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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), a $40.5 million market cap aerospace company, has completed a flight-focused technical familiarization meeting with the Federal Aviation Administration regarding its TriFan 600 Vertical Take-Off and Landing aircraft, the company announced Wednesday. According to InvestingPro data, while the company maintains more cash than debt on its balance sheet, it faces significant development costs with an EBITDA of -$34.66 million in the last twelve months.
The meeting, which included 17 FAA representatives from across the country, reviewed the TriFan 600’s system design approach and expected flight performance as part of the company’s certification process.
Key certification areas addressed during the review included conventional and vertical take-off and landing performance, payload and range capabilities, flight control architecture, and hover performance.
"We had been working with draft versions of the Advisory Circular in preparation for this critical Tech Fam meeting as we continue to refine our TriFan 600 aircraft design," said David Ambrose, XTI’s Vice President of Engineering, referring to the FAA’s recently released Advisory Circular 21-17-4 for powered-lift aircraft certification.
The TriFan 600 is designed as a fixed-wing business aircraft with vertical takeoff and landing capabilities similar to a helicopter, with planned maximum cruising speeds exceeding 300 mph and a range up to 1,000 miles.
XTI Aerospace is pursuing certification of the aircraft under the "Powered Lift" category, according to the company’s press release statement.
The Colorado-based company did not provide a timeline for when it expects to achieve type certification for the aircraft. With a weak overall financial health score according to InvestingPro analysis, investors seeking deeper insights into the company’s development trajectory can access comprehensive financial metrics and expert analysis through an InvestingPro subscription.
In other recent news, XTI Aerospace completed a full exercise of its over-allotment option in a public offering, generating approximately $18.4 million in gross proceeds. This transaction involved the sale of 10,514,000 shares of common stock or pre-funded warrants. Additionally, the company reached a settlement with Chardan Capital Markets, resolving all claims related to a previous arbitration proceeding without any payments. In a significant step towards certification, XTI Aerospace completed a propulsion systems review for its TriFan 600 aircraft with the Federal Aviation Administration. This review covered various technical aspects, including engines and fuel systems.
Furthermore, XTI Aerospace announced a partnership with MagLev Aero to explore electric propulsion technology for unmanned aircraft. The collaboration includes a memorandum of understanding to potentially integrate MagLev’s HyperDrive technology into XTI’s future aircraft. This agreement also includes a preliminary order for up to 100 propulsion systems, dependent on meeting certain milestones. These developments reflect XTI Aerospace’s ongoing efforts to advance its technology and business operations.
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