XTI Aerospace, Inc. XTIA
solutions operating through two business divisions: a commercial drone solutions business and an advanced systems and defense division.
The Company expects to continue developing a third business division, a domestic manufacturing and technology division. The Company's
commercial drone solutions business, conducted primarily through its majority owned subsidiary, XTI Drones Holdings, LLC, which owns Drone
Nerds, LLC and Anzu Robotics, LLC (collectively, "Drone Nerds"), constitutes substantially all of the Company's revenues.
Last close
1.07
2026-10-23
Market cap
$41.2M
2026-03-31 share count
52-week range
0.66 - 3.19
Valuation FY2025 figures against the last close
P/S1.8x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-4.24
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.5M | $3.2M | $4.6M | $6.1M | $16.0M | $9.3M | $6.3M | $3.8M | $535.0K | $53.2M |
| Cost of revenue | $17.6M | $1.3M | $1.5M | $2.1M | $2.7M | $2.6M | $1.6M | $1.1M | $1.2M | $38.2M |
| Gross profit | $4.9M | $1.9M | $3.1M | $4.0M | $11.6M | $6.7M | $4.7M | $2.7M | $2.7M | $14.9M |
| R&D | $5.2M | $2.0M | $1.4M | $4.5M | $14.1M | $6.5M | $3.9M | $1.2M | $964.0K | $2.3M |
| SG&A | $32.8M | $19.7M | $3.6M | $14.1M | $20.9M | $15.3M | $13.7M | $14.1M | $10.9M | $15.3M |
| Total operating expenses | $47.7M | $29.7M | $7.6M | $23.2M | $36.7M | $30.5M | $25.5M | $21.1M | $17.7M | $38.6M |
| Operating income | -$42.8M | -$29.7M | -$7.6M | -$19.2M | -$72.7M | -$23.8M | -$20.8M | -$18.4M | -$15.0M | -$23.7M |
| Interest expense | $270.0K | $782.0K | $1.1M | $600.0K | $1.2M | $2.4M | $2.3M | $1.2M | $1.9M | $1.7M |
| Pre-tax income | -$53.0M | -$28.3M | -$25.1M | -$19.9M | -$28.6M | -$29.3M | -$34.6M | -$19.8M | -$18.1M | -$26.7M |
| Income tax | $10.0K | $16.0K | $24.0K | $181.0K | $3.8M | $56.0K | $584.0K | — | $0 | $0 |
| Net income | -$68.8M | -$35.6M | -$25.1M | -$63.4M | -$69.2M | -$29.2M | -$34.0M | -$24.6M | -$35.0M | -$27.1M |
| EPS, basic | -4.24 | -162.78 | -1,576.48 | -3,412.09 | -51.18 | -1.01 | — | — | — | — |
| EPS, diluted | -4.24 | -162.78 | -1,576.48 | -3,412.09 | -51.18 | -1.01 | -47.52 | -2,600.77 | -5,511.40 | -468.26 |
| Shares, diluted (wtd. avg.) | 16.3M | 227,193 | 15,900 | 23,320 | 1.5M | 28.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $16.7M | $4.0M | $5.0K | $115.0K | $52.5M | $18.0M | $4.8M | $1.1M | $351.0K | $2.1M |
| Short-term investments | — | — | $0 | $0 | $43.1M | $8.0M | $0 | — | — | — |
| Receivables | $12.1M | $706.0K | $568.0K | $1.2M | $3.2M | $1.7M | $1.1M | $1.3M | $429.0K | $11.8M |
| Inventory | $15.4M | $2.2M | $2.4M | $2.0M | $2.0M | $1.2M | — | — | — | — |
| Total current assets | $51.8M | $8.6M | $231.0K | $29.9M | $106.0M | $30.3M | $6.8M | $3.4M | $9.2M | $30.1M |
| Property, plant and equipment | $385.0K | $72.0K | $12.0K | $342.0K | $1.4M | $1.4M | $145.0K | $202.0K | $348.0K | $1.4M |
| Goodwill | $11.5M | $12.1M | $12.4M | $0 | $7.7M | $6.6M | $2.1M | $0 | $636.0K | $1.2M |
| Other intangibles | $9.3M | $284.0K | $266.0K | $3.0M | $33.5M | $14.2M | $8.4M | $4.5M | $7.6M | $17.7M |
| Total assets | $81.2M | $24.3M | $509.0K | $57.6M | $156.7M | $59.0M | $21.2M | $12.2M | $27.7M | $66.5M |
| Accounts payable | $5.2M | $5.2M | $2.5M | $720.0K | $2.4M | $908.0K | $2.4M | $1.1M | $1.6M | $23.0M |
| Short-term debt | $7.9M | $2.7M | $6.7M | $12.6M | $3.5M | $5.4M | $7.3M | $4.1M | $3.1M | $6.9M |
| Total current liabilities | $47.6M | $17.4M | $13.3M | $24.7M | $27.1M | $12.1M | $13.7M | $7.3M | $42.0M | $51.2M |
| Long-term debt | $450.0K | $65.0K | $18.5M | — | — | — | — | $74.0K | $767.0K | $4.0M |
| Total liabilities | $50.8M | $17.7M | $32.1M | $25.5M | $28.5M | $14.3M | $15.2M | $7.4M | $46.5M | $63.8M |
| Retained earnings | -$162.3M | -$93.6M | -$58.0M | -$313.7M | -$250.3M | -$181.0M | -$151.8M | -$117.8M | -$94.5M | -$59.5M |
| Total equity | $17.7M | $6.6M | -$31.6M | -$15.0M | $83.5M | $44.7M | $6.0M | $4.8M | -$18.9M | $2.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$36.6M | -$22.3M | -$4.2M | -$34.0M | -$37.1M | -$20.6M | -$10.7M | -$26.8M | $2.2M | -$2.8M |
| Depreciation and amortisation | — | $113.0K | $11.0K | — | — | — | $1.1M | $1.6M | $1.9M | $1.3M |
| Stock-based compensation | $12.0M | $4.1M | $1.6M | $3.7M | $10.9M | $1.2M | $3.5M | $1.5M | $1.5M | $1.4M |
| Capital expenditure | $215.0K | $68.0K | $3.0K | $245.0K | $346.0K | $972.0K | $89.0K | $88.0K | $101.0K | $526.0K |
| Investing cash flow | -$18.8M | $2.9M | -$17.0K | $36.4M | -$53.5M | -$23.5M | -$5.1M | -$1.4M | -$1.3M | -$2.7M |
| Financing cash flow | $68.2M | $23.6M | $4.1M | -$34.6M | $125.0M | $57.3M | $19.4M | $29.0M | -$2.7M | $3.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-043785.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $53.2M | $535.0K | $3.8M | $6.3M | $9.3M | $16.0M | $6.1M | $4.6M | $3.2M | $22.5M |
| Gross profit | $14.9M | $2.7M | $2.7M | $4.7M | $6.7M | $11.6M | $4.0M | $3.1M | $1.9M | $4.9M |
| Net income | -$27.1M | -$35.0M | -$24.6M | -$34.0M | -$29.2M | -$69.2M | -$63.4M | -$25.1M | -$35.6M | -$68.8M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 7371
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ZS | Zscaler, Inc. | $41.60B | — | 25.4% |
| CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | $33.43B | 15.5x | 7.0% |
| VRSN | VERISIGN INC/CA | $27.12B | — | 6.4% |
| EPAM | EPAM Systems, Inc. | $7.03B | 20.3x | 15.4% |
| DOCS | Doximity, Inc. | $6.10B | 34.1x | 13.1% |
| RGTI | Rigetti Computing, Inc. | $3.85B | — | -34.3% |
| IA | INNOVATIVE SOLUTIONS & SUPPORT INC | $351.9M | 22.3x | 78.6% |
| RDNW | RideNow Group, Inc. | $209.4M | — | -10.5% |