the need for ongoing capital to fund its operations and the uncertainty surrounding future profitability. The management remains focused on executing its business strategy while navigating the challenges posed by market conditions and regulatory requirements.
About XTI Aerospace, Inc.
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