XTIAHIGH SIGNALMANAGEMENT10-K

XTIA completed a reverse merger with XTI Aircraft Company, fundamentally transforming the business from Inpixon into an aerospace company while experiencing substantial deterioration in financial performance.

The reverse merger represents a complete business transformation that investors must evaluate as essentially a new investment proposition rather than a continuation of the previous entity. The accounting treatment designating Legacy XTI as the acquirer means historical comparisons have limited relevance for assessing ongoing operations.

Comparing 2026-04-15 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

The company's financial performance deteriorated meaningfully across key metrics, with net losses nearly doubling and operating cash flow substantially worsening. R&D expenses increased by roughly one-third, reflecting the aerospace company's development focus, while operating losses widened moderately. The dramatic increase in share count from 5.5 million to 38.5 million shares outstanding reflects significant dilution from the merger transaction.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-93.1%
-$35.6M→-$68.8M

Net income declined 93.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-64.1%
-$22.3M→-$36.6M

Operating cash flow fell 64.1% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
+31.1%
$4.0M→$5.2M

R&D investment increased 31.1% — signals commitment to future product development, though near-term margin impact.

Operating Income
P&L
-15.8%
-$37.0M→-$42.8M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-04-15
ADDED
As of March 31, 2026, there were 38,472,204 shares of the registrant s common stock outstanding.
and other countries, increases in inflation rates and rates of interest, and supply chain challenges; cybersecurity threats, data protection risks and reliance on third party information technology systems; litigation, regulatory investigations and other legal proceedings; risks related to intellectual property protection; potential impairments of goodwill and other intangible assets; tax law changes and limitations on our ability to use net operating losses; and other factors discussed under Risk Factors in this Annual Report.
(formerly known as Inpixon) completed a merger with XTI Aircraft Company ( Legacy XTI ) pursuant to an Agreement and Plan of Merger dated July 24, 2023, as amended (the XTI Merger Agreement ).
In connection with the transaction, a wholly owned subsidiary of the Company merged with and into Legacy XTI, with Legacy XTI surviving as a wholly owned subsidiary of the Company (the XTI Merger ).
Upon completion of the XTI Merger, the Company changed its corporate name to XTI Aerospace, Inc.
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REMOVED
As of April 11, 2025, there were 5,537,540 shares of the registrant s common stock outstanding.
and other countries, increases in inflation rates and rates of interest, supply chain challenges, increased costs for materials and labor, cybersecurity attacks, the ongoing conflicts between Russia and Ukraine and Hamas and Israel, and public health threats such as the COVID-19 pandemic; lawsuits and other claims by third parties or investigations by various regulatory agencies that we may be subjected to and are required to report, including but not limited to, the U.S.
Securities and Exchange Commission (the SEC ); the outcome of any known and unknown litigation and regulatory proceedings; the risk that our future patent applications may not be approved or may take longer than expected, and that we may incur substantial costs in enforcing and protecting our intellectual property; our ability to respond to a failure of our systems and technology to operate our business; impact of any changes in existing or future tax regimes; our success at managing the risks involved in the foregoing items; and other factors discussed in this report.
The forward-looking statements are based upon management s beliefs and assumptions and are made as of the date of this report.
In connection with the closing of the XTI Merger, our corporate name changed to XTI Aerospace, Inc.
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