Mon, May 20, 9:21 PM (154 days ago)
XTI Aerospace, Inc. reported its financial results for the quarter ended March 31, 2024, focusing on the aftermath of the merger with XTI Aircraft Company. The company operates in two segments: Commercial Aviation and Industrial IoT, with the latter generating $220,000 in revenue. Key financial metrics include a gross profit of $141,000 and operating expenses of $9.0 million, a significant increase from $1.3 million in the prior year, primarily due to non-cash stock-based compensation and merger-related costs. The company reported a net loss of $2.6 million, influenced by a $12.9 million gain from remeasuring convertible notes, offset by $6.7 million in inducement losses for debt conversions. XTI Aerospace has a working capital deficit of $5.1 million and cash reserves of $1.8 million. The report highlights ongoing efforts to develop the TriFan 600 aircraft and the need for additional financing to achieve FAA certification and commercial production. Key uncertainties include the ability to secure funding, manage customer deposits, and navigate legal proceedings with Xeriant, Inc.