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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ: XTIA), a small-cap aerospace company with a market capitalization of just $4.07 million, has revealed a new model of its TriFan 600 aircraft at the Avalon Airshow in Melbourne, Australia, the company announced today. This subscale model showcases the aircraft's vertical takeoff and landing (VTOL) capabilities and represents the latest aerodynamic configuration. InvestingPro analysis indicates the company faces significant financial challenges, with a concerning cash burn rate and weak overall financial health score.
The TriFan 600, which combines the features of a fixed-wing aircraft with VTOL capabilities, is designed to reach speeds of 345 mph and offer a range of 700 miles. The model displayed at the airshow includes three operational fans, rotating ducts, and mechanisms for closing the aft fan. Despite the innovative technology, InvestingPro data shows the company's current ratio of 0.46 suggests potential challenges in meeting short-term obligations.
Scott Pomeroy, Chairman and CEO of XTI Aerospace, noted the TriFan 600's appeal to prospective customers and aviation enthusiasts, highlighting its potential to revolutionize air mobility. The company's presence at the Avalon Airshow allowed it to present the aircraft's design to industry attendees directly.
XTI Aerospace plans to begin flight testing its subscale model, codenamed "Sparrow," later this month. These tests are intended to evaluate the aircraft's vertical takeoff, transition to conventional flight, and landing capabilities. The results will help validate computational fluid dynamics (CFD) analysis and ensure that the aircraft meets performance and safety standards.
VStar 21, a pre-order customer and premier operator specializing in advanced air mobility, shared exhibition space with XTI Aerospace at the airshow. Tony Laws, CEO of VStar 21, expressed excitement about incorporating the TriFan 600 into their fleet, citing its versatility and advanced technology as crucial for rapid, efficient access to remote locations.
The Avalon Airshow is known for being a platform for industry leaders to showcase technological advancements and form strategic partnerships. XTI Aerospace continues to generate interest in its innovations, particularly the TriFan 600, among operators, investors, and aerospace enthusiasts worldwide. For investors considering XTIA, InvestingPro subscribers have access to 15 additional investment tips and comprehensive financial analysis to make informed decisions about this volatile stock, which has experienced a significant -99.85% return over the past year.
This news is based on a press release statement from XTI Aerospace, Inc.
In other recent news, XTI Aerospace has reported mixed financial results for the year and quarter ending December 31, 2024. The company estimated quarterly revenue at approximately $1.0 million, with operating expenses reaching around $10.6 million, and annual revenues at about $3.2 million against operating expenses of $38.9 million. Additionally, XTI Aerospace completed the full repayment of its outstanding debt to Streeterville Capital using proceeds from a public offering, which totaled $2.7 million. This move was part of a broader strategy to eliminate stock-based obligations and focus on advancing its TriFan 600 aircraft.
XTI Aerospace also settled financial obligations with its former CEO, Nadir Ali, and related entities, resolving outstanding agreements and terminating previous financial commitments. The company announced a $4 million public offering, pricing shares at $1.36 each, with ThinkEquity serving as the sole book-running manager. In another corporate development, XTI Aerospace changed its certifying accountant from Marcum LLP to CBIZ CPAs P.C. following Marcum's business acquisition by CBIZ. These developments reflect XTI Aerospace's ongoing efforts to improve its financial position and operational focus.
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