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XTI Aerospace's Shareholder Update: A Year of Transformation

XTI Aerospace, a pioneering force in the realm of Vertical Takeoff and Landing (VTOL) aircraft, has recently shared a significant update for its shareholders, outlining key milestones achieved in 2024 and outlining a path forward for continued innovation and success.

2024: A Transformative Year

In a compelling letter addressed to shareholders, CEO Scott Pomeroy highlighted that 2024 marked a pivotal year for XTI Aerospace. The management team expressed gratitude for the support received from shareholders and outlined their commitment to delivering long-term value.

Key Financial Milestones

XTI Aerospace successfully raised a total of $20 million through the sale of common stock, adhering to Nasdaq market rules at a share price of $13.75, equivalent to a post-split basis. Additionally, since the conclusion of the first quarter in 2024, the company garnered an extra $25 million in gross proceeds via At-the-Market (ATM) offerings. These efforts are coupled with a commitment to a standstill in utilizing ATM services, thereby strengthening the company's capital base and financial health.

The company also reported a reduction in total liabilities by the end of December 2024 compared to three months prior. They have streamlined their capitalization structure, engaging in the exchange of common stock and redeeming outstanding preferred stocks and warrants.

Advancements in Aircraft Development

The TriFan 600, XTI's flagship aircraft designed for vertical takeoff and landing with remarkable speed and range, has made strides as well. The company conducted a General Familiarization (Gen Fam) meeting with the Federal Aviation Administration (FAA), attended by over 60 representatives from the agency. This step is essential as XTI moves closer to filing for FAA Type Certification.

In line with enhancing the aircraft's performance, the company successfully released the C211.2 configuration for the TriFan 600, which promises improvements in aerodynamic efficiency and stability. Significant progress has been made regarding various design elements, including systems, structures, flight deck layouts, and drivetrain designs.

Strategic Partnerships and Innovations

XTI Aerospace is making strategic moves to bolster its position in the aerospace industry. Recently, the company announced an entry into a non-binding agreement to acquire an equity interest in ReadyMonitor, an innovator in AI-powered autonomous drone technology. This partnership aligns with XTI's forward-thinking approach, aiming to integrate cutting-edge technologies within its offerings.

Moreover, the formation of a Corporate Advisory Board filled with industry luminaries in technology and aviation will further strengthen XTI's strategic initiatives. The launch of Hangar X Studios is another initiative designed to showcase the company's thought leadership in aerospace, consisting of a series of video episodes that highlight significant advancements in the industry.

A Future Aligned with Innovation

XTI Aerospace is at the confluence of innovation and opportunity, and the management's optimistic outlook, coupled with tangible advancements and strategic partnerships, positions the company well for future success. As the industry atmosphere remains favorable for execution, the team is poised and focused on delivering enhanced shareholder value.

The unwavering commitment from XTI to its shareholders remains a cornerstone of its operations, underscoring the critical role that backers play in the company's continued growth and success.

For more detailed information on XTI Aerospace and their ongoing projects, interested parties can visit their official website or follow them on various social media platforms.