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XTI Aerospace (XTIA) reported a continuing development-stage profile with two reportable segments: Industrial IoT and Commercial Aviation. The company recorded net losses of approximately $20.9 million for the three months and $33.7 million for the six months ended June 30, 2025, and used about $22.0 million of cash in operating activities in the six-month period. Cash and cash equivalents were about $20.0 million and working capital was approximately $2.4 million (adjusted to $16.9 million excluding derivative warrant liabilities). Management completed multiple equity offerings in 2025, including a June offering that increased cash by roughly $15.9 million, and subsequent exercises raised ~$2.5 million. The company recorded a goodwill impairment of ~$4.05 million and intangible asset impairments, and disclosed ongoing TriFan 600 development activities with FAA assignment of the Fort Worth Certification Branch Office and engineering progress such as GFEM and CFD work.

XTI Aerospace (Nasdaq: XTIA) filed an 8-K announcing the closing of a $14.4 million firm-commitment public offering completed on 26 Jun 2025.

The deal comprises 6,231,200 common shares, 2,911,800 pre-funded warrants (exercise price $0.001) and 9,143,000 common warrants (exercise price $2.00, five-year term) sold as units at $1.75 per share ($1.749 with a pre-funded warrant). Underwriters partially exercised their 45-day option for 1,371,000 additional common warrants.

Net proceeds are earmarked for working capital and continued development of the TriFan 600 aircraft.

Directors, officers and the company entered 60鈥�90-day lock-ups; the company also agreed to avoid ATM or variable-rate financings for 90 days. ThinkEquity received 457,150 representative warrants (strike $2.1875, 5-year term).

XTI Aerospace, Inc. (Nasdaq: XTIA) has filed a Rule 424(b)(4) prospectus for a firm-commitment public offering that combines equity and warrant units. The transaction comprises 6,231,200 shares of common stock and 9,143,000 five-year common warrants (exercise price $2.00) sold as units at $1.75 each. In lieu of common shares, certain investors may purchase 2,911,800 pre-funded warrants (exercise price $0.001) at $1.749 per unit, each paired with an identical common warrant. The shares and warrants are immediately separable but must be purchased together.

The offering is expected to generate gross proceeds of $15.997 million. After underwriting discounts of $1.120 million (ThinkEquity is sole book-runner), estimated proceeds to the company before other expenses total $14.877 million. XTI has granted the underwriter a 45-day option to buy up to 1,371,000 additional shares and/or pre-funded warrants and/or 1,371,000 common warrants to cover any over-allotments.

XTI鈥檚 common stock continues to trade on the Nasdaq Capital Market under the symbol XTIA; no public market is expected for either series of warrants, and the company will not seek a listing for them. The last reported XTIA share price on 24 June 2025 was $2.79.

Corporate context: XTI Aerospace is developing the TriFan 600, a seven-seat fixed-wing VTOL (鈥渪VTOL鈥�) aircraft targeting business aviation, EMS and regional charter markets. The company has not yet generated aircraft revenue and anticipates further capital needs to fund FAA certification and eventual production. Recent corporate actions include two reverse stock splits (1-for-100 on 12 Mar 2024 and 1-for-250 on 10 Jan 2025) to maintain Nasdaq compliance, and the March 2024 merger between Legacy Inpixon and Legacy XTI that created the current structure.

Key investor considerations:

• Approx. $14.9 million in new capital before expenses but at the cost of immediate dilution.
• Up to 9.14 million additional shares may be issued upon warrant exercise, plus 2.91 million from pre-funded warrants.
• Common warrant strike ($2.00) sits 28% below the last traded price, making future exercises likely if price remains above the strike.
• No trading venue for the warrants could affect liquidity for unit buyers.
• A 45-day over-allotment option could further increase share count.

The Securities and Exchange Commission has declared XTI Aerospace's Form S-1 registration statement effective as of June 24, 2025, at 5:00 P.M. This effectiveness notice pertains to File Number 333-287989.

The Form S-1 becoming effective marks a significant milestone for XTI Aerospace, as it indicates that the company can now proceed with its planned initial public offering (IPO). This registration statement has been reviewed and approved by the SEC, allowing the company to offer and sell securities to the public.

Investors should note that this effectiveness declaration represents the SEC's formal acknowledgment that XTI Aerospace has met the necessary disclosure requirements for public offering, though it does not constitute an endorsement of the securities being offered.