XTIA XTI Aerospace, Inc.

Overview and Growth

In fiscal 2025, XTI Aerospace, Inc. recorded $22.49M of revenue, net loss of $68.76M, and an operating cash outflow of $36.61M. At $22.49M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 602.4% above fiscal 2024 revenue of $3.20M, marking a year-over-year increase. Diluted earnings per share were -$4.24, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $81.25M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.28x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $4.92M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 21.9% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $42.82M operating loss before non-operating and tax effects. The operating loss equaled 190.4% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $68.76M for the fiscal year. Net margin was -305.7%, reflecting a loss equal to 305.7% of reported revenue. Before income taxes, the company recorded a loss of $53.05M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 235.9%. The reported tax benefit was $10.00K, favorably bridging the pretax and after-tax results. The net loss equaled 247.8% of period-end equity, showing the deficit relative to book capital. The net loss equaled 84.6% of period-end assets, showing the deficit relative to the asset base. Compared with a $35.60M net loss in fiscal 2024, the current loss increased to $68.76M.

Liquidity and Capital Structure

At period end, the $81.25M asset base was financed through $50.80M of liabilities and $27.74M of equity. Current assets were $51.82M against $47.60M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 1.09x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $16.70M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 35.1%, excluding receivables and other current assets. Borrowings totaled $8.38M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.3x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 10.3%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 62.5%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 20.5% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $24.29M in fiscal 2024, the current asset base moved 234.5% and finished higher. Against $6.57M of equity in fiscal 2024, the current book-equity balance moved 322.0% and ended higher. Cash and equivalents were 306.7% higher than fiscal 2024 cash of $4.11M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $36.61M, showing that operations absorbed cash during the period. The company spent $215.00K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $36.83M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 163.7%. The free-cash-flow deficit equaled 45.3% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.