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XTI Aerospace, Inc., a company specializing in computer programming services with a market capitalization of $9.01 million, disclosed its preliminary financial results and a change in its certifying accountant in a recent SEC filing. According to InvestingPro analysis, the company’s overall financial health score is rated as WEAK, with particularly concerning metrics in cash flow and profitability. The company, based in Englewood, Colorado, provided estimated figures for the year and quarter ended December 31, 2024, which have not yet been audited.
For the quarter, XTI Aerospace estimated its total revenue at approximately $1.0 million, with operating expenses reaching around $10.6 million. The annual estimates indicated revenues of about $3.2 million against operating expenses of $38.9 million. As of December 31, 2024, the company’s cash and cash equivalents stood at approximately $4.1 million, with an outstanding debt balance of $2.7 million. InvestingPro data reveals concerning liquidity metrics, with a current ratio of 0.46 indicating short-term obligations exceed liquid assets. These preliminary results are subject to change upon finalization of the company’s financial closing procedures.
Additionally, as of the date of the report, March 24, 2025, XTI Aerospace’s cash and cash equivalents were approximately $10.5 million, and the outstanding debt was reduced to around $2.1 million. The company’s stock has faced significant challenges, with InvestingPro showing a 94.63% decline over the past six months. Investors seeking deeper insights into the company’s financial health and future prospects can access 15 additional ProTips and comprehensive financial metrics through InvestingPro.
In a significant corporate development, XTI Aerospace announced the resignation of its former certifying accountant, Marcum LLP, effective immediately upon the filing of the company’s Form 10-K for the fiscal year ended December 31, 2024. This change occurred following the acquisition of Marcum’s attest business by CBIZ (NYSE:CBZ) CPAs P.C. on November 1, 2024. The company’s Audit Committee approved the engagement of CBIZ as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, subject to the execution of an engagement letter.
The company’s previous financial statements audited by Marcum did not contain any adverse opinion, except for an explanatory paragraph regarding the substantial doubt about XTI Aerospace’s ability to continue as a going concern. This concern appears warranted, as InvestingPro data shows a return on assets of -254.42% and significant negative EBITDA of -$19.72 million in the last twelve months. There were no disagreements or reportable events between the company and Marcum, except for the identified material weaknesses in the company’s internal control over financial reporting as previously disclosed.
XTI Aerospace’s stock, traded under the symbol XTIA on The Nasdaq Capital Market, may be influenced by these developments. The information in this article is based on the company’s SEC filing and is intended to provide investors with the latest corporate updates.
In other recent news, XTI Aerospace has reported the completion of several significant engineering milestones for its TriFan 600 aircraft. The company announced the completion of its TriFan 600 flight deck mockup design, a crucial step in the rapid prototyping and ergonomic assessment of the aircraft’s cockpit. Additionally, XTI Aerospace has updated the fuel system design, increasing capacity from 300 to 400 gallons, which is anticipated to enhance the aircraft’s range and endurance. The engine air inlet and exhaust system have also been redesigned to improve air intake efficiency and exhaust flow, contributing to enhanced performance. The Federal Aviation Administration (FAA) has accepted XTI Aerospace’s Type Certification application for the TriFan 600, marking a significant step in the certification process. In other developments, XTI Aerospace has appointed Archduke Sandor Habsburg-Lothringen to its Corporate Advisory Board, bringing extensive global business strategy experience to the company. These advancements are part of XTI Aerospace’s ongoing efforts to innovate and develop within the aerospace sector, as detailed in recent press releases.
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