XTI Aerospace, Inc. (NASDAQ: XTIA) reported its third‑quarter 2025 financial results on November 19, 2025, filing a Form 10‑Q and a business update. The company posted revenue of $2.48 million, up 170.6% from $0.918 million in the same quarter of 2024, driven entirely by its Industrial IoT segment. The commercial aviation segment remained at $0, reflecting the pre‑revenue status of the TriFan 600 program.
The company’s net loss widened to $13.45 million from $4.43 million in Q3 2024, a result of heavy research and development and general‑administrative spending required to advance the TriFan 600. Management explained that the loss is a deliberate investment in engineering milestones, including the completion of subscale flight operations for the Sparrow and Kestrel models and the planned TriHawk subscale flights in Q4 2025.
Cash and cash equivalents rose to $32.2 million at the end of the quarter, up from $4.1 million at the end of 2024. The increase was driven by a net public offering of $18.5 million and a $25 million strategic investment from Unusual Machines, Inc. The company also announced the acquisition of Drone Nerds, LLC for approximately $40 million; Drone Nerds reported over $100 million in revenue in 2024, providing a recurring revenue base that complements XTI’s vertical‑flight focus.
XTI unveiled the Valkyrie Vanguard Platform, a collaboration with Valkyrie Sciences that integrates advanced artificial‑intelligence and materials science to accelerate TriFan 600 development. The platform is positioned to enhance propulsion, autonomy, and structural performance, aligning with the company’s goal of delivering a piloted demonstrator by 2027.
CEO Scott Pomeroy highlighted the quarter as a “significant period of technical and strategic progress.” He noted continued monthly FAA engagement across multiple certification disciplines, the acquisition of Drone Nerds, and the launch of the Vanguard Platform. Pomeroy also emphasized the company’s strengthened balance sheet, citing the public offering and Unusual Machines investment as key to sustaining R&D momentum.
While revenue growth and capital raises signal progress, investors remain cautious about the widening net loss and the company’s 12‑year history of unprofitability. The financial results underscore the trade‑off between aggressive investment in the TriFan 600 and the need for a sustainable revenue stream from the commercial aviation segment.
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