Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 0

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 0
---
ITEM
1: BUSINESS

Overview

We
are primarily an aircraft development company. We also provide real-time location systems (“RTLS”) for the industrial sector,
which was Legacy Inpixon’s focus prior to the closing of the XTI Merger.

Headquartered in Englewood, Colorado, the Company is developing a vertical
takeoff and landing (“VTOL”) airplane that is designed to take off and land like a helicopter and cruise like a fixed-wing
business airplane. We believe our initial configuration, the TriFan 600 airplane, will be one of the first civilian fixed-wing VTOL airplane
that offers the speed and comfort of a business airplane and the range and versatility of VTOL for a wide range of customer applications,
including private aviation for business and high net worth individuals, emergency medical services, and regional charter air travel. Since
2013, we have been engaged primarily in developing the aerodynamic performance and top-level engineering design of the TriFan 600, building
and testing a two-thirds scale unmanned version of the TriFan 600, generating pre-orders for the TriFan 600, and seeking funds from investors
to enable the Company to advance the detailed design and certification of the TriFan 600, and to eventually engage in commercial production
and sale of the TriFan 600.

We continue to work to optimize our airplane design for both manufacturing
and certification. The development of a VTOL airplane that meets our business requirements demands significant design and development
efforts on all facets of the airplane. We believe that by bringing together a mix of talent with VTOL and traditional commercial aerospace
backgrounds, we have built a team that enables us to move through the design, development, and certification of our VTOL airplane with
the FAA in an efficient manner, thus allowing us to achieve our end goal of bringing to market our airplane as efficiently as possible.

To date, we have not generated revenue from the sale of aircraft, as
we continue to design, develop, and seek the governmental approvals necessary for our VTOL airplane to enter into service. We will need
to raise capital for the foreseeable future to continue to fund our efforts to bring our VTOL airplane to market. The amount and timing
of any future capital requirements will depend on many factors, including the pace and results of the design and development of our airplane
and future manufacturing operations, as well as our progress in obtaining necessary FAA certifications and other government approvals.
For example, any significant delays in obtaining such FAA certifications and other government approvals