XTI Aerospace Files Form 10-Q for Quarter Ended March 31, 2024

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May 20, 2024, 17:56 ET

ENGLEWOOD, Colo., May 20, 2024 /PRNewswire/ -- XTI Aerospace, Inc. (NASDAQ: XTIA) ("XTI" or the "Company") today announces filing its quarterly report on Form 10-Q for the quarter ended March 31, 2024 as well as provides a business update.

"The first quarter of 2024 was truly an inflection point for the Company as we completed the merger and began trading on the Nasdaq, illustrating the start of our greater journey," commented Scott Pomeroy, chief executive officer of XTI Aerospace. "We are now focused on advancing the TriFan 600, a fixed-wing, vertical lift crossover airplane, toward key milestones including finalizing our certification plan with the Federal Aviation Administration, selecting all of our structures and system suppliers, completing the Critical Design Review (CDR), and obtaining Type Certification (TC) of the TriFan 600. Our team is excited to bring this aircraft to our customers in support of their business and mission objectives. We are also advancing key strategic partnerships including ones we believe could accelerate our timelines and further reduce costs, which we look forward to announcing in the near future."

"We believe the TriFan 600 will be a market disruptor with its unique, patented intellectual property and advanced design. Demonstrating the strong demand for vertical lift crossover aircraft, are the considerable pre-orders we have secured which have the potential to generate billions in gross revenue upon delivery. We anticipate the TriFan 600 will bridge a gap within the market by combining the performance of a fixed-wing business aircraft with the versatility of vertical takeoff and landing (VTOL). We intend to leverage our extensive know-how and experienced leadership team to become a leader within the aviation industry and plan to provide meaningful updates to shareholders as we progress."

The Company's quarterly report on Form 10-Q for the quarterly period ended March 31, 2024 was filed with the U.S. Securities and Exchange Commission today, May 20, 2024. The Form 10-Q is also available on the Company's website.

About XTI Aerospace, Inc.

XTI Aerospace (XTIAerospace.com) is the parent company of XTI Aircraft Company (XTIAircraft.com), an aviation business based near Denver, Colorado, currently developing the TriFan 600, a fixed-wing business aircraft designed to have the vertical takeoff and landing (VTOL) capability of a helicopter, speeds of 345 mph and a range of 700 miles, creating an entirely new category – the vertical lift crossover airplane (VLCA). Additionally, the Inpixon (inpixon.com) business unit of XTI Aerospace is a leader in RTLS technology with customers around the world who use the Company's location intelligence solutions in factories and other industrial facilities to help optimize operations, increase productivity, and enhance safety. For more information about XTI Aerospace, please visit XTIAerospace.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. All statements other than statements of historical fact contained in this press release, including without limitation, statements the products under development by XTI, the advantages of XTI's and RTLS's technology, the combined company's customers, plans and strategies are forward-looking statements.

Some of these forward-looking statements can be identified by the use of forward-looking words, including "believe," "continue," "could," "estimate," "will," "expect," "intend," "plan," "target," "projects," "will," or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts, and assumptions that, while considered reasonable by XTI Aerospace and its management, are inherently uncertain, and many factors may cause the actual results to differ materially from current expectations. XTI undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise. Readers are urged to carefully review and consider the risk factors discussed from time to time in XTI's filings with the SEC, including those factors discussed under the caption "Risk Factors" in its most recent annual report on Form 10-K, filed with the SEC on April 16, 2024, and in subsequent reports filed with or furnished to the SEC.

Contacts

General inquiries:
Email: [email protected]
Web: https://xtiaerospace.com/contact/

Investor Relations:
Crescendo Communications
Tel: +1 212-671-1020
Email: [email protected]

SOURCE XTI Aerospace, Inc.