Microvast Holdings announces departure of chief financial officer
ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ: XTIA), a micro-cap aerospace company with a market capitalization of approximately $9 million, announced the completion of a significant design update to its TriFan 600 aircraft’s engine air inlet and exhaust system, marking a key first-quarter engineering milestone. According to InvestingPro analysis, the stock appears undervalued at current levels, though investors should note the company’s weak financial health score. The company, specializing in vertical takeoff and landing (VTOL) and powered-lift aircraft solutions, stated that the new design enhances air intake efficiency and exhaust flow, contributing to improved performance for its twin turboshaft engines.
The updated design addresses airflow challenges by preventing interference from the boundary layer on the aircraft’s upper fuselage. This ensures a smooth air intake for both VTOL and conventional flight modes. The exhaust system has also been optimized to contribute a forward thrust advantage while minimizing drag.
Dave Ambrose, XTI’s VP of Engineering, explained that the latest design iteration supports the engines’ needs and the aerodynamic performance across various flight modes, including conventional takeoff and landing (CTOL), VTOL, and cruise flight. This achievement follows a series of planned milestones for the first quarter, including a downwash/outwash study and the formal application for type certification of the TriFan 600 with the FAA. InvestingPro data reveals the company faces financial challenges, with an EBITDA of -$19.72 million and a concerning current ratio of 0.46, indicating potential liquidity constraints.
Scott Pomeroy, Chairman and CEO of XTI Aerospace, emphasized the design’s balance of aesthetics and functionality, a testament to the company’s commitment to innovation and customer focus. He anticipates that these advancements will position the TriFan 600 as a market leader.
XTI Aerospace is progressing towards the launch of the "Sparrow" subscale working model in early Q2, following the completion of the remaining milestones, which include optimizing the fuel system design and developing a flight deck human factors mockup.
The TriFan 600 is a fixed-wing business aircraft with VTOL capabilities, designed to reach speeds of 345 mph and a range of 700 miles. XTI’s Inpixon business unit is also a leader in real-time location systems (RTLS) technology, providing location intelligence solutions globally. InvestingPro subscribers have access to 15+ additional exclusive insights about XTIA’s financial outlook and market position, helping investors make more informed decisions about this emerging aerospace player.
This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. Actual results could differ materially from those projected. XTI Aerospace has made no commitment to revise forward-looking statements in light of new information.
In other recent news, XTI Aerospace has reached a key milestone as the Federal Aviation Administration accepted its Type Certification application for the TriFan 600, marking a significant step in the company’s product and engineering developments. Additionally, XTI Aerospace announced the successful completion of a critical downwash study for the TriFan 600, which focused on airflow patterns during vertical takeoff and landing, a vital aspect of safety and performance. The company has also authorized a $5 million stock buyback program, reflecting its confidence in the intrinsic value of its shares and commitment to enhancing shareholder value.
XTI Aerospace has regained compliance with Nasdaq’s minimum bid price requirement, having maintained a closing bid price at or above $1.00 for over 10 consecutive business days. The company outlined significant milestones for the TriFan 600, including the launch of a subscale model called "Sparrow" to test transitional flight dynamics. The company plans to optimize the fuel system design, refine engine air inlets and exhaust, and develop a flight deck human factors mockup.
XTI Aerospace is preparing to resume pre-sales of the TriFan 600 later this year, with plans to introduce another subscale model, "Kestrel," to evaluate aerodynamics and flight controls. The company continues to progress through its certification pathway with the FAA, which includes several phases such as Preliminary Design Review and Critical Design Review. XTI Aerospace’s efforts to redefine air travel with efficient point-to-point solutions are ongoing, as it aims for market leadership and long-term success.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.