Business Aviation
XTI Aerospace Prices 20 Million Offering to Advance TriFan 600 xVTOL
XTI Aerospace raises $20 million to fund development of the TriFan 600, a hybrid xVTOL aircraft designed for regional missions with long range and high speed.
XTI Aerospace, Inc. (Nasdaq: XTIA) has recently announced the pricing of a $20 million public offering, marking a significant milestone in the company’s journey to bring its unique xVTOL (extended Vertical Takeoff and Landing) aircraft to market. This move comes at a time when the advanced air mobility sector is rapidly evolving, attracting both significant investment and heightened scrutiny. As XTI seeks to distinguish itself within the crowded landscape of electric and hybrid aircraft startups, the implications of this capital raise extend far beyond immediate financial needs, highlighting broader trends and challenges in the emerging eVTOL (electric VTOL) industry.
The offering not only underscores XTI’s urgent capital requirements as it advances its flagship TriFan 600 project but also reflects the broader investor sentiment toward pre-revenue aerospace ventures. With the eVTOL market projected to reach billions in value over the next decade, companies like XTI are racing to secure funding, achieve technical milestones, and navigate the complex regulatory environment that governs new aviation technologies. This article examines the details of the offering, the company’s position in the market, and the strategic implications for XTI’s future.
By analyzing XTI Aerospace’s business model, financial performance, technical progress, and the competitive and regulatory landscape, we aim to provide a balanced perspective on the company’s prospects and the broader significance of this latest capital raise.
XTI Aerospace is a Colorado-based aviation company that has carved out a niche in the xVTOL aircraft sector, setting itself apart from traditional eVTOL developers. The company’s primary project, the TriFan 600, is designed to combine the vertical takeoff and landing capabilities of a helicopter with the speed and range of a fixed-wing aircraft. Unlike many competitors focused on short-range urban air mobility, XTI targets regional missions, promising a 700-mile range and cruise speeds up to 345 mph, performance metrics that approach those of business jets.
The TriFan 600’s hybrid propulsion system, relying on twin Honeywell HTS900 turboshaft engines capable of running on sustainable aviation fuel, reflects XTI’s pragmatic approach to bridging current technology gaps. The company’s leadership argues that existing battery technology cannot support high-speed, long-range missions, making their turbine-powered solution both practical and potentially more certifiable in the near term. This “de-risked” approach is intended to deliver value sooner while keeping future propulsion options open as electric and hydrogen technologies mature.
Beyond aircraft development, XTI operates the Inpixon business unit, which provides real-time location systems for industrial clients. While this segment offers some revenue diversification, the company’s financial outlook remains heavily dependent on the successful development and commercialization of the TriFan 600.
The TriFan 600’s design enables it to take off and land vertically from helipads, rooftops, or even grass fields while achieving fixed-wing performance at altitude. The aircraft is intended to carry a pilot and up to six passengers in a pressurized cabin, making it suitable for executive transport, medical evacuation, and regional business aviation markets. Such capabilities set it apart from most eVTOL competitors, which typically offer lower speeds and shorter ranges aimed at urban air taxi services.
XTI’s decision to avoid an all-electric configuration at this stage is informed by current limitations in battery energy density and regulatory uncertainty. The company’s use of proven turboshaft engines, already certified by the FAA, may streamline parts of the certification process, although the unique airframe and ducted fan design still pose significant regulatory hurdles. By targeting regional missions and business aviation customers, XTI seeks to tap into a market segment that is less saturated than urban air mobility. This strategy could give the company a competitive edge if it can successfully navigate the technical and certification challenges inherent in its ambitious design.
“Our approach is about delivering a practical, certifiable solution for high-speed, long-range missions, capabilities that current battery technology simply can’t support.” — XTI Aerospace Leadership
The public offering announced in September 2025 consists of 12.5 million shares of common stock priced at $1.60 each, along with warrants to purchase an additional 12.5 million shares at an exercise price of $2.00. The warrants are immediately exercisable and remain valid for five years, potentially providing a future source of capital if XTI’s share price recovers. ThinkEquity is acting as the sole placement agent, and the offering is expected to close on September 15, 2025, subject to customary closing conditions.
The offering price represents a notable discount, approximately 26% below the pre-announcement trading price, reflecting both the company’s need for cash and the challenging environment for speculative aerospace investments. The best-efforts structure of the offering means there is no guarantee the full $20 million will be raised, introducing additional uncertainty into XTI’s capital planning.
Proceeds from the offering are earmarked for working capital, continued development of the TriFan 600, and general corporate purposes. The company has also indicated that funds may be used for potential investments in complementary businesses, though no specific targets have been identified. This capital raise follows a series of equity offerings throughout 2025, including a $16 million round in June, highlighting XTI’s ongoing reliance on dilutive financing to sustain operations.
XTI Aerospace’s financials reflect the typical challenges faced by early-stage aerospace companies. For the first half of 2025, the company reported net losses of $33.7 million, with operating cash outflows of $22 million. While a successful offering in June boosted cash reserves to $20 million as of June 30, 2025, the company continues to burn significant capital as it advances the TriFan 600 program.
The market’s reaction to XTI’s financing strategy has been mixed. The company’s stock has declined over 77% year-to-date, and more than 98% over the six months leading up to the September offering. This performance is partly attributable to repeated equity raises, which have diluted existing shareholders and placed downward pressure on the share price. A recent reverse stock split was implemented to maintain NASDAQ compliance, further illustrating the financial headwinds facing the company.
Despite these challenges, management has made progress in cleaning up the balance sheet, eliminating secured promissory notes and reducing historical cash obligations. However, the need for ongoing capital raises underscores the risks inherent in developing a novel aircraft platform without existing revenue streams.
“The offering provides critical runway for continued development, but at a significant cost to existing shareholders through dilution.” — Industry Analyst
2025 has seen XTI achieve several technical milestones. The company completed key engineering objectives and initiated the first flight of a subscale model, dubbed “Sparrow,” to validate vertical and transitional flight dynamics. This unmanned, 1:15 scale prototype is a step toward de-risking the full-scale TriFan 600’s complex ducted fan and tilt-rotor mechanisms. To accelerate development, XTI has partnered with the U.S. Department of Energy’s Oak Ridge National Laboratory, utilizing the Frontier supercomputer for advanced computational fluid dynamics (CFD) simulations. These digital analyses allow engineers to optimize aerodynamic performance and safety before moving to costly wind tunnel and flight tests, potentially shortening the development timeline and reducing risk.
On the regulatory front, the Federal Aviation Administration (FAA) has assigned the Fort Worth Certification Branch to oversee the TriFan 600 program. XTI has conducted technical familiarization meetings with the FAA, laying the groundwork for what is expected to be a multi-year certification process. The company’s use of established turboshaft engines may simplify some aspects of certification, but the novel airframe and propulsion integration will require extensive validation.
The eVTOL and advanced air mobility market is projected to experience significant growth, with estimates ranging from $676.5 million in 2025 to as much as $2.93 billion by 2032. This expansion is driven by urbanization, environmental concerns, and advances in electric propulsion and autonomy. Major cities are investing in vertiport infrastructure, and the sector has attracted over $12 billion in venture capital globally.
XTI’s focus on regional missions positions it differently from competitors like Joby Aviation and Archer Aviation, which are targeting urban air taxi markets with shorter-range, all-electric aircraft. The TriFan 600’s performance envelope aligns more closely with business aviation, potentially opening new revenue streams but also introducing greater technical and regulatory complexity.
Strategic partnerships will be key to success in this sector. XTI’s conditional pre-order agreement with Mesa Air Group for 100 TriFan 600 units signals market interest, but such commitments remain contingent on successful certification and production. The company’s hybrid approach, leveraging both in-house engineering and established aerospace suppliers, mirrors strategies seen elsewhere in the industry, balancing innovation with risk management.
“Certification remains the primary hurdle for all advanced air mobility programs, and XTI’s pragmatic propulsion strategy could offer a near-term advantage.” — Aviation Regulatory Expert
XTI Aerospace’s leadership team is headed by Chairman and CEO Scott Pomeroy, whose background includes executive roles in finance and aviation. The board features experienced figures from consulting and aerospace, though average tenure remains short, reflecting recent organizational changes. Compensation structures are heavily weighted toward equity and bonuses, aligning management incentives with long-term company performance but also raising questions about shareholder alignment given the company’s current financial state.
Looking ahead, XTI faces a critical period as it seeks to advance the TriFan 600 through key development and certification milestones. The newly raised capital is expected to provide six months of operating runway, heightening the importance of technical progress and prudent cash management. The company plans to introduce another subscale prototype, “Kestrel,” later in 2025, with a focus on refining flight controls and aerodynamics. The timeline for commercial operations remains uncertain, with certification and production likely several years away.
XTI Aerospace’s $20 million public offering is a pivotal moment for both the company and the broader advanced air mobility industry. The capital infusion is essential for the continued development of the TriFan 600, but it also highlights the challenges of funding, dilution, and execution risk that define the sector. As XTI pursues its ambitious vision for regional xVTOL flight, success will depend on a combination of technical achievement, regulatory navigation, and effective capital management. The advanced air mobility market holds significant promise, with growing investor interest and accelerating technological progress. However, the path to commercialization remains complex and uncertain, particularly for companies pursuing novel aircraft configurations. XTI’s differentiated approach offers potential advantages, but the coming years will be critical in determining whether the company can translate its vision into operational reality and sustainable growth.
What is the purpose of XTI Aerospace’s $20 million public offering? What makes the TriFan 600 different from other eVTOL aircraft? What are the main risks facing XTI Aerospace? When is the TriFan 600 expected to enter service? How is XTI addressing regulatory challenges?
XTI Aerospace’s $20 Million Public Offering: A Turning Point in Advanced Air Mobility
Company Background and Business Model
Technical Differentiation and Market Positioning
The $20 Million Public Offering: Structure and Implications
Financial Performance and Market Response
Product Development, Technical Progress, and Regulatory Pathway
Industry Landscape and Strategic Positioning
Leadership, Governance, and Future Outlook
Conclusion
FAQ
The offering is intended to provide working capital, fund continued development of the TriFan 600 aircraft, and support general corporate purposes. It may also be used for potential investments in complementary businesses.
The TriFan 600 is designed for regional missions, offering a 700-mile range and 345 mph cruise speed, which is significantly greater than most urban air taxi eVTOLs. It uses turboshaft engines and can operate from helipads or short runways.
Key risks include technical and certification challenges, ongoing financial losses, dilution from repeated equity raises, and intense competition in the advanced air mobility sector.
The timeline for certification and commercial operations remains uncertain, but given the complexity of the program and regulatory requirements, entry into service is likely several years away.
XTI is working closely with the FAA’s Fort Worth Certification Branch and leveraging proven engine technology to streamline parts of the certification process. The company is also conducting extensive engineering and simulation work to de-risk development.
Sources
Photo Credit: XTI Montage
Business Aviation
NTSB Preliminary Findings on Statesville Cessna Citation Crash
NTSB details preliminary findings on the fatal Statesville Cessna Citation 550 crash with seven fatalities, including Greg Biffle.
This article is based on official releases and media briefings from the National Transportation Safety Board (NTSB).
The National Transportation Safety Board (NTSB) has released initial findings and visual assets regarding the fatal crash of a Cessna Citation 550 business jet in Statesville, North Carolina. The accident, which occurred on December 18, 2025, resulted in the deaths of all seven occupants, including former NASCAR driver Greg Biffle and members of his family.
According to official updates from the agency, investigators have recovered the Cockpit Voice Recorder (CVR) and identified key details regarding the aircraft’s final moments. The NTSB has also made high-resolution photos and b-roll footage of the accident site available to the public as part of their transparency efforts during the ongoing investigation (Case ID: WPR26MA063).
The aircraft, identified by registration N257BW, departed Statesville Regional Airport (SVH) at approximately 10:05 AM EST, bound for Sarasota-Bradenton (SRQ). NTSB investigators report that roughly 10 minutes after takeoff, the pilot initiated a return to the airport, executing a left turn to align with Runway 28.
During media briefings, NTSB officials revealed a critical piece of communication sent from inside the cabin. A passenger on board sent a text message to a family member shortly before impact.
“Emergency landing.”
, Text message sent by a passenger, confirmed by NTSB officials
The crash sequence ended when the aircraft struck approach lighting stanchions approximately 1,800 feet short of the runway threshold. Following the initial impact, the jet collided with trees and the airport perimeter fence before coming to rest and catching fire. The debris field suggests the aircraft was configured for landing with landing gear down and flaps set, indicating it was “stable on approach” but flying too low.
NTSB Board Member Michael Graham and Investigator-in-Charge Dan Baker provided updates on the physical evidence recovered from the site. While the aircraft sustained extensive fire damage, investigators have identified the engines and flight control surfaces within the wreckage. The Cockpit Voice Recorder (CVR) has been successfully recovered and transported to the NTSB laboratory in Washington, D.C., for analysis. Officials noted that the aircraft was not equipped with a Flight Data Recorder (FDR), as it was not required by regulation for this specific airframe, which was manufactured in 1981.
At the time of the accident (approximately 10:15 AM EST), weather conditions at Statesville Regional Airport included low clouds, mist, and drizzle. Visibility was reported to be approximately 3 to 5 miles. These environmental factors will be a key component of the ongoing inquiry.
To maintain transparency, the NTSB has published a collection of visual assets on the investigation’s official webpage. These materials include:
All future updates, including the preliminary report (expected within 30 days), the public docket, and the final report, will be posted to the same location.
The absence of a Flight Data Recorder (FDR) on older business jets like this 1981 Cessna Citation 550 is not uncommon, but it places significantly more weight on the Cockpit Voice Recorder (CVR) and physical site analysis. Without digital flight data parameters, investigators must rely heavily on audio cues, radar tracks, and the physical position of actuators and switches in the wreckage to reconstruct the flight path. The fact that the aircraft was “stable on approach” but 1,800 feet short suggests a focus on altitude awareness, altimeter settings, or visual illusions caused by the reported mist and low clouds.
Who were the victims of the crash? When will the cause of the crash be determined? Was the airport controlled? Where can I view the photos and b-roll?
NTSB Releases Preliminary Findings on Statesville Cessna Citation Crash
Crash Sequence and “Emergency Landing” Communication
Investigation Status and Site Analysis
Recorder Recovery
Weather Factors
Visual Assets and Public Docket
AirPro News Analysis
Frequently Asked Questions
Authorities have confirmed seven fatalities. The victims include Greg Biffle, his wife Cristina, daughter Emma, son Ryder, pilot Dennis Dutton, Jack Dutton, and Craig Wadsworth.
The NTSB typically releases a preliminary report within 30 days of the accident, which contains factual information but no probable cause. A final report, including the probable cause, usually takes 12 to 24 months to complete.
No. Statesville Regional Airport is a non-towered airport. Pilots use a Common Traffic Advisory Frequency (CTAF) to coordinate their movements.
The NTSB has hosted all visual assets on their official investigation webpage linked below.Sources
Photo Credit: NTSB
Business Aviation
Honda Aircraft Introduces APMG S Upgrade for Legacy HondaJets
Honda Aircraft offers the APMG S retrofit for Classic and APMG HondaJets, enhancing payload, avionics, and safety with FAA certified upgrades.
This article is based on an official press release from Honda Aircraft Company.
Honda Aircraft Company has officially introduced the “APMG S” upgrade package, a new retrofit program designed to modernize the manufacturers‘ earlier aircraft models. Announced as the fleet approaches its tenth anniversary, this initiative allows owners of the original HondaJet (Classic) and the HondaJet APMG to install advanced avionics and performance features that were previously exclusive to the newer HondaJet Elite S model.
According to the company’s announcement, the upgrade is available immediately for installation at the Honda Aircraft Company Service Center in Greensboro, North Carolina, as well as through its authorized service center network. The package has already received Federal Aviation Administration (FAA) certification for U.S.-registered aircraft, with certification from other international regulatory bodies planned to follow.
The APMG S package focuses on bridging the gap between the earliest iterations of the HondaJet and the current production standards. The upgrade targets three primary areas: payload capacity, avionics processing, and pilot handling.
Increased Maximum Takeoff Weight (MTOW) Avionics and Safety Systems Additionally, the upgrade introduces a new graphical interface for Weight and Balance calculations on the flight deck, streamlining pre-flight preparations for pilots.
The introduction of the APMG S appears to be a move to protect the longevity and residual value of the HondaJet fleet. By offering a pathway for early adopters to upgrade their airframes to “Elite S” standards, the manufacturer is ensuring that older models remain competitive in the Very Light Jet (VLJ) market. In the official press release, Amod Kelkar, Chief Commercial Officer of Honda Aircraft Company, emphasized the company’s dedication to its existing customer base:
“As we approach the tenth anniversary of our first HondaJet delivery, we are excited to provide our customers the opportunity to upgrade their aircraft with the advanced technology and performance of more recent iterations. The APMG S package brings the spirit of continuous improvement to our in-service fleet, ensuring that the HondaJet remains at the forefront of the light jet category.”
While the official release focuses on technical specifications, the strategic timing of this announcement is notable. The first HondaJet “Classic” models were delivered between 2015 and 2018. As these airframes approach the decade mark, they face potential obsolescence when compared to newer entrants like the Cessna Citation M2 Gen2 or the Embraer Phenom 100EV.
By offering a retrofit option rather than forcing customers to purchase a new aircraft to gain these capabilities, Honda is likely aiming to prevent customer defection to competitors. This strategy aligns with a broader industry trend toward sustainability and lifecycle extension, where “retrofitting” is viewed as a more environmentally and financially responsible alternative to scrapping or replacing airframes. While specific pricing was not disclosed in the release, owners are directed to contact service centers for quotes, historical data suggests such upgrades offer a cost-effective alternative to trading up to a new $6 million-plus aircraft.
Honda Aircraft Company has confirmed that the APMG S package is available for installation now. The upgrade is applicable to:
Owners interested in the upgrade can schedule installation at the factory service center in Greensboro, NC, or at authorized facilities worldwide. While FAA certification is complete, European operators and those in other jurisdictions will need to wait for subsequent regulatory approvals, which the company states are currently in planning.
Honda Aircraft Company Unveils APMG S Upgrade for Legacy HondaJet Fleet
Technical Enhancements and Performance Gains
One of the most significant operational changes included in the package is a 300-pound increase in Maximum Takeoff Weight (MTOW). In practical terms, this allows operators to carry approximately one additional passenger or significantly more fuel and baggage without compromising range. The company states that this upgrade directly addresses the evolving mission requirements of current owners.
The retrofit includes both hardware and software updates to the Garmin G3000 avionics suite. These updates are designed to deliver faster processing speeds and enable advanced flight deck features. A key safety addition is the Advanced Steering Augmentation System (ASAS). According to Honda Aircraft Company, ASAS is engineered to reduce pilot workload and enhance safety during the landing rollout, particularly in challenging crosswind conditions.
Strategic Commitment to the Fleet
AirPro News Analysis
Availability and Implementation
Sources
Photo Credit: HondaJet
Business Aviation
PlaneSense and CaptainJet Partner to Expand Private Jet Access Across Continents
PlaneSense partners with CaptainJet, enabling reciprocal private flight access with Pilatus aircraft across the US, Europe, Canada, and the Caribbean.
This article is based on an official press release from PlaneSense, Inc. and CaptainJet.
PlaneSense, Inc., a leading fractional aircraft ownership program based in the United States, has announced a significant expansion of its international service capabilities through a new collaboration with CaptainJet, a European luxury charter sourcing provider. Announced on December 16, 2025, this partnership aims to provide seamless, reciprocal private travel solutions for clients on both sides of the Atlantic.
According to the official press release, the agreement allows PlaneSense shareowners to access a vast network of charter aircraft when traveling within Europe. Conversely, CaptainJet clients visiting the United States, Canada, and the Caribbean will gain access to the PlaneSense fleet, which consists of the Pilatus PC-12 turboprop and the Pilatus PC-24 jet. This move solidifies a growing alliance between PlaneSense and the broader Jetfly Group, CaptainJet’s affiliate, following an earlier partnership established in 2025.
The core of this collaboration is a reciprocal service agreement designed to simplify the complexities of international private aviation. For PlaneSense shareowners, the company has integrated a “PlaneSense Sourcing Solution” team that will coordinate directly with CaptainJet. This arrangement provides U.S. clients with access to CaptainJet’s network, which includes over 7,000 aircraft globally, ensuring availability even during high-demand periods in Europe.
For European travelers, the partnerships opens the door to the PlaneSense fleet. CaptainJet clients can now book flights on the Pilatus PC-12 and PC-24 aircraft operated by PlaneSense. These aircraft are renowned for their short-field performance, allowing access to smaller regional airports that are often closer to final destinations than major hubs.
This collaboration builds upon a previous agreement between PlaneSense and Jetfly, a European fractional operator and affiliate of CaptainJet. Both PlaneSense and Jetfly utilize fleets heavily focused on Pilatus aircraft. By partnering with CaptainJet, PlaneSense extends its reach beyond the specific fractional fleet of Jetfly, offering its owners a broader range of charter options to suit various mission profiles that might fall outside the scope of the fractional fleet.
Leadership from both organizations emphasized the client-focused nature of the deal, highlighting the demand for a unified booking experience across continents.
George Antoniadis, President and CEO of PlaneSense, Inc., stated in the press release: “Working with the CaptainJet team allows us to greatly expand our footprint and assist our valued clients with their global travel needs.”
Yves Roch, CEO of CaptainJet, echoed these sentiments, noting the quality of the U.S. operator’s fleet:
“We’re proud to collaborate with PlaneSense, providing clients with exceptional private flights on both sides of the Atlantic.”
The Asset-Light Expansion Model The Short-Runway Niche 2025 Industry Trends What aircraft will PlaneSense clients fly on in Europe? Can CaptainJet clients fly the PC-12 in the US? Is this a merger?
PlaneSense and CaptainJet Launch Strategic Transatlantic Collaboration
Reciprocal Access for Global Travelers
Strengthening the “Pilatus Alliance”
Executive Commentary
Strategic Market Context
AirPro News Analysis
This collaboration represents a distinct strategic approach compared to other major players in the private-jets sector. While competitors such as NetJets and Flexjet have pursued “organic expansion” or “acquisition” models, spending significant capital to buy aircraft and obtain operating certificates in Europe, PlaneSense is effectively building a virtual global fleet. By partnering with CaptainJet and Jetfly, PlaneSense secures immediate European market access without the heavy infrastructure investment required to establish a standalone European division.
A critical differentiator for this alliance is the specific capability of the aircraft involved. Both PlaneSense and the Jetfly Group specialize in Pilatus aircraft (PC-12 and PC-24). These aircraft possess unique short-field capabilities, allowing them to land on runways as short as 3,000 feet, including grass and dirt strips. This opens up access to exclusive destinations, such as Courchevel in the French Alps or smaller Caribbean islands, that are inaccessible to the larger jets typically flown by competitors like VistaJet or Wheels Up. This “adventure access” segment remains a defensible niche that this partnership strengthens.
The timing of this deal aligns with broader 2025 trends where high-net-worth individuals increasingly demand “one-call” solutions. The post-pandemic travel boom has occasionally strained charter inventory; by aligning with a major sourcing agent like CaptainJet, PlaneSense mitigates the risk of inventory shortages for its clients abroad. This ensures that U.S. owners are not left to navigate a fragmented European charter broker market on their own.
Frequently Asked Questions
Through CaptainJet, PlaneSense clients will have access to a sourcing network of over 7,000 aircraft, ranging from light jets to large-cabin aircraft, in addition to the Pilatus fleet available through the Jetfly affiliate partnership.
Yes. The agreement specifically allows CaptainJet clients to book flights on the PlaneSense fleet, which includes the Pilatus PC-12 turboprop and the PC-24 light jet, known for their versatility and short-runway performance.
No. This is a strategic collaboration between two independent companies. PlaneSense remains a privately held U.S. company, while CaptainJet operates as a Swiss-based charter sourcing provider affiliated with the Jetfly Group.
Sources
Photo Credit: PlaneSense
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