$32.2M in cash as of September 2025, up from $4.1M in December 2024. Engineering services generating real near-term revenue. TriFan 600 VTOL demonstrator targeted for 2027. Going concern resolved by capital raise.
XTI is building an airplane that takes off like a helicopter and flies like a regular plane; called a VTOL or tilt-rotor aircraft. The TriFan 600. The demonstrator aircraft is targeted for 2027. To fund the wait, XTI does aerospace engineering consulting for other companies. That consulting business is actually growing. $2.48M last quarter, up 170%. They raised $32M in cash to cover the runway to the demonstrator. The airplane is real. The commercial product is years away.
Watch for TriFan 600 development milestone announcements and whether the engineering services revenue continues growing; it funds operations while the VTOL program advances. The Q2 2026 capital position update will indicate whether another raise is needed before the 2027 demonstrator target.