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
1.06
2026-09-04
Market cap
$40.8M
2026-03-31 share count
52-week range
0.86 - 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 | $227.2K | $15.9K | $23.3K | $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.
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