Company: XTIA
Filing Date: 2025-03-31
Form Type: NT 10-K
Source: 0001213900-25-026365
Chunk: 2

Company: XTI Aerospace, Inc.
Filing Date: 2025-03-31
Form: NT 10-K
Chunk 2
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 Sub”), and XTI Aircraft Company, a Delaware corporation (“Legacy XTI”), completed
a merger transaction pursuant to that certain Agreement and Plan of Merger, dated as of July 24, 2023 and amended on December 30, 2023
and March 12, 2024, whereby Merger Sub merged with and into Legacy XTI with Legacy XTI surviving the merger as a wholly-owned subsidiary
of the Company (the “XTI Merger”).

The Registrant expects that its revenues and gross
profit for the year ended December 31, 2024 will be approximately $3.2 million and $1.9 million, respectively.

In addition, the Registrant expects its operating
expenses for the year ended December 31, 2024 to increase by approximately $31.3 million from the comparable period in the prior year
primarily as a result of an increase in nonrecurring transaction costs related to the XTI Merger, the inclusion of Legacy Inpixon’s
operating expenses from the XTI Merger closing date through the December 31, 2024 reporting date, an increase in stock-based compensation
expense, the recognition of nonrecurring transaction bonus expense, an increase in consulting compensation mainly attributable to consulting
arrangements entered into with prior executives of the Company on March 12, 2024, and an increase in public company-related professional
fees as the 2023 historical results will reflect the operations of a private company, Legacy XTI.

The Registrant also expects its loss from operations
for the year ended December 31, 2024 to increase by approximately $29.4 million from the comparable period in the prior year primarily
as a result of increased operating expenses.

The Registrant believes that its results contained
herein for the fiscal year ended December 31, 2024 are materially correct; however, because management's review is ongoing, there can
be no assurance that the financial and accounting information referred to in this filing will not change upon completion of the audit
and filing of the Form 10-K.

Cautionary Note Regarding Forward-Looking Statements

This Form 12b-25 includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, without limitation, statements about the timing of the filing of the Form 10-K and the Registrant’s
expected financial results for the fiscal