XTI Aerospace, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>XTI Aerospace, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

XTI Aerospace, Inc. (XTIA) filed a Annual Report (10-K) with the SEC on April 16, 2024. XTI Aerospace, Inc. filed its 2023 Form 10-K on April 16, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. XTI Aerospace, Inc. is incorporated in Nevada. The company's principal business address is in Englewood, Colorado.

Why It Matters

For investors and stakeholders tracking XTI Aerospace, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operational status for the past fiscal year. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — XTI Aerospace, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a significant amount of financial and operational detail, but lacks specific forward-looking financial projections or performance metrics in this excerpt.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand XTI Aerospace's current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-16 — Filing Date (Filed as of date)
• 150 — Public Document Count (Number of documents in the filing)
• 001-36404 — SEC File Number (SEC file number for the company)

Key Players & Entities

• XTI Aerospace, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-04-16 (date) — Filing date
• NV (jurisdiction) — State of incorporation
• Englewood, CO (location) — Business address city and state
• 0001529113 (company) — Central Index Key
• 7371 (industry) — Standard Industrial Classification
• INPIXON (company) — Former company name

FAQ

Industry Context

XTI Aerospace, Inc. operates within the Services-Computer Programming Services industry (SIC code 7371).

Regulatory Implications

The filing is a 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Access and review the complete 10-K filing for XTI Aerospace, Inc. for the fiscal year ended December 31, 2023.
2. Analyze the financial statements, including balance sheets, income statements, and cash flow statements, to understand the company's financial health.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into the company's performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-04-16: Filing Date — Date XTI Aerospace, Inc. submitted its 10-K report.

Year-Over-Year Comparison

This is the initial 10-K filing excerpt provided, so a comparison to a previous filing is not possible with the given data.

Key Financial Figures

• $0.001 — is registered Common Stock, par value $0.001 XTIA The Nasdaq Stock Market LLC Sec
• $0 — and outstanding common stock, par value $0.001, at a ratio of 1-for-75, effective
• $28.3 billion — ter shipments billings at approximately $28.3 billion for 2023, an approximate 3.4% increase
• $7.0 billion — ns represent the potential of more than $7.0 billion in future gross revenue upon delivery o
• $10 million — aft, based on our current list price of $10 million per aircraft assuming we are able to ex
• $20 million — ian fixed-wing VTOL aircraft is between $20 million and $30 million. The TriFan 600's $10
• $30 million — TOL aircraft is between $20 million and $30 million. The TriFan 600's $10 million base pr
• $6.5 million — ase price falls within the price range ($6.5 million - $12 million) for many of the business
• $12 million — within the price range ($6.5 million - $12 million) for many of the business airplanes wit
• $5.5 million — above the initial purchase price range ($5.5 million to $8.2 million) for helicopters with w
• $8.2 million — l purchase price range ($5.5 million to $8.2 million) for helicopters with whom the TriFan 6

Filing Documents

• inpx-20231231.htm (10-K) — 3924KB
• exhibit226-superflyxamendm.htm (EX-2.26) — 22KB
• exhibit413-descriptionofre.htm (EX-4.13) — 20KB
• exhibit420-xti2023brodybri.htm (EX-4.20) — 48KB
• exhibit421-xtibrody125000n.htm (EX-4.21) — 13KB
• exhibit422-brodyreplacemen.htm (EX-4.22) — 31KB
• exhibit423-xtibrodypromiss.htm (EX-4.23) — 10KB
• exhibit424-xtibrodypromiss.htm (EX-4.24) — 13KB
• exhibit425-formofwarrantse.htm (EX-4.25) — 115KB
• exhibit426-formofwarrantse.htm (EX-4.26) — 122KB
• exhibit427-xtiformofwarran.htm (EX-4.27) — 45KB
• exhibit428-xtiformofreplac.htm (EX-4.28) — 51KB
• exhibit429-xtiwarrantcount.htm (EX-4.29) — 75KB
• exhibit430-xtiformofwarran.htm (EX-4.30) — 47KB
• exhibit431-amendmentcounte.htm (EX-4.31) — 14KB
• exhibit1085-xtipomeroycons.htm (EX-10.85) — 46KB
• exhibit1086-xticfoconsulti.htm (EX-10.86) — 85KB
• exhibit1087-xtiemploymenta.htm (EX-10.87) — 79KB
• exhibit211-listofsubsidiar.htm (EX-21.1) — 7KB
• exhibit231-marcumconsent20.htm (EX-23.1) — 3KB
• exhibit311-inpxx20231231.htm (EX-31.1) — 9KB
• exhibit312-inpxx20231231.htm (EX-31.2) — 9KB
• exhibit321-certification20.htm (EX-32.1) — 5KB
• exhibit971-xtiaclawbackpol.htm (EX-97.1) — 32KB
• image_01.jpg (GRAPHIC) — 5KB
• image_12.jpg (GRAPHIC) — 6KB
• inpx-20231231_g1.jpg (GRAPHIC) — 169KB
• inpx-20231231_g2.jpg (GRAPHIC) — 394KB
• 0001628280-24-016449.txt (&nbsp;) — 19718KB
• inpx-20231231.xsd (EX-101.SCH) — 131KB
• inpx-20231231_cal.xml (EX-101.CAL) — 162KB
• inpx-20231231_def.xml (EX-101.DEF) — 802KB
• inpx-20231231_lab.xml (EX-101.LAB) — 1326KB
• inpx-20231231_pre.xml (EX-101.PRE) — 1046KB
• inpx-20231231_htm.xml (XML) — 2388KB

: RISK FACTORS

ITEM 1A: RISK FACTORS 11

: UNRESOLVED STAFF COMMENTS

ITEM 1B: UNRESOLVED STAFF COMMENTS 51

C : C YBERSECURITY

ITEM 1 C : C YBERSECURITY 52

: PROPERTIES

ITEM 2: PROPERTIES 52

: LEGAL PROCEEDINGS

ITEM 3: LEGAL PROCEEDINGS 52

: MINE SAFETY DISCLOSURES

ITEM 4: MINE SAFETY DISCLOSURES 53 PART II 54

: MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5: MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 54

: [RESERVED]

ITEM 6: [RESERVED] 54

: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 54

: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 82

: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F- 1

: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 66

: CONTROLS AND PROCEDURES

ITEM 9A: CONTROLS AND PROCEDURES 66

: OTHER INFORMATION

ITEM 9B: OTHER INFORMATION 67

: DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C: DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 67 PART III 68

: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 68

: EXECUTIVE COMPENSATION

ITEM 11: EXECUTIVE COMPENSATION 74

: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 84

: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 86

: PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES 90 PART IV 92

: EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15: EXHIBITS, FINANCIAL STATEMENT SCHEDULES 92

: FORM 10-K SUMMARY

ITEM 16: FORM 10-K SUMMARY 92 SIGNATURE 93 i Table of Content s ii Table of Content s SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION CONTAINED IN THIS REPORT This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by looking for words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "would," "should," "could," "may," or other similar expressions in this report. In particular, these include statements relating to future actions; prospective products, anticipated expenses, applications, customers and technologies; future performance or results of anticipated products; and projected expenses and financial results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: our history of losses; our ability to achieve or maintain profitability in the future; our limited operating history with recent acquisitions; the possibility that anticipated tax treatment and benefits of the spin-off of our enterprise apps business and any other strategic transaction that we undertake may not be achieved; risks related to the spin-off of our enterprise apps business, business combination with

: BUSINESS

ITEM 1: BUSINESS Introduction Following the closing of the XTI Merger, we are primarily an aircraft development company. We also provide real-time location systems ("RTLS") for the industrial sector, which was our focus prior to the closing of the XTI Merger. Headquartered in Englewood, Colorado, the Company is developing a vertical takeoff and landing ("VTOL") aircraft that takes off and lands like a helicopter and cruises like a fixed-wing business aircraft. We believe our initial configuration, the TriFan 600, will be one of the first civilian fixed-wing VTOL aircraft that offers the speed and comfort of a business aircraft and the range and versatility of VTOL for a wide range of customer applications, including private aviation for business and high net worth individuals, emergency medical services, and commuter and regional air travel. Since 2013, we have been engaged primarily in developing the design and engineering concepts for the TriFan 600, building and testing a two-thirds scale unmanned version of the TriFan 600, generating pre-orders for the TriFan 600, and seeking funds from investors to enable the Company to build full-scale piloted prototypes of the TriFan 600, and to eventually engage in commercial development of the TriFan 600. Our RTLS solution leverages cutting-edge technologies such as IoT, AI, and big data analytics to provide real-time tracking and monitoring of assets, machines, and people within industrial environments. With our RTLS, businesses can achieve improved operational efficiency, enhanced safety and reduced costs. By having real-time visibility into operations, industrial organizations can make informed, data-driven decisions, minimize downtime, and ensure compliance with industry regulations. Our full-stack industrial IoT solution provides end-to-end visibility and control over a wide range of assets and devices. It is designed to help organizations optimize their operations and gain a competitive edge in today's data-d

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View this 10-K filing on SEC EDGAR