Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 156

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 156
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(a)(2) and satisfying the bid price requirements applicable for initial
listing applications in connection with the closing of the XTI Merger. The Company has reflected the reverse stock split on a retroactive
basis herein, unless otherwise indicated.

Note
15 -  Segments

The
Company’s Chief Executive Officer (“CEO”), acting as the Chief Operating Decision Maker, or (“CODM”), regularly
reviews and manages certain areas of its businesses, resulting in the Company identifying two reportable segments: Industrial IoT and
Commercial Aviation. The Company manages and reports its operating results through these two reportable segments. This allows the Company
to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future
growth drivers of each business, while providing increased transparency to the Company’s shareholders.

The commercial aviation segment is currently in the pre-revenue development
stage and its primary activity is the development of the TriFan 600 airplane. The Industrial IoT segment generates revenue primarily from
the sale of real-time location system solutions for the industrial sector and its customers are primarily located in Germany and the U.S.
As it relates to the Industrial IoT segment, the results disclosed in the table below only reflect activity following the XTI Merger closing
through the December 31, 2024 reporting date.

Information
on each of our reportable segments and reconciliation to consolidated loss from operations is presented in the table below. We have assigned
certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. Unallocated
operating expenses include costs that are not specific to a particular segment but are general to the group; included expenses incurred
for administrative and accounting staff, general liability and other insurance, accrued consulting fees and transaction bonuses relating
to former Legacy Inpixon executives, professional fees and other similar corporate expenses.

F-35

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

The
following tables reflect the results of operations from our business segments for the periods indicated below (in thousands):

    December
    31, 2024 

    Industrial  
    Commercial  
    Unallocated  

    IoT  
    Aviation  
    Costs  
    Total 
  
    Revenue 
    $3,202  
    $—  
    $