ENGLEWOOD, Colo. – XTI Aerospace, Inc. (NASDAQ: XTIA) announced today that its subsidiary, XTI Aircraft Company, has submitted a non-provisional patent application in the United States for innovations related to its TriFan 600 vertical takeoff and landing (VTOL) aircraft. The company has also filed a notice with the 157 countries participating in the Patent Cooperation Treaty.
The patent applications concern the aircraft's pivoting ducted fans, which are key to its ability to transition from vertical takeoff to forward cruise flight. These applications follow a utility patent granted by the China National Intellectual Property Administration on February 12, 2024, for related technology.
Scott Pomeroy, CEO of XTI Aerospace, stated that these patents underscore the company's dedication to innovation and will help protect their intellectual property while differentiating the TriFan 600 in the market. The company targets the business, commuter, and regional airline markets, among others, and has conducted multiple hover tests of a two-thirds-scale unmanned proof-of-concept configuration of the TriFan.
XTI Aerospace is developing the TriFan 600, a fixed-wing business aircraft with VTOL capabilities similar to a helicopter, promising speeds of 345 mph and a range of 700 miles. The company aims to create a new category of aircraft known as the vertical lift crossover airplane (VLCA).
The company's Inpixon (NASDAQ:XTIA) business unit is also noted for its real-time location systems technology, which is used globally in various industrial settings.
This report is based on a press release statement from XTI Aerospace, Inc.
In other recent news, XTI Aerospace, Inc. has been making significant strides in the aviation industry. The company recently secured a conditional purchase agreement with Mesa Air Group (NASDAQ:MESA), Inc. for up to 100 TriFan 600 vertical lift crossover airplanes, a deal that could potentially generate approximately $1 billion in revenue. Mesa Air Group's investment in XTI Aerospace further validates the market demand for the innovative TriFan 600 aircraft.
In addition to this, XTI Aerospace has formed a strategic partnership with AVX Aircraft Company to expedite the development and certification of the TriFan 600. This collaboration aims to leverage AVX's advanced vertical lift technology expertise, which is expected to streamline the project timeline and reduce costs.
XTI Aerospace has also announced the advancement of a spin-off of its former subsidiary, Grafiti Holding Inc., which is set to merge with Damon Motors, Inc. The distribution of Grafiti shares is contingent on the registration statement becoming effective, with 80% of the distributed shares subject to lock-up restrictions.
Moreover, the company has welcomed Tensie Axton, a finance expert, to its Board of Directors. Axton's addition is expected to bring valuable expertise to the company, particularly in capital markets, mergers and acquisitions, investor relations, and strategic planning.
These are among the recent developments for XTI Aerospace.
InvestingPro Insights
As XTI Aerospace, Inc. (NASDAQ: XTIA) seeks to innovate with its TriFan 600 VTOL aircraft, the financial metrics and market performance offer a glimpse into the company's current fiscal health. With a market capitalization of $9.71 million, the company operates with a significant debt burden and an adjusted P/E ratio over the last twelve months as of Q3 2023 at -0.9, indicating that the company is not currently profitable. Moreover, XTI Aerospace has experienced a sharp decline in its stock price, with a one-week total return of -45.43% and a staggering one-month total return of -68.05%.
An InvestingPro Tip highlights that the company's stock is in oversold territory according to the Relative Strength Index (RSI), which could be of interest to investors looking for potential entry points. Additionally, the company's stock trades with high volatility, which might appeal to certain traders looking for short-term opportunities. However, it's important to note the company's challenges, such as quickly burning through cash and weak gross profit margins, which are essential factors for investors to consider.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, including insights on the company's cash flow yield and short-term obligations. For a more comprehensive understanding of XTI Aerospace's financial health and stock performance, investors can explore these tips and more on InvestingPro, and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The company's next earnings date is set for June 14, 2024, which will provide further insights into its financial trajectory and the impact of its intellectual property strategy on its market position. With these InvestingPro Insights, investors can make more informed decisions regarding XTI Aerospace's potential in their investment portfolios.
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