10-Q · May 14, 2026
XTI Aerospace reported significant revenue growth in Q1 2026, achieving $27.7 million compared to zero revenue in Q1 2025, attributed to the acquisition of Drone Nerds. However, the company faced a net loss of $31.7…
Earnings analysis · 10-Q
XTIA earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
The filing provides no current-quarter revenue, margin, EPS, cash-flow, or segment results in the supplied text, but its principal message is worsening financial and listing risk. XTI reported a $(25.6) million…
Read full summary
The filing provides no current-quarter revenue, margin, EPS, cash-flow, or segment results in the supplied text, but its principal message is worsening financial and listing risk. XTI reported a $(25.6) million stockholders' deficit, approximately $8.4 million of JPMorgan borrowings subject to unwaived cross-defaults, and a $1.5 million missed Seller Note payment. Although the company obtained a temporary waiver and raised $1.0 million from selling part of a note receivable, liquidity remains highly constrained and Nasdaq delisting risk is acute.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls deemed effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026. The filing also states there were no material changes to internal controls during the quarter.
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Generated $1.0 million of cash
On October 20, 2026, the company sold $1.0 million of principal of its Valkyrie convertible note for $1.0 million in cash, providing near-term liquidity.
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Temporary Seller Note waiver secured
The company obtained a temporary waiver covering approximately $4.5 million of Seller Note principal. The waiver period ends no later than December 31, 2026.
What to watch
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Debt defaults threaten liquidity
XTI Drones Holdings missed $1.5 million of scheduled Seller Note principal payments on September 30, 2026. The missed payments triggered cross-defaults under the JPMorgan credit facility, which had approximately $8.4 million outstanding as of October 16, 2026; JPMorgan had not waived the defaults.
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Severe Nasdaq equity deficiency
The company reported a stockholders' deficit of $(25.6) million as of June 30, 2026, versus Nasdaq's $2.5 million stockholders' equity requirement. The company also stated that its listed securities had a market value of approximately $31 million, below the $35 million alternative threshold.
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Potential Nasdaq delisting
The stock's closing bid price was below $1.00 from September 23, 2026 and was $0.80 on October 16, 2026. If it remained below $1.00 through November 3, 2026, the company expected to fail Nasdaq's minimum bid-price requirement and, because of its prior 1-for-250 reverse split on January 10, 2025, would be ineligible for the automatic 180-day compliance period.
Management's outlook
The provided 10-Q text does not contain quantitative revenue or EPS guidance. Prior 2026 guidance had been withdrawn, according to the prior 8-K analysis.
Earlier filings 4
10-K · April 15, 2026
XTI Aerospace completed a strategic transformation in 2024–2026, acquiring Drone Nerds (Nov 2025) and selling its legacy Inpixon Business (completed Feb 2026) to concentrate on scaling a revenue-generating UAS solutions…
10-Q · November 19, 2025
XTI reported Q3 revenue of $2,484,000 (reported as $2,484 in the filing, in thousands), up materially from $918,000 in Q3 2024, while reporting a net loss attributable to common stockholders of $(13,446,000) (net loss…
10-K · April 15, 2025
XTI Aerospace is primarily developing the TriFan 600 VTOL airplane while continuing to sell RTLS (Indoor Intelligence) products and services. The company reported a much larger operating loss in 2024 ("net loss from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.