Company: XTIA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112615
Chunk: 84

Company: XTI Aerospace, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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     28,228  
     —  
     28,228 
  
    Operating lease obligation, current 
     98  
     119  
     (21)
  
    Deferred revenue 
     737  
     532  
     205 
  
    Short-term debt 
     -  
     2,657  
     (2,657)

    Total Current Liabilities 
     35,578  
     17,421  
     18,157 

    Net Working Capital (Deficit) 
    $1,104  
    $(8,840) 
    $9,944 

Balance Sheet Improvement

During the nine months ended
September 30, 2025, we raised approximately $62.8 million in net proceeds through our now expired ATM with Maxim, public offerings of
our securities placed and underwritten by ThinkEquity and the exercise of warrants issued in connection with certain public offerings.
The proceeds from these capital raises and warrant exercises allowed us to significantly reduce debt and other obligations, while progressing
the development of the TriFan 600 airplane. The following summarizes the improvements to our balance sheet from December 31, 2024 to September
30, 2025:

    ●
    Cash and cash equivalents increased by approximately $28.1 million primarily due to the net proceeds received from the January, March, June and September Offerings.

    ●
    Net working
    capital increased by approximately $9.9 million or increased by approximately $38.2 million when excluding derivative warrant liabilities.

    ●
    In March 2025, we repaid in full the outstanding secured promissory notes issued to Streeterville, which resulted in the release of Streeterville’s security interest in the assets of XTI Aircraft Company. In September 2025, we repaid in full Legacy XTI’s secured promissory note with the with the U.S. Small Business Administration. As of September 30, 2025, we had no interest-bearing debt outstanding. 

    ●
    In March 2025, we redeemed
    the remaining outstanding shares of Series 9 Preferred Stock, leaving zero shares of Series 9 Preferred Stock issued and outstanding
    as of September 30, 2025. The Series 9 Preferred Stock had restricted our ability to raise capital, as we were prohibited from taking
    certain actions without prior written consent from the holders of the Series