XTI Aerospace : 1Q 2026 Earnings Presentation (A 1QFY2026 Earnings PPT FINAL)

Published: 2026-05-14 08:54:10 ET XTIA

Published on 05/14/2026 at 08:54 am EDT

EARNINGS PRESENTATION Check out the XTI

Aerospace Website

2026 GAAP Reported Results 2025 Pro Forma Results

Q1 2026 GAAP Results

Q1 2025 Pro Forma*

$27.7m

Revenue

$5.1m

Gross Profit

18.6%

Gross Profit %

$30.6m

Revenue

$7.2m

Gross Profit

23.6%

Gross Profit %

Includes Inpixon results excluded & reflected in disc. ops

Includes Drone Nerds as if the acquisition had occurred as of January 1, 2024(1)

*For purposes of this presentation, the Company defines "pro forma" as unaudited supplemental combined financial information.

(1)For information on unaudited supplemental combined financial information presented, see the section titled "Unaudited Supplemental Combined Financial Information" in this press release.

As of May 14, 2026

Total Common Shares Outstanding 38,477,78G

UMAC Pre-Funded Warrant Shares1

15,307,735

Class B Units (Restricted)2

6,524,576

Total Common Including PFW G Class B

60,310,100

Warrant Shares @ $2.00 exercise price

19,608,892

Warrant Shares @ $16.37 weighted average exercise price

1,641,117

Total Fully Diluted Shares less ESIP

81,560,10G

Employee Stock Incentive Plan

18,221,282

Total Fully Diluted Shares Outstanding

GG,781,3G1

1The Pre-Funded Warrant issued to UMAC to purchase 15,307,735 shares of common stock has an exercise price of $0.0001 per share and is immediately exercisable and may be exercised at any time until it is exercised in full, subject to beneficial ownership limitations.

2The Class B Units are exchangeable at any time after May 1, 2026 for shares of common stock on a one-for-one basis. In addition, on the date that is 15 months after November 10, 2025, all outstanding Class B Units will automatically be exchanged for shares of common stock on a one-for-one basis, subject to adjustments.

FY26 Revenue Plan

$160M+

FY26 Drone Nerds EBITDA* Margin

9% to 10%

FY26 EOY Estimated ABL Availability as of 12/31/26

$5M to $10M

FY26 Gross Profit % of Revenue

19% to 21%

30%+ Revenue growth rate expected

Revenue per employee > $1.2M

2H FY26 Consolidated Adjusted EBITDA

$2M to $3M+

Positive Cashflow Achieved by

Q3 FY26

Capital raise other than acquisitions not anticipated

FY26 EOY Cash

> $15M to $17M

Headcount

129 to 135

*earnings before interest, income taxes, depreciation and amortization

Q & A

Reg G Reconciliations

Unaudited Supplemental Combined Financial Information

The Company has provided unaudited supplemental financial information of the combined company in its earnings press release. Such financial information combines XTI and Drone Nerds historical operating results as if the businesses had been operated together on a combined basis during prior periods. This financial information is intended to illustrate the current operating footprint of the Company following the acquisition of Drone Nerds and divestiture of the Company's Industrial IoT / Real-Time Location Systems business.

For the avoidance of doubt, the unaudited supplemental combined financial information was not prepared in accordance with Article 11 of Regulation S-X and differs from the unaudited pro forma condensed combined financial information included in the Pro Forma 8-K/A filing dated February 9, 2026 filed with the SEC (the "Pro Forma 8-K Filing"), which was prepared in accordance with Article 11 of Regulation S-X. Accordingly, the unaudited supplemental combined financial information was not prepared in accordance with Article 11 of Regulation S-X and is presented for illustrative purposes to assist investors in understanding the operational performance of the combined business, timing and operational impact of the acquisition, and integration of the combined business, and should not be considered a substitute for the pro forma financial information included in the Company's prior filings prepared in accordance with Article 11 of Regulation S-X.

Consequently, the unaudited supplemental combined financial information is intentionally different from, but does not supersede, the pro forma financial information set forth in the Pro Forma 8-K Filing or the pro forma financial information set forth in the Company's most recent annual report on Form 10-K

In addition, the unaudited supplemental combined financial information does not purport to indicate the results that actually would have been obtained had the companies been operated together during the periods presented, or which may be realized in the future. The unaudited supplemental combined financial information has no impact on XTI or Drone Nerds previously reported consolidated balance sheets or statements of operations, cash flows or equity.

For the Three Months Ended March 31, 2025

($ In thousands)

Ǫ1 2025 GAAP

Drone Nerds Pre-Acquisition Activity

Transaction Accounting Adjustment

Ǫ1 2025 Pro

Forma

Revenues

30,587

Cost of revenues

23,359

Gross profit

7,228

Operating expenses

8,203

3,177

201

11,581

(Loss) income from operations

(8,203)

4,051

(201)

(4,353)

Other expense

(2,495)

(246)

(186)

(2,927)

Net (loss) income before tax

(10,698)

3,805

(387)

(7,280)

Income tax benefit

Net (loss) income

(10,683)

3,805

(387)

(7,265)

A - Amortization of the purchase price allocation for intangible assets identified for Drone Nerds

B - Interest on the promissory notes issued as part of the Drone Nerds acquisition consideration

EBITDA and Adjusted EBITDA

XTI Aerospace defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non-cash stock-based compensation expense; (ii) severance and restructuring changes; (iii) change in the fair value of fair value of warrant liability; and (iv) selected charges that are unusual or non-reoccurring.

The Company believes that EBITDA and Adjusted EBITDA financial measures assist our board of directors, management, investors, and lenders in comparing our operating performance and establishing operational goals on a consistent basis across periods by removing the effects of our capital structure and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. EBITDA and Adjusted EBITDA are non-GAAP financial measures and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The most comparable GAAP financial measures, net income, and information reconciling the GAAP and non-GAAP financial measures are included in the table on slide 11:

For the Three Months Ended March 31, 2025 G 2026

($ In thousands)

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Net loss from continuing operations, net of tax, as reported (GAAP)

(31,746)

(10,683)

Interest expense, net

154

217

Income tax benefit

(15)

Depreciation and amortization

279

EBITDA

(31,313)

(10,462)

Non-cash stock-based compensation

4,675

412

Severance and restructuring changes

263

Change in fair value of warrant liability

21,447

(503)

Selected charges that are unusual or non-recurring

2,781

Adjusted EBITDA

(4,G28)

(7,772)

A - Consists of warrant issuance expense, change in fair value of investment, and loss on debt extinguishment

EBITDA and Adjusted EBITDA

For the Three Months Ended March 31, 2026 and December 31, 2025

($ In thousands)

Three Months Ended March 31, 2026

Three Months Ended December 31, 2025

Net loss from continuing operations, net of tax, as reported (GAAP)

(31,746)

(14,355)

Interest expense, net

154

Income tax benefit

(4)

Depreciation and amortization

279

165

EBITDA

(31,313)

(14,143)

Non-cash stock-based compensation

4,675

4,405

Severance and restructuring changes

263

Change in fair value of warrant liability

21,447

(2,684)

Selected charges that are unusual or non-recurring

2,039

Adjusted EBITDA

(4,G28)

(10,383)

A - Consists of warrant issuance expense, change in fair value of investment, and loss on debt extinguishment

Thank You

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Disclaimer

XTI Aerospace Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 12:53 UTC.