XTI Aircraft appoints aviation veteran to lead VTOL aircraft development

ENGLEWOOD, Colo. - XTI Aircraft Company, a subsidiary of XTI Aerospace, Inc. (NASDAQ:XTIA), has appointed Steve Zohrabian as Executive Vice President to lead development of its VTOL aircraft family, starting with the mid-range TriFan 600. The company, currently valued at $29.7 million, faces significant development challenges ahead, according to InvestingPro analysis.

In his new role, Zohrabian will provide strategic leadership across engineering and flight programs while building relationships with regulators and industry stakeholders. He will guide the TriFan 600’s path to type certification as the company moves toward first flight and commercialization.

"Bringing in a leader of Mr. Zohrabian’s caliber represents a critical step forward for XTI Aircraft," said Scott Pomeroy, Chief Executive Officer of XTI Aerospace.

Zohrabian joins XTI from Piasecki Aircraft Corporation, where he served as Chief Operating Officer. Previously, he was President and COO of Applied Concepts Group and spent over 17 years at The Boeing Company in senior leadership roles supporting programs including the V-22 Osprey tiltrotor and CH-47 Chinook.

He holds engineering degrees from Widener University and an Executive Master’s in Technology Management from the University of Pennsylvania.

The TriFan 600 is designed as a fixed-wing business aircraft with vertical takeoff and landing capability, maximum cruising speeds exceeding 300 mph, and a range up to 1,000 miles.

This appointment strengthens XTI Aircraft’s leadership as it transitions from design and modeling to full-scale development and certification of its aircraft, according to the company’s press release statement. Despite recent challenges reflected in its stock performance, with shares down 86% year-to-date, the company has shown resilience with a 29% price increase over the past six months. Discover more detailed insights and 10+ additional ProTips by subscribing to InvestingPro.

In other recent news, XTI Aerospace has successfully closed a public offering, raising $20 million in gross proceeds. This offering included 12.5 million shares of common stock and warrants, with the warrants exercisable at $2.00 per share for five years. The funds are intended for working capital and the development of the TriFan 600 aircraft, with potential allocation for future business or technology acquisitions. Additionally, XTI Aerospace has expressed support for the Federal Aviation Administration’s new Electric Vertical Takeoff and Landing Integration Pilot Program, which aims to modernize certification processes for next-generation aircraft. The company has also scheduled its 2025 Annual Meeting of Stockholders for November 14, setting a proposal submission deadline for September 27. These developments highlight XTI Aerospace’s continued focus on innovation and strategic growth in the aerospace sector.

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