Revenue growth of 56.2% in 2026Q1 is overshadowed by a sharp contraction in gross margins to 18.6% and a persistent operating margin of -37.5%.
XTI Aerospace, Inc. (XTIA) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 49.7M | 22.49M | 3.2M | 0 | 6.11M | 15.99M | 9.3M | 6.3M | 3.76M | 3.94M | 53.17M |
| Revenue Growth % | 1333.99% | 602.37% | - | -100% | -61.81% | 72.04% | 47.55% | 67.76% | -4.55% | -92.6% | - |
| Cost of Goods Sold | 39.97M | 17.57M | 1.94M | 38K | 3.01M | 8.84M | 6.24M | 6.76M | 5.86M | 6.03M | 42.57M |
| COGS % of Revenue | - | 78.12% | 60.46% | - | 49.24% | 55.27% | 67.09% | 107.27% | 156.1% | 153.19% | 80.06% |
| Gross Profit | 9.73M | 4.92M | 1.27M | -38K | 3.1M | 7.15M | 3.06M | -458K | -2.11M | -2.09M | 10.6M |
| Gross Margin % | 19.58% | 21.88% | 39.54% | - | 50.76% | 44.73% | 32.91% | -7.27% | -56.1% | -53.19% | 19.94% |
| Gross Profit Growth % | - | 288.7% | 3431.58% | -101.23% | -56.65% | 133.79% | 768.12% | 78.26% | -0.67% | -119.75% | - |
| Operating Expenses | 51.22M | 45.89M | 29.25M | 5.71M | 20.45M | 56.39M | 28.17M | 29.7M | 15.55M | 12.35M | 27.12M |
| OpEx % of Revenue | - | 204.06% | 913.46% | - | 334.72% | 352.54% | 302.97% | 471.39% | 414.03% | 313.72% | 51.01% |
| Selling, General & Admin | 44.16M | 38.45M | 25.25M | 4.33M | 16.27M | 14.63M | 21.64M | 3.36M | 1.76M | 2.52M | 283.81K |
| SG&A % of Revenue | - | 170.96% | 788.66% | - | 266.3% | 91.47% | 232.81% | 53.29% | 46.74% | 64.16% | 0.53% |
| Research & Development | 4.72M | 5.24M | 4M | 1.38M | 4.48M | 14.12M | 6.52M | 3.89M | 1.23M | 964K | 2.28M |
| R&D % of Revenue | - | 23.3% | 124.8% | - | 73.4% | 88.28% | 70.16% | 61.78% | 32.77% | 24.5% | 4.28% |
| Other Operating Expenses | 1.34M | 2.21M | 0 | 0 | -304K | 27.64M | 0 | 22.45M | 12.56M | 8.86M | 24.56M |
| Operating Income | -41.49M | -40.97M | -27.98M | -5.74M | -17.35M | -49.23M | -25.11M | -30.16M | -17.66M | -14.44M | -16.52M |
| Operating Margin % | -83.48% | -182.18% | -873.92% | - | -283.96% | -307.81% | -270.05% | -478.65% | -470.13% | -366.91% | -31.08% |
| Operating Income Growth % | - | -46.42% | -387.17% | 66.89% | 64.77% | -96.1% | 16.75% | -70.8% | -22.3% | 12.62% | - |
| EBITDA | -40.51M | -40.32M | -27.01M | -5.71M | -14.38M | -42.11M | -21.48M | -25.01M | -12.87M | -9.64M | -10.86M |
| EBITDA Margin % | -81.51% | -179.3% | -843.57% | - | -235.39% | -263.25% | -231.07% | -396.92% | -342.68% | -245.03% | -20.43% |
| EBITDA Growth % | -17.81% | -49.29% | -373.38% | 60.32% | 65.85% | -96% | 14.1% | -94.31% | -33.49% | 11.24% | - |
| D&A (Non-Cash Add-back) | 982K | 649K | 972K | 38K | 2.97M | 7.13M | 3.62M | 5.15M | 4.79M | 4.8M | 5.66M |
| EBIT | -71.7M | -52.78M | -34.42M | -20.34M | -19.26M | -71.54M | -25.11M | -30.16M | -17.66M | -14.44M | -16.52M |
| Net Interest Income | 101K | -270K | -799K | -4.73M | -600K | -691.93K | -2.43M | -1.98M | -3.97K | -1.88M | -1.74M |
| Interest Income | 0 | 0 | 364K | 0 | 0 | 0 | 0 | 300.85K | 1.24M | 0 | 0 |
| Interest Expense | -101K | 270K | 1.16M | 4.73M | 600K | 691.93K | 2.43M | 2.28M | 1.24M | 1.88M | 1.74M |
| Other Income/Expense | -30.41M | -12.07M | -7.6M | -19.32M | -2.52M | -22.31M | -4.16M | -4.41M | -2.13M | -3.64M | -10.22M |
| Pretax Income | -71.91M | -53.05M | -35.59M | -25.07M | -19.86M | -71.54M | -29.27M | -34.57M | -19.78M | -18.08M | -26.75M |
| Pretax Margin % | -144.67% | -235.86% | -1111.4% | - | -325.14% | -447.28% | -314.83% | -548.58% | -526.7% | -459.49% | -50.3% |
| Income Tax | 3.57M | -10K | 16K | 0 | -181K | -1.41M | -56K | -584K | 0 | 0 | 0 |
| Effective Tax Rate % | -4.97% | 0.02% | -0.04% | 0% | 0.91% | 1.97% | 0.19% | 1.69% | 0% | 0% | 0% |
| Net Income | -91.2M | -68.76M | -35.6M | -25.07M | -63.39M | -69.16M | -29.23M | -33.99M | -24.57M | -35.01M | -27.11M |
| Net Margin % | -183.5% | -305.74% | -1111.9% | - | -1037.71% | -432.35% | -314.39% | -539.45% | -654.21% | -889.78% | -51% |
| Net Income Growth % | -98.81% | -93.13% | -42.04% | 60.46% | 8.33% | -136.6% | 14.01% | -38.33% | 29.82% | -29.13% | - |
| Net Income (Continuing) | -75.48M | -53.04M | -35.6M | -25.07M | -19.68M | -70.13M | -29.21M | -33.98M | -19.78M | -18.08M | -26.75M |
| Discontinued Operations | 0 | -15.46M | 0 | 0 | -46.62M | 0 | 0 | 0 | -4.78M | -16.95M | -758K |
| Minority Interest | 10.28M | 10.01M | 0 | 390K | -1.18M | 1.69M | 41K | 26K | 18K | -2.01M | -2M |
| EPS (Diluted) | -2.58 | -4.24 | -162.77 | -1576.48 | -2.82 | -126.36 | -7611.60 | -26.73 | -24.93 | -21.32 | -0.01 |
| EPS Growth % | 98.4% | 97.4% | 89.68% | -55803.55% | 97.77% | 98.34% | -28375.87% | -7.22% | -16.93% | -180577.97% | - |
| EPS (Basic) | - | -4.24 | -162.77 | -1576.48 | -2.82 | -126.36 | -7611.60 | -26.73 | -24.93 | -21.32 | -0.01 |
| Diluted Shares Outstanding | 35.28M | 16.34M | 227.19K | 15.9K | 167.43K | 146K | 38.4K | 146.4K | 152.37K | 149.78K | 36.43M |
| Basic Shares Outstanding | 35.28M | 16.34M | 218.73K | 15.9K | 167.43K | 146K | 38.4K | 146.4K | 152.37K | 149.78K | 36.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XTIA stock.
For fiscal year 2025, XTI Aerospace, Inc. (XTIA) reported total revenue of $22.5M. This represents a 57.7% decline compared to $53.2M in 2016.
XTI Aerospace, Inc. (XTIA) reported a net loss of $68.8M for the fiscal year ending 2025.
XTI Aerospace, Inc. (XTIA) reported an operating income of $-41.0M, resulting in an operating profit margin of -182.2%. This margin reflects the operational efficiency of the business before interest and taxes.
XTI Aerospace, Inc. (XTIA) generated $4.9M in gross profit for the year, representing a gross profit margin of 21.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Capital intensive certification timeline
Metrics are mathematically derived from official filings.
Revenue Surge Masks Structural Challenges
According to the latest quarterly data, XTIA reported a 56.2% revenue increase to $27.7M, yet this growth appears heavily influenced by the recent Inpixon merger rather than organic expansion of the core aerospace business, which remains in the pre-revenue development phase for its TriFan 600 aircraft.
The sharp uptick in top-line figures reflects the consolidation of legacy RTLS operations rather than commercial traction for the company's primary aerospace product. Investors should monitor whether this legacy revenue can provide a sustainable bridge to commercialization or if it merely obscures the lack of organic growth in the aerospace segment.
Margin Compression Reflects Development Costs
As reported in financial statements, the company's gross margin contracted to 18.6% in 2026Q1, down significantly from the 80.5% peak observed in 2025Q2, highlighting the increasing cost burden associated with scaling operations and the inherent volatility of the legacy hardware-heavy business model.
The erosion of gross margins suggests that the company is struggling to maintain profitability within its legacy RTLS segment while simultaneously absorbing the overhead of aerospace development. This trend warrants further investigation into whether the current cost structure is sustainable or if it will continue to weigh on the bottom line.
Operating Leverage Remains Deeply Negative
Based on reported figures, XTIA's operating margin of -37.5% in 2026Q1 demonstrates a persistent inability to achieve operating leverage, as SG&A expenses continue to dwarf gross profit, leaving the company heavily reliant on external capital to sustain its ongoing research and development initiatives.
The persistent gap between gross profit and operating expenses indicates that the company is far from achieving the scale necessary to cover its fixed cost base. This suggests that any future improvement in operating income will likely require a fundamental shift in the business model rather than incremental efficiency gains.
R&D Spending Drives Cash Burn
As indicated by the income statement, the company's aggressive investment in aerospace engineering is reflected in the significant operating losses, which reached $10.4M in 2026Q1, underscoring the high-risk nature of the TriFan 600 development program and the substantial capital requirements for FAA certification.
The company's cost structure is dominated by R&D and SG&A, which are essential for long-term viability but currently act as a drag on financial performance. Management's ability to control these costs while navigating the complex regulatory environment will be a critical factor in determining the company's long-term solvency.