XTI Aerospace reports Q1; cash up $3.9M; eliminates legacy debt; FAA cert application accepted

XTI Aerospace, Inc.

Cash and equivalents rose ~$3.9M to ~$8M; net working capital up ~$8.9M.
Legacy secured promissory notes and Series 9 Preferred Stock fully repaid/ redeemed; interest-bearing debt now <$0.1M.
Industrial IoT segment revenues more than doubled YoY; TriFan 600 Type Certification application accepted by FAA on March 17.
Board authorized up to $5M in share repurchases citing undervaluation; fuel system design enhanced to 400 gallons.
Remaining Strategic Transaction Bonus Plan and Legacy Inpixon accounts payable obligations satisfied.

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