XTI Aerospace, Inc. today provided a business update and announced the scheduled filing of its quarterly report on Form 10-Q for the quarter ended September 30, 2024.

"We are making steady progress as it relates to the development of the TriFan 600, a fixed-wing, vertical lift crossover airplane uniquely designed to meet the needs of the evolving aviation industry and its customers," commented Scott Pomeroy, CEO of XTI Aerospace. "We are nearing the completion of our conceptual design review phase, which will represent a significant milestone in our journey toward commercialization. This progress underscores our commitment to thorough planning and innovation. Importantly, we anticipate transitioning into the preliminary design review stage in early 2025, where we will refine our designs and further develop our engineering solutions.

"Supporting this progress, we have successfully launched Version 1.9 of our Flight Transition Simulator (FTS). This advanced simulator is important for optimizing the transition between vertical lift and wing-borne flight, a key feature of the TriFan 600. The recent update includes One-Engine-Inop (OEI) capabilities, which enables realistic simulations of engine-out scenarios during critical flight phases. We believe such enhancements will significantly bolster the simulator's accuracy and reliability, ensuring that our future operators are well-prepared for any operational challenge.

"In addition, the Federal Aviation Administration recently published its Special Federal Aviation Regulation, establishing a regulatory framework for powered-lift operations. We believe this ruling represents a critical milestone for the aviation industry's evolution toward safer, more efficient vertical takeoff and landing operations. We look forward to the transformative impact we expect this framework will bring to urban mobility and regional transportation including the TriFan 600.

"Moreover, we have made significant strides in enhancing our leadership team. First, we formed a Corporate Advisory Board comprised of industry veterans and thought leaders, bringing on Michael Tapp as Chairman, and adding Javier de la Peña, Strategy and Operations Executive at Woven by Toyota, a Toyota Motor Corporation Group Company, as well as others to the group. These members will provide invaluable insights and guidance on the Company's growth strategy, which we expect to help us capitalize on emerging trends and opportunities in the aerospace sector. Additionally, Tobin Arthur has joined the team as Chief Strategy Officer. Tobin has a proven track record in strategic planning and business development, and is focusing on refining our strategic initiatives, expanding market reach, and fostering relationships with key stakeholders. Overall, we are very proud of the progress we have made and look forward to reporting on additional developments in the near-term."

The Company's quarterly report on Form 10-Q for the quarterly period ended September 30, 2024, is scheduled to be filed with the U.S. Securities and Exchange Commission today. The Form 10-Q will also be available on the Company's website.