Company: XTIA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112615
Chunk: 225

Company: XTI Aerospace, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 225
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 to the change in fair value of a
warrant liability which was partially offset by $0.8 million of financing costs incurred relating to the issuance of warrants in connection
with the September Offering.

Income Tax Benefit (Provision)

The income tax benefit (provision)
for the three months ended September 30, 2025 and 2024 was immaterial.

Nine Months Ended September 30, 2025 compared
to the Nine Months Ended September 30, 2024

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

    Nine Months Ended September 30,  

    2025  
    2024  
    $  
    % 
  
    (in thousands, except percentages) 
    Amount  
    Amount  
    Change*  
    Change* 
  
    Revenues 
    $3,568  
    $2,169  
    $1,399  
     64%
  
    Cost of revenues 
    $1,673  
    $846  
    $827  
     98%
  
    Gross profit 
    $1,895  
    $1,323  
    $572  
     43%
  
    Operating expenses 
    $38,236  
    $28,343  
    $9,893  
     35%
  
    Loss from operations 
    $(36,341) 
    $(27,020) 
    $(9,321) 
     34%
  
    Other (expense) income 
    $(10,840) 
    $5,289  
    $(16,129) 
     (305)%
  
    Income tax benefit (provision) 
    $5  
    $(16) 
    $21  
     (131)%
  
    Net loss 
    $(47,176) 
    $(21,747) 
    $(25,429) 
     117%

    *
    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.

Revenues

The revenue amount for the
periods presented represents the results of the revenue-generating Industrial IoT segment. Revenues for the nine months ended September 30,
2025 were $3.6 million compared to $