XTI Aerospace, today provided a business update alongside the submission of its quarterly report on Form 10-Q for the period ending June 30, 2024.

In addition to this update, XTI Aerospace highlighted significant progress in its ongoing projects, underscoring the company’s commitment to innovation and operational excellence. This progress includes advancements in key areas of their aerospace technology, positioning the company for future growth and enhanced shareholder value.

“We continue to advance the development of the TriFan 600, a fixed-wing, vertical lift crossover aircraft uniquely designed to meet the needs of the evolving aviation industry and its customers,” said Scott Pomeroy, CEO of XTI Aerospace. “In the second quarter, XTI Aerospace and AVX Aircraft Company (“AVX”), a leader in advanced vertical lift solutions, announced the signing of a letter of intent, and are currently progressing towards a definitive agreement, whereby AVX’s experienced engineers will provide design, development and certification services to XTI Aerospace, reducing overall commercialization costs and potentially accelerating the timeline to first flight.”

Don Purdy, SVP business & program development, added, “XTI Aircraft continues to progress the TriFan 600 design. Specifically, the team is focused on the C211.2 configuration update which will further optimize the aerodynamic performance of the aircraft. Also, XTI Aerospace and AVX, under an interim engineering services agreement, are collaborating on several ‘trade studies,’ such as the use of full digital control of actuators to direct the aircraft – known as ‘fly-by-wire’ – and the use of composite materials versus aluminum for various aircraft structures and surfaces. These trade studies will further refine the revolutionary design of the TriFan 600 – a category-defining aircraft.”

“In the second quarter, XTI Aerospace also announced conditional preorders for 100 TriFan 600 aircraft from Mesa Air Group,” said Mr. Pomeroy. “Assuming the order is fully exercised, it would represent approximately $1 billion in revenue for XTI Aerospace, validating the interest and support we are witnessing in the market. Additionally, XTI Aerospace executed a capital distribution agreement with FC Imperial Limited for a proposed strategic equity investment of up to $55 million at a post-money valuation of $275 million, following more than one year of negotiations and due diligence. The time to commercialization of the TriFan 600 would be advanced upon closing of this transaction.”

Explore the newly redesigned website at XTIAerospace.com, featuring a video from the Company’s founder, David Brody, who shares the inspiring story behind XTI Aerospace and how the TriFan vertical lift crossover airplane is set to revolutionize the aviation industry.

Key Anticipated Milestones

Q3 2024:

• Finalize a definitive agreement with AVX for further design and development of the TriFan 600 Vertical Lift Crossover Airplane.

Q4 2024:

• Establish engineering offices at Alliance Perot Field (Fort Worth, TX).
• Select engine supplier, cabin integrator, and drivetrain suppliers.

Q1 2025:

• Complete key engineering hires.
• Select avionics supplier.

Q2 2025:

• Expand engineering facilities.
• Complete marketing demonstrator.

Q3 2025:

• Develop a virtual/augmented reality cabin experience.

Q4 2025:

• Complete preliminary design review (PDR).

Additionally, XTI Aerospace is set to file its quarterly report on Form 10-Q for the period ending June 30, 2024, with the U.S. Securities and Exchange Commission today, providing a detailed overview of the company’s recent financial and operational developments.

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