Company: XTIA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076767
Chunk: 11

Company: XTI Aerospace, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 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.
The Company believes its initial configuration, the TriFan 600 airplane, will be one of the first civilian fixed-wing VTOL airplanes 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, defining a new
category of VTOL that the Company terms the “xVTOL.” The TriFan 600 is a seven-occupant airplane intended to provide point-to-point
air travel over distances of over 1,000 miles, fly at twice the speed and three times the range of competing helicopters and cruise at
altitudes of up to 25,000 feet. Since 2013, the Company has 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 airplane.

The Company’s RTLS solutions leverage cutting-edge
technologies such as IoT, AI, and big data analytics to provide real-time tracking and monitoring of assets, machines, and people within
industrial environments. With the Company’s RTLS solutions, businesses can achieve improved operational efficiency, enhanced safety
and reduced costs. By having real-time visibility into operations, industrial organizations can make informed, data-driven decisions,
minimize downtime, and ensure compliance with industry regulations.

Note 2 - Basis of Presentation

The accompanying unaudited condensed consolidated
financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States
of America (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission
(“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring accrual