Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 310

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 310
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 a continuation of the financial statements of Legacy XTI and the results of operations of
the accounting acquired entity, Legacy Inpixon, are included in the consolidated financial statements as of the Closing Date and through
the December 31, 2024 reporting date.

The
following table sets forth selected consolidated financial data and the percentage of period-over-period change:

    For
    the Years Ended  

    2024  
    2023  

    (in thousands, except percentages) 
    Amount  
    Amount  
    $
    Change  
    %
    Change 
  
    Revenues 
    $3,202  
    $—  
    $3,202  
     ** 
  
    Cost of revenues 
    $1,314  
    $—  
    $1,314  
     ** 
  
    Gross profit 
    $1,888  
    $—  
    $1,888  
     ** 
  
    Operating expenses 
    $38,868  
    $7,589  
    $31,279  
     412%
  
    Loss from operations 
    $(36,980) 
    $(7,589) 
    $(29,391) 
     387%
  
    Other income (expense) 
    $1,393  
    $(17,477) 
    $18,870  
     (108)%
  
    Provision for income
    taxes 
    $(16) 
    $—  
    $(16) 
     ** 
  
    Net loss 
    $(35,603) 
    $(25,066) 
    $(10,537) 
     42%

*Amounts
                                            used to calculate dollar and percentage changes are based on numbers in the thousands. Accordingly,
                                            calculations in this item, which may be rounded to the nearest hundred thousand, may not
                                            produce the same results.

**Comparisons
                                            between positive and negative numbers and with a zero are not meaningful.

Revenues

Revenues
for the year ended December 31, 2024 were $3.2 million compared to $0.0 million for the comparable period in the prior year.
The revenue amount for the year ended December 31, 2024 represents the results of the revenue-generating Industrial IoT segment
following the XTI Merger closing date of March 12, 2024 through the December 31