XTI Aerospace launches founders club for early TriFan 600 adopters

ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), a $42 million market cap aerospace company, announced Wednesday the creation of a Founders Club program offering early ownership opportunities for its TriFan 600 aircraft, with launch events planned in Palm Beach, Dallas, and Denver this fall. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, though it faces challenges with rapid cash burn.

The Founders Club aims to attract aviation enthusiasts interested in being among the first to own the TriFan 600, which the company describes as combining the speed and range of a business jet with helicopter-like vertical takeoff and landing capabilities.

According to the company’s press release, club members will have input into XTI’s development plans and access to exclusive events including private airshow demonstrations and Formula 1 race weekends.

"Induction into the Founders Club is more than ownership—it’s about joining a movement," said Scott Pomeroy, CEO of XTI Aerospace, in the statement.

The TriFan 600 is being developed as a fixed-wing business aircraft with vertical takeoff and landing capabilities, a maximum cruising speed exceeding 300 mph, and a range of up to 1,000 miles.

XTI Aerospace, which trades on the Nasdaq, also owns Inpixon, a provider of real-time location systems technology for industrial facilities.

The company did not disclose pricing details or the number of available positions in the Founders Club program. With the stock down over 96% in the past year and trading near its Fair Value according to InvestingPro analysis, investors should note that analysts do not expect profitability this year. InvestingPro subscribers can access 11 additional key insights about XTIA’s financial health and market position.

In other recent news, XTI Aerospace has made significant strides with various corporate and operational updates. The company announced the appointment of Michael A. Tapp as the new chief operating officer, effective immediately, following his previous role as chairman of the Corporate Advisory Board. Additionally, XTI Aerospace has selected the Garmin G700 TXi avionics system for its innovative TriFan 600 aircraft, which boasts vertical takeoff and landing capabilities.

In a move to enhance employee incentives, XTI Aerospace’s board approved an amended and restated 2018 Employee Stock Incentive Plan, which now permits company officers to designate share recipients within board-set limits. The board also modernized its bylaws to align with Nevada corporate practices, introducing procedures for shareholder proposals and director nominations. Furthermore, the Federal Aviation Administration has released draft rules for Beyond Visual Line of Sight drone operations, which XTI Aerospace highlighted as part of its ongoing commitment to advancing drone capabilities. These developments underscore XTI Aerospace’s focus on strategic growth and innovation in the aerospace sector.

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