Free cash flow remains deeply negative at -$10.6 million for 2026Q1, reflecting a reliance on external capital to fund operations as the OCF/NI ratio remains weak at 0.30.
| Cash from Operations | -31.82M | -36.61M | -22.31M | -4.18M | -33.96M | -37.13M | -20.6M | -10.66M | -26.77M | 2.25M | -2.79M |
| Operating CF Margin % | - | -162.79% | -696.66% | - | -555.95% | -232.14% | -221.59% | -169.26% | -712.59% | 57.15% | -5.24% |
| Operating CF Growth % | -3.22% | -64.12% | -433.53% | 87.69% | 8.53% | -80.24% | -93.16% | 60.15% | -1290.08% | 180.75% | - |
| Net Income | -91.2M | -68.49M | -35.6M | -25.07M | -16.77M | -18.45M | -29.23M | -33.99M | -19.79M | -18.06M | -26.36M |
| Depreciation & Amortization | 843K | 649K | 972K | 2.15M | 539.56K | 7.13M | 3.62M | 5.15M | 4.79M | 4.8M | 5.66M |
| Stock-Based Compensation | 7.07M | 12.05M | 4.12M | 1.64M | -6.22M | 12.47M | 0 | 2.46M | 1.12M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 2.59M | -1K | -2.59M | -87K | -584K | 0 | 0 | 0 |
| Other Non-Cash Items | 39.56M | 20.4M | 672K | 12.16M | -11.51M | -36.5M | 8.32M | 14.58M | 14.54M | -4.74M | 10.38M |
| Working Capital Changes | 1.64M | -1.22M | 7.53M | 2.34M | -4K | 819.44K | -3.23M | 1.72M | -9.24M | 15.46M | 9.28M |
| Change in Receivables | 2.19M | -1.99M | -18K | 26K | -115K | -249.6K | -964K | 46K | 744K | 8.71M | 2.97M |
| Change in Inventory | -1.36M | 2.62M | 611K | 0 | -565K | 0 | -117K | 171K | 222K | 270K | -305K |
| Change in Payables | -3.77M | -2.54M | 346K | 1.27M | 182K | 0 | -1.81M | 1.19M | -8.45M | 5.41M | 6.91M |
| Cash from Investing | -19.54M | -18.76M | 2.85M | -17K | 36.39M | -53.51M | -23.51M | -5.11M | -1.43M | -1.32M | -2.67M |
| Capital Expenditures | -301K | -215K | -68K | -357K | -1.19M | -1.37M | -1.83M | -1.02M | -892K | -1.35M | -2.1M |
| CapEx % of Revenue | 0.61% | 0.96% | 2.12% | - | 19.53% | 8.56% | 19.73% | 16.12% | 23.75% | 34.43% | 3.95% |
| Acquisitions | -17.24M | -16.55M | 2.97M | 0 | 0 | -16.78M | 311K | -4.09M | -175K | 37K | -564K |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -47K | 17K | -150K | 0 | 0 | 0 | -362K | 0 | 0 |
| Cash from Financing | 58.55M | 68.21M | 23.56M | 4.09M | -34.59M | 125.04M | 57.26M | 19.41M | 29M | -2.66M | 3.19M |
| Debt Issued (Net) | -11.1M | -15.89M | 2.14M | 3.86M | 580K | 2.54M | 2.41M | -1.11M | 2.24M | -9.24M | -3.54M |
| Equity Issued (Net) | 69.65M | 82.67M | 1.21M | 224K | -41.45M | 128.44M | 55.35M | 20.73M | 28.96M | 6.58M | 1.73M |
| Dividends Paid | 0 | 0 | 0 | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1.43M | -795K | 0 | -102.45M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 1.43M | 20.21M | 10M | 6.29M | -5.94M | -500K | -210K | -2.2M | 0 | 5M |
| Net Change in Cash | 7.18M | 12.81M | 4.1M | -9.28M | -43.2M | 34.48M | 13.15M | 3.77M | 889K | -1.7M | -2.26M |
| Free Cash Flow | -32.12M | -36.83M | -22.42M | -4.18M | -35.16M | -38.5M | -22.43M | -11.68M | -27.66M | 894K | -4.89M |
| FCF Margin % | -64.63% | -163.74% | -700.25% | - | -575.48% | -240.7% | -241.31% | -185.38% | -736.34% | 22.72% | -9.19% |
| FCF Growth % | 8.6% | -64.24% | -435.9% | 88.1% | 8.69% | -71.61% | -92.06% | 57.76% | -3193.62% | 118.3% | - |
| FCF per Share | -0.91 | -2.25 | -98.69 | -263.14 | -209.98 | -263.70 | -584.24 | -79.79 | -181.51 | 5.97 | -999999.00 |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.53x | 0.63x | 0.17x | 0.54x | 0.54x | 0.70x | 0.31x | 1.09x | -0.06x | 0.10x |
| Interest Paid | 48K | 329K | 61K | 17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 14K | 14K | 16K | 17K | 125K | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensive certification timeline
According to recent financial filings, XTIA's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating significantly, reaching a low of 0.07 in 2023Q4, which suggests that reported earnings are not currently supported by meaningful cash generation from the company's core legacy operations.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are being exacerbated by cash-intensive operational requirements. Investors should monitor whether this divergence narrows as the legacy business matures or if it remains a permanent feature of the aerospace development phase.
As reported in financial statements, XTIA's free cash flow trajectory remains deeply negative, with quarterly outflows reaching $10.6 million in 2026Q1, a trend that underscores the company's reliance on external financing to fund the TriFan 600 program while legacy revenue fails to offset development costs.
The consistent negative FCF margins, which hit -38.2% in the most recent quarter, suggest that the company is in a high-burn phase typical of pre-revenue aerospace ventures. This trajectory warrants further investigation into the sustainability of current cash reserves given the lack of organic FCF generation.
Based on reported figures, working capital changes have been highly erratic, swinging from a $5.0 million inflow in 2025Q4 to a $2.8 million outflow in 2026Q1, which suggests that the company's cash position is sensitive to the timing of legacy business collections and inventory management.
This volatility may indicate challenges in managing the cash conversion cycle within the legacy RTLS segment. Analysts should interpret these fluctuations as a potential risk to short-term liquidity, as the company lacks the operational scale to absorb significant working capital swings.
As indicated by recent SEC filings, XTIA's capital deployment has been characterized by minimal investment in growth-oriented assets and a reliance on cash for operational survival, with acquisition-related outflows of $16.5 million in 2025Q4 highlighting the company's strategy of inorganic expansion to bolster its balance sheet.
The lack of significant share repurchases or dividend payments is expected given the company's current stage, but the focus on acquisitions suggests management is attempting to buy scale. Investors should monitor whether these capital allocations provide the intended synergies or merely increase the company's overall cash burn.
Quick answers to the most common questions about buying XTIA stock.
XTI Aerospace, Inc. (XTIA) generated $-36.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
XTI Aerospace, Inc. (XTIA) reported negative free cash flow of $36.8M in 2025, indicating capital requirements exceeded cash from operations.
XTI Aerospace, Inc. (XTIA) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, XTI Aerospace, Inc. (XTIA) spent $1.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.