Thursday, August 15, 2024
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XTI Aerospace today provided a business update in conjunction with the filing of its quarterly report on Form 10-Q for the period ended June 30, 2024.
In addition to this update, XTI Aerospace highlighted the significant progress it has made on its ongoing projects, underscoring the company’s commitment to innovation and operational excellence. This progress includes advances in key areas of aerospace technology, positioning the company for future growth and enhanced shareholder value.
“We continue to develop the TriFan 600, a fixed-wing, vertical lift crossover aircraft uniquely designed to meet the evolving needs of the aviation industry and its customers.” Scott Pomroy, CEO of XTI Aerospace, said:“In the second quarter, XTI Aerospace and AVX Aircraft Company (“AVX”), a leader in advanced vertical lift solutions, announced the signing of a letter of intent and are currently progressing toward a definitive agreement, whereby AVX’s experienced engineers will provide design, development and certification services to XTI Aerospace, reducing overall commercialization costs and accelerating the timeline to first flight.”
Don Purdy, Senior Vice President, Business Development and Programs“XTI Aircraft continues to develop the TriFan 600 design. Specifically, the team is focused on updating the C211.2 configuration that will further improve the aircraft’s aerodynamic performance. XTI Aerospace and AVX are also collaborating, under a temporary engineering services agreement, on several “trade studies,” such as using full digital engine control to steer the aircraft — known as “fly-by-wire” — and using composite materials instead of aluminum for various airframes and surfaces. These trade studies will further refine the revolutionary design of the TriFan 600 — a class-defining aircraft,” he added.
“In the second quarter, XTI Aerospace also announced conditional pre-orders for 100 TriFan 600 aircraft from Mesa Air Group,” Mr. Pomeroy said“Assuming the order is fully executed, it will represent approximately $1 billion in revenue for XTI Aerospace, underscoring the interest and support we are seeing in the market. Additionally, XTI Aerospace has executed a capital distribution agreement with FC Imperial Limited for a proposed strategic equity investment of up to $55 million at a post-money valuation of $275 million, following more than a year of negotiations and due diligence. Time to market for TriFan 600 will be provided upon closing of this transaction.”
Explore the newly redesigned website at XTIAerospace.com, featuring a video from company founder David Brody, who shares the inspiring story behind XTI Aerospace and how the TriFan vertical lift crossover aircraft is set to revolutionize the aviation industry.
Expected highlights
Q3 2024:
- Final agreement reached with AVX for further design and development of the TriFan 600 Vertical Lift Crossover aircraft.
Q4 2024:
- Establishment of engineering offices at Alliance Perot Field (Fort Worth, Texas).
- Choose your engine supplier, cabin integrator and powertrain suppliers.
Q1 2025:
- Completing key engineering recruitment.
- Choose your flight supplier.
Q2 2025:
- Expanding engineering facilities.
- Full marketing presentation.
Q3 2025:
- Developing a virtual/augmented reality cabin experience.
Q4 2025:
- Complete preliminary design review (PDR).
Additionally, XTI Aerospace is scheduled to file its quarterly report on Form 10-Q for the period ended June 30, 2024, with the U.S. Securities and Exchange Commission today, providing a detailed overview of the company’s recent financial and operating developments.
