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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), a $33 million market cap aerospace company whose stock has declined 84% year-to-date, has selected the Garmin G700 TXi avionics system for its TriFan 600 aircraft, the company announced Thursday.
The TriFan 600 is designed as a fixed-wing aircraft with vertical takeoff and landing capability, combining features of business jets and helicopters. According to the company, which generated $3.04 million in revenue over the last twelve months, the aircraft will have a maximum cruising speed of 311 mph and a range of 985 miles. InvestingPro data shows the company’s financial health score is currently rated as WEAK, with rapidly declining cash reserves.
The Garmin G700 TXi system features dual large-format displays with touchscreen interfaces, synthetic vision technology, and advanced flight management capabilities. The system also includes dynamic maps, satellite weather, and smart autopilot integration with emergency descent mode.
"This avionics suite is a fantastic match for the TriFan 600," said Don Purdy, SVP and Interim President of XTI Aircraft, in the press release. "Garmin’s G700 TXi offers the reliability, innovation, and pilot features to efficiently and safely operate the transformational xVTOL aircraft."
The TriFan 600 is powered by twin turbo-shaft engines and uses three ducted fans for vertical takeoff and landing. The company stated that the aircraft will be able to operate from traditional runways, short runways, heliports, and other approved landing areas.
XTI Aerospace reported that developmental flight tests for the TriFan 600 are scheduled for 2027 as part of its FAA certification process. The company indicated that the aircraft has attracted interest from business aviation, emergency medical transport, and regional air mobility sectors.
Based near Denver, Colorado, XTI Aerospace trades on the Nasdaq under the ticker symbol XTIA. For deeper insights into XTIA’s financial health and 14 additional exclusive ProTips, visit InvestingPro.
In other recent news, XTI Aerospace has completed a significant milestone with the Federal Aviation Administration (FAA) by concluding a technical review for its TriFan 600 Vertical Take-Off and Landing aircraft. This meeting involved 17 FAA representatives and focused on the aircraft’s system design and anticipated flight performance as part of its certification process. Additionally, XTI Aerospace has partnered with design firm IDEO to enhance the design experience of its aircraft, particularly the TriFan 600, aiming to establish a human-centered ecosystem for future vertical takeoff and landing (xVTOL) aircraft. In regulatory developments, the FAA has proposed new rules for Beyond Visual Line of Sight (BVLOS) drone operations, which XTI Aerospace has noted in its communications. These proposed regulations would permit drones up to 1,320 pounds to operate beyond visual line of sight without needing traditional airworthiness certificates. Furthermore, XTI Aerospace has updated its bylaws to align with modern practices among publicly traded Nevada corporations, including new procedures for shareholder nominations and proposals. The company has also revised its 2018 Employee Stock Incentive Plan, allowing officers to designate award recipients under board-set limits. These updates reflect XTI Aerospace’s ongoing efforts to modernize and align with industry standards.
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