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XTI Aerospace Inc. (XTIA-7.71%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $918,000, with no revenue reported in the same quarter of the previous year.
Cost of revenues for the quarter was $398,000, resulting in a gross profit of $520,000.
Research and development expenses were $1,228,000, with $619,000 attributed to the Commercial Aviation segment and $609,000 to the Industrial IoT segment.
General and administrative expenses were $2,293,000, a significant increase from the previous year, due to consulting arrangements and public company-related professional fees.
The company reported a net loss of $4,435,000 for the quarter, compared to a net loss of $2,703,000 in the same quarter of the previous year.
Cash used in operating activities was $14,305,000 for the nine months ended September 30, 2024, with cash provided by investing and financing activities amounting to $2,875,000 and $11,928,000, respectively.
XTI Aerospace had a working capital deficit of $11,905,000 as of September 30, 2024.
The filing details various financial agreements, including a note purchase agreement with Streeterville Capital, LLC.
The company continues to focus on the development of the TriFan 600 aircraft and its Industrial IoT solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the XTI Aerospace Inc. Common Stock quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.