Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 125

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 125
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 following (in thousands):

    For
    the Years Ended
    December 31, 

    2024  
    2023 
  
    Recurring revenue 

    Software 
    $987  
    $— 
  
    Total
    recurring revenue 
    $987  
    $— 

    Non-recurring
    revenue 

    Hardware 
    $1,823  
    $— 
  
    Software 
     84  
     — 
  
    Professional
    services 
     308  
     — 
  
    Total
    non-recurring revenue 
    $2,215  
    $— 

    Total
    Revenue 
    $3,202  
    $— 

     For
                                            the Years Ended
                                            December 31, 

    2024  
    2023 
  
    Revenue recognized at a point in time 

    Industrial
    IoT (1) 
    $1,907  
    $— 
  
    Total 
    $1,907  
    $— 

    Revenue
    recognized over time 

    Industrial
    IoT (2) (3) 
    $1,295  
    $— 
  
    Total 
    $—  
    $— 

    Total
    Revenue 
    $3,202  
    $— 

(1)Hardware and Software’s performance obligation is satisfied at a point in time when they are shipped to the customer.

(2)Professional services are also contracted on the fixed fee and time and materials basis. Fixed fees are paid monthly, in phases, or upon acceptance of deliverables. The Company has elected the practical expedient to recognize revenue for the right to invoice because the Company’s right to consideration corresponds directly with the value to the customer of the performance completed to date, in which revenue is recognized over time.

(3)Software As A Service Revenue’s performance obligation is satisfied evenly over the service period using a time-based measure because the Company is providing continuous access to its service and revenue is recognized over time.

F-18

XTI
AEROSPACE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

Deferred
revenue

As
of December 31, 2023, the Company