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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA) announced Wednesday the completion of a structures technical familiarization meeting with the Federal Aviation Administration (FAA) for its TriFan 600 aircraft. The company, currently valued at $24.2 million, maintains a strong balance sheet with more cash than debt, according to InvestingPro data.
The meeting, which represents a step in the company’s certification process, involved engineering experts from both XTI and the FAA reviewing the aircraft’s structural design philosophy, analysis methodologies, load conditions, and compliance approach.
The TriFan 600 is designed as a vertical takeoff and landing (VTOL) airplane, combining helicopter-like capabilities with fixed-wing aircraft performance. According to company specifications, the aircraft aims to achieve cruising speeds exceeding 300 mph with a range of 1,000 miles.
"Completion of this collaborative Tech Fam meeting with the FAA is a meaningful step to progress the TriFan 600 towards type certification, which is the FAA approval of the design of the aircraft and all component parts," said David Ambrose, XTI’s Vice President of Engineering, in the press release statement.
XTI Aerospace indicated it plans to conduct additional technical familiarization meetings with the FAA across other disciplines in the coming months as part of its certification program.
The company describes its approach to certification as collaborative and transparent. The TriFan 600 represents what the company calls an "xVTOL" category, combining vertical takeoff capabilities with the performance characteristics of fixed-wing aircraft.
XTI Aerospace is based near Denver, Colorado, and trades on the Nasdaq under the ticker XTIA. The stock, currently trading at $1.74, has experienced significant volatility over the past year, though it has shown a strong return over the last three months. InvestingPro subscribers have access to 13 additional key insights about XTIA’s financial health and market position.
In other recent news, XTI Aerospace has completed over 1,500 computational fluid dynamics calculations for its TriFan 600 aircraft, using the Frontier supercomputer. This analysis aims to enhance the aircraft’s aerodynamics before formal wind tunnel tests, which are part of the FAA certification process. The FAA has selected its Certification Branch Office in Ft. Worth, Texas, to oversee the TriFan 600’s type certification, following XTI’s formal application acceptance. In corporate developments, XTI has appointed Stephen Griessel, former CEO of Paramount Group, and Hanna Tomory from Palantir Technologies to its Corporate Advisory Board. Griessel’s experience in global aerospace expansion is expected to benefit XTI’s strategic initiatives. Meanwhile, Tomory’s expertise in AI and digital transformation will guide XTI’s strategic direction, especially as the company explores new applications in regional air mobility and government sectors. Additionally, Preston Dunlap, former CTO and Chief Architect for the U.S. Space Force and Air Force, has joined XTI’s advisory board, bringing extensive experience in national security and aerospace technology. These appointments align with XTI’s vision for the TriFan 600, a VTOL aircraft designed to combine helicopter agility with airplane speed and range.
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