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1. A 'Gulfstream for the vertical takeoff and landing (VTOL) era', developing next-generation private aircraft.

2. And separately, a 'Zebra Technologies for industrial indoor asset tracking and factory intelligence software'.

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• TriFan 600: A six-seat vertical takeoff and landing (VTOL) aircraft.
• Real-Time Location Systems (RTLS) and Indoor Intelligence Products: Comprehensive software and hardware solutions for industrial real-time location tracking, asset management, security, and operational intelligence.

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XTI Aerospace (symbol: XTIA) primarily sells its products and services to other companies (B2B). Based on the provided company description, specific named customer companies are not disclosed. However, the major categories of companies that serve as their customers include:

• Industrial Sector Businesses: These companies are the end-users for XTI Aerospace's real-time location systems (RTLS) and indoor intelligence software and hardware products. This includes various industrial operations that utilize the technology for asset tracking, security, operational efficiency, and analytics.
• Channel Partners: XTI Aerospace sells its products through a network of partners comprising Original Equipment Manufacturers (OEMs), Integrators, Resellers, and Distributors. These businesses act as intermediaries, incorporating XTI's technology into their own offerings or distributing them to a wider customer base.
• Aviation and Transportation Entities: For its TriFan 600 vertical takeoff and landing aircraft, XTI Aerospace would target companies involved in corporate executive transport, air charter services, specialized commercial operations, or potentially government/military applications.

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Scott Pomeroy, Chief Executive Officer

Scott Pomeroy is the Chairman and Chief Executive Officer of XTI Aerospace, bringing over 35 years of executive experience to the company. He previously served as the CFO of Dex Media, where he oversaw equity and debt capital raises exceeding $10 billion. He was also the CEO and founder of Local Insight Media. Additionally, Pomeroy co-founded Gen3 Financial Services, a boutique merchant bank offering capital raising and business advisory services to clients across various industries, including aerospace. He has served on several boards, including the Board of Directors of AVX Aircraft Company, a U.S. military defense contractor with expertise in vertical takeoff and landing (VTOL) aircraft. Scott began his career at KPMG Peat Marwick and is a Certified Public Accountant.

Brooke Turk, Chief Financial Officer

Brooke Turk serves as the Chief Financial Officer of XTI Aerospace. With over 30 years of experience, she has played a key role in numerous corporate transactions, including mergers, acquisitions, divestitures, restructures, reorganizations, debt and equity capital raises, a Chapter 11 restructuring, and an IPO. Prior to joining XTI Aerospace, she provided CFO services as the founding principal of Springboard Ventures (since August 2011) and a principal of C Squared Solutions LLC (since October 2019). During her time with these firms, Brooke acted as the chief financial officer for several businesses, including MADSKY and CB Scientific Inc. She began her career at Arthur Andersen and is a Certified Public Accountant.

Tobin Arthur, Chief Strategy Officer

Tobin Arthur is the Chief Strategy Officer for XTI Aerospace, with over thirty years of experience in developing and implementing corporate strategies focused on innovation. Early in his career, he contributed to Starbucks Coffee's growth as it became a rapidly expanding public company. Later, he focused on the healthcare sector, building companies such as CureUs and AngelMD. Arthur has invested in and/or advised over 200 startups. He also launched the podcast Innovation4Alpha, which evolved into a consulting and investment firm.

Michael A. Tapp, Chief Operating Officer

Michael A. Tapp serves as the Chief Operating Officer for XTI Aerospace. He has also served as chairman of the company's Corporate Advisory Board since September 2024. Tapp is an operating partner for Palingen Capital and previously held a similar role for HBC Investments, a private equity firm. He spent almost a decade in leadership roles at Interstate Battery, where he was an officer on the senior executive team, President of Interstate's multi-unit franchise system, and President of Interstate's industrial power management business. Michael has held senior executive roles at both operating and private equity organizations.

Saleem Zaheer, Chief Commercial Officer

Saleem Zaheer is the Chief Commercial Officer of XTI Aerospace. He brings over 40 years of experience in the aviation industry, encompassing corporate aviation, airlines, and the military in the U.S., the Middle East, and South Asia. Zaheer previously served as Vice President Flight Operations & Special Projects for IndiGo, India's largest airline, and has led flight operations functions at three different airlines. He is a former United Airlines captain and a pilot with 15,000 flight hours across 28 different aircraft.

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1. Financial Stability and Profitable Scaling of Current Operations

   XTI Aerospace has historically faced significant financial challenges, including high cash burn and unprofitability, particularly due to the extensive research and development for the TriFan 600 aircraft. Although the company has recently shifted its strategic focus towards drones and its RTLS business, projecting over $160 million in revenue for fiscal year 2026 and anticipating positive monthly cash flow by the end of 2026, these are future projections tied to the successful integration of its Drone Nerds acquisition. The ability to sustain liquidity, manage operating expenses, and achieve consistent profitability from its current business segments remains a critical overarching risk.

2. Intense Competition in Drone and RTLS Markets

   While the eVTOL market was highly competitive, XTI Aerospace's current primary focus on drones and real-time location systems (RTLS) also places it in a competitive landscape with numerous established companies and agile startups. The company must effectively differentiate its offerings and gain market share against rivals in these rapidly evolving sectors to meet its revenue and growth targets.

3. Successful Integration of Acquisitions and Market Adoption of Offerings

   The company's strategic pivot heavily relies on the successful integration of acquired businesses, such as Drone Nerds, and the market's acceptance and demand for its expanded drone and RTLS product portfolio. Factors such as the timing of new product releases by competitors, technological changes, and general market acceptance will influence the success of these offerings. Failure to successfully integrate new operations or achieve widespread market adoption for its drone and RTLS solutions could materially impact the company's financial performance and growth prospects.

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Intense competition in the advanced air mobility (AAM) market from numerous well-funded companies developing competing eVTOL aircraft. Many of these competitors are significantly further along in development, certification processes, manufacturing partnerships, and securing customer pre-orders, posing a direct threat to XTI Aerospace's ability to secure market share and achieve commercial success with its TriFan 600.

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XTI Aerospace, Inc. (NASDAQ: XTIA) operates in two primary markets: advanced air mobility with its TriFan 600 aircraft, and real-time location systems (RTLS) and indoor intelligence for the industrial sector.

Advanced Air Mobility (TriFan 600)

The TriFan 600, a vertical takeoff and landing (VTOL) aircraft, addresses the burgeoning global eVTOL (electric Vertical Take-Off and Landing) and Urban Air Mobility (UAM) markets. The global eVTOL market was valued at approximately USD 23 billion in 2023. This market is projected to experience substantial growth, with estimates suggesting it could reach between USD 28.6 billion by 2030 and USD 216.02 billion by 2035. Similarly, the global urban air mobility market, which the TriFan 600 also addresses, was valued at USD 4.54 billion in 2024 and is anticipated to grow significantly, potentially reaching USD 97.4 billion by 2033 or USD 92.60 billion by 2034. These markets are driven by advancements in aircraft technology and increasing demand for efficient regional transportation solutions. North America has been noted as a dominant region in both the eVTOL and UAM markets.

Real-Time Location Systems (RTLS) and Indoor Intelligence

XTI Aerospace's offerings in real-time location systems and indoor intelligence cater to the global RTLS and indoor location services markets. The global real-time location systems (RTLS) market was valued at USD 5.79 billion in 2024 and is projected to expand to approximately USD 15.67 billion by 2030 or USD 20.8 billion by 2035. This growth is fueled by increasing demand for operational efficiency, asset visibility, and personnel safety, particularly in industrial settings. North America holds a significant share of the global RTLS market due to its focus on automation and advanced infrastructure. The broader global indoor location services market, which encompasses indoor intelligence software and hardware, was valued at approximately USD 13.6 billion in 2024 and is expected to surge to around USD 69.5 billion by 2032. Another estimate places the indoor location solutions market at USD 14.88 billion in 2025, with a forecast to reach USD 43.32 billion by 2030.

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XTI Aerospace (NASDAQ: XTIA) is poised for significant revenue growth over the next 2-3 years, driven by several strategic initiatives and market expansions. The primary drivers are centered around the recent acquisition of Drone Nerds and the anticipated commercialization of its TriFan 600 aircraft.

Here are 3-5 expected drivers of future revenue growth for XTI Aerospace:

1. Integration and Expansion of Drone Nerds Business: The acquisition of Drone Nerds in November 2025 is a foundational driver for XTI Aerospace's near-term revenue. Drone Nerds, which generated over $110 million in revenue in 2024, is expected to significantly bolster XTI's revenue base, with the company targeting over $160 million in revenue for fiscal year 2026. This growth is anticipated from increased enterprise adoption and the ongoing expansion of the drone solutions platform.
2. Expansion into Federal, Military, and Enterprise Drone Markets with NDAA-Compliant Solutions: XTI Aerospace is strategically positioning its Drone Nerds subsidiary to capitalize on regulatory-driven demand for secure, domestic drone solutions. The company is actively expanding into federal and military markets, leveraging its NDAA-compliant offerings to serve government and defense-adjacent customers. This focus on compliance and security provides a significant tailwind in a market increasingly favoring U.S.-based solutions.
3. Commercialization and Pre-Sales of the TriFan 600 Aircraft: A key long-term growth driver is the commercialization of XTI's flagship TriFan 600, a vertical takeoff and landing (VTOL) aircraft. The company plans to reintroduce aircraft pre-sales later in 2025, targeting a diverse customer base including fleet operators, business owners, and emergency medical services (EMS) providers. XTI Aerospace has already secured $3 billion in conditional pre-orders for the TriFan 600, with analysts projecting substantial revenue contributions once FAA certification is achieved, expected around 2026.
4. Diversification and Expansion of Drone Product and Service Offerings: Beyond core drone sales, XTI Aerospace expects revenue growth from continuously expanding the product portfolio of its Drone Nerds subsidiary, including new hardware and software solutions. Furthermore, the company is focused on the expansion of high-value services, training, fleet management, and lifecycle support for its drone solutions, which are expected to increase customer retention and improve margins.

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Capital Allocation Decisions (Last 3-5 Years) for XTI Aerospace (XTIA)

Share Repurchases

• In March 2025, XTI Aerospace's board of directors authorized a share repurchase program to acquire up to $5 million of the company's common stock.

Share Issuance

• XTI Aerospace closed a public offering on June 26, 2025, issuing 6,231,200 shares of common stock at $1.75 per share, resulting in approximately $14.4 million in net proceeds.
• A subsequent public offering closed on September 15, 2025, involved the sale of 12,500,000 shares of common stock (or pre-funded warrants) and warrants, generating total gross proceeds of $20 million.
• The underwriters fully exercised an over-allotment option related to a public offering by July 9, 2025, bringing the total gross proceeds from that offering to approximately $18.4 million for 10,514,000 shares of common stock.

Inbound Investments

• On February 17, 2026, XTI Aerospace secured a $20 million asset-based lending facility from JPMorgan Chase & Co. to fund growth for its Drone Nerds subsidiary, bolster working capital, and repay existing intercompany debt.
• In July 2024, the company announced a capital distribution agreement for a proposed investment of up to $55 million from FC Imperial Limited, at a $275 million valuation, aimed at accelerating the development of the TriFan 600 aircraft.

Outbound Investments

• In November 2025, XTI Aerospace acquired Drone Nerds, LLC and Anzu Robotics, LLC for approximately $30.5 million (or ~$40 million as reported by some sources), significantly expanding its business into a comprehensive enterprise drone and unmanned aircraft systems platform.
• XTI Aerospace divested its Inpixon real-time location systems (RTLS) business in January/February 2026 for approximately $5.48 million (EUR 4.64 million) to streamline operations and focus on its drone sector.

Capital Expenditures

• Proceeds from share issuances in June and September 2025 were earmarked for working capital and general corporate purposes, including the ongoing development of the TriFan 600 airplane.
• The $20 million asset-based lending facility obtained in February 2026 is designated to fund the growth of the Drone Nerds subsidiary, which was acquired in late 2025.
• The acquisition of Drone Nerds in November 2025 for approximately $30.5 million to $40 million represents a significant investment in expanding the company's operational assets and capabilities in the drone and UAS market.