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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA) announced Tuesday it has completed a propulsion technical familiarization meeting with the Federal Aviation Administration, marking another step toward certification of its TriFan 600 aircraft. According to InvestingPro data, the company, currently valued at $28.26 million, maintains a stronger cash position than debt on its balance sheet, though analysts note it is rapidly burning through available funds.
During the meeting, engineering experts from XTI Aircraft Company, a subsidiary of XTI Aerospace, reviewed the vertical takeoff and landing (VTOL) airplane’s propulsion system with FAA officials. The discussion covered compliance approaches for engines, drive train, fuel system, propellers, engine compartments and structural mounts.
Key certification areas addressed included engine fire containment, bird strike impact, cabin occupant safety, fuel management, and instrumentation systems designed to detect potential issues.
"FAA dialog during the Tech Fam meetings provides helpful insight regarding our approach to systems and structural design to support eventual certification," said David Ambrose, XTI’s Vice President of Engineering, in a press release statement.
The TriFan 600 is being developed as a fixed-wing business aircraft with vertical takeoff and landing capabilities. According to the company, the aircraft is designed to reach maximum cruising speeds exceeding 300 mph with a range of up to 1,000 miles.
XTI Aerospace, based near Denver, Colorado, trades on the Nasdaq under the ticker XTIA. The company also operates Inpixon, a business unit focused on real-time location systems technology for industrial facilities.
The certification process represents a critical regulatory hurdle for the company as it works to bring its aircraft to market. While analysts anticipate sales growth this year, InvestingPro subscribers can access 11 additional key insights about XTIA’s financial health and market position to make more informed investment decisions.
In other recent news, XTI Aerospace announced the successful closing of a partial over-allotment option related to its public offering, raising approximately $18 million in gross proceeds. The company sold over 10 million shares of common stock and pre-funded warrants, alongside issuing additional warrants to underwriters. In a separate development, XTI Aerospace has entered a technology collaboration with MagLev Aero to explore electric propulsion technology for unmanned aircraft, signing a memorandum of understanding for up to 100 propulsion systems. The company also completed a structures review meeting with the Federal Aviation Administration (FAA) for its TriFan 600 aircraft, marking a step forward in its certification process. Additionally, XTI Aerospace has completed over 1,500 computational fluid dynamics calculations to optimize the aerodynamics of the TriFan 600 aircraft. In corporate news, XTI appointed Stephen Griessel, former CEO of Paramount Group, to its Corporate Advisory Board, leveraging his extensive experience in aerospace and defense. These developments highlight XTI Aerospace’s ongoing efforts in advancing its aircraft technology and strengthening its leadership team.
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