XTI Aerospace appoints Preston Dunlap to advisory board

ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ: XTIA), a developer of vertical takeoff and landing (VTOL) aircraft, announced today the addition of Preston Dunlap to its Corporate Advisory Board. Dunlap, recognized for his extensive experience in innovation across national security and aerospace technology sectors, is the former Chief Technology Officer and Chief Architect for the U.S. Space Force and Air Force. The announcement comes as XTI faces significant market challenges, with InvestingPro data showing the company’s stock has declined nearly 95% over the past six months, while maintaining a relatively strong gross profit margin of 59%.

Dunlap’s career includes overseeing critical aerospace and defense programs with budgets totaling $70 billion and initiating defense projects worth over $250 billion. His expertise is expected to be pivotal for XTI as they advance the TriFan 600, an aircraft that combines fixed-wing efficiency with VTOL versatility, targeting commercial, defense, and emergency response markets. According to InvestingPro analysis, the company currently holds more cash than debt on its balance sheet, though it’s experiencing a rapid cash burn rate that could impact development timelines.

Scott Pomeroy, CEO and Chairman of XTI, emphasized the significance of Dunlap’s experience for the company’s strategic direction, particularly in aligning the TriFan 600’s capabilities with military and civilian needs. Dunlap himself expressed enthusiasm about contributing to XTI’s aviation advancements, highlighting the TriFan’s potential to revolutionize defense, security, and medical operations with its unique design.

Michael Tapp, Chairman of XTI’s Corporate Advisory Board, also welcomed Dunlap, citing his transformative technology leadership as key to maintaining XTI’s innovative edge, especially in defense and emergency response applications.

XTI Aerospace is actively developing the TriFan 600, designed to offer the agility of a helicopter with the range and speed of a conventional airplane. The company also operates a business unit, Inpixon, specializing in real-time location systems (RTLS) technology used globally in industrial settings to optimize operations and enhance safety. With current revenue of $3.2 million in the last twelve months and a market capitalization of $6.65 million, the company faces significant scaling challenges. InvestingPro subscribers can access 14 additional key insights about XTI’s financial health and market position, along with detailed valuation metrics and growth forecasts.

This announcement contains forward-looking statements that involve risks and uncertainties, and actual results may differ. With analysts projecting continued losses and an EPS forecast of -$8.37 for FY2025, investors should carefully consider the company’s development timeline and cash position. XTI does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made.

The information in this news article is based on a press release statement from XTI Aerospace, Inc.

In other recent news, XTI Aerospace has made significant strides in its financial and operational strategies. The company has fully repaid its outstanding debt to Streeterville Capital using $2.7 million from a recent public offering, thereby releasing all related security interests and liens. This financial maneuver is part of XTI Aerospace’s broader strategy to improve its financial position and focus on advancing its TriFan 600 aircraft. Additionally, the company has successfully retired all remaining equity-based financing instruments following a public offering that raised $4 million, which is also aimed at supporting the development of the TriFan 600.

XTI Aerospace has also settled outstanding financial obligations with its former CEO, Nadir Ali, and other associated parties. This settlement includes the redemption of preferred stock and termination of previous agreements, allowing the company to focus on its core business. The company recently showcased a new model of its TriFan 600 at the Avalon Airshow in Australia, highlighting its vertical takeoff and landing capabilities. This model, codenamed "Sparrow," is set to begin flight testing soon to validate its performance and safety standards.

Furthermore, XTI Aerospace announced the pricing of a $4 million public offering, which includes shares of common stock and warrants, with ThinkEquity serving as the sole book-running manager. The proceeds from this offering are intended for general corporate purposes, including bolstering working capital and repaying outstanding secured promissory notes. These recent developments are part of XTI Aerospace’s ongoing efforts to strengthen its financial stability and innovate within the aerospace industry.

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