XTI Aerospace Inc (NASDAQ: XTIA) is an unmanned aircraft systems company that distributes commercial drone hardware and software and is developing unmanned platforms for defense customers. Revenue comes primarily from the commercial drone solutions business, which operates through Drone Nerds, acquired in November 2025 and described in the FY2025 10-K (filed April 15, 2026) as generating substantially all of the company's revenues. XTI operates three divisions: a commercial UAS distribution unit (Drone Nerds), an Autonomous Defense Systems division pursuing defense contracts with no revenues generated as of the filing date, and an Advanced Technology and Manufacturing division also pre-revenue. The company holds an 83.403% controlling equity interest in XTI Drones Holdings, the entity through which Drone Nerds was acquired. The TriFan 600 VTOL aircraft program was paused as of early 2026. The company's historical Industrial IoT operations were classified as discontinued operations in December 2025.

Revenue model

Transactional product sales and services through the Drone Nerds commercial drone distribution business, which operates as an OEM-agnostic, multi-vendor platform supporting more than 50 hardware and software manufacturers. Procurement support and third-party financing arrangements are offered to facilitate customer adoption. The ADS and ATM divisions have not yet generated revenues as of the filing date.

Products and services

Commercial UAS hardware and software distribution through Drone Nerds and Anzu Robotics (acquired November 2025). Unmanned systems design, systems integration, and autonomous platform development through the ADS division. U.S.-based production capabilities for unmanned systems through the ATM division. The TriFan 600 VTOL program intellectual property is retained but development is paused as of early 2026.

Customers and end markets

Enterprise customers across agriculture, construction, infrastructure inspection, mining, insurance, energy and utilities, and public safety. Public sector and government customers subject to regulatory and procurement requirements. Defense end markets including the U.S. Marine Corps, U.S. Army, U.S. Special Operations Command (SOCOM), U.S. Air Force, U.S. Navy, DARPA, and the Air Force Research Laboratory (AFRL), targeted by the ADS division.

Value-chain role

OEM-agnostic distributor and solutions integrator for commercial UAS hardware and software. Defense platform developer pursuing co-development, internal development, and strategic partnership arrangements. Domestic manufacturing capability developer for unmanned systems.

Geographic exposure

U.S.-focused operations. Regulatory exposure includes FAA UAS rules and NDAA-compliant production requirements. Some international regulatory and supply chain exposure noted in risk factors.

Source: SEC 10-K, filed 2026-04-15

Industry: Services-Computer Programming Services Peers: Omniq Corp DecisionPoint Systems, Inc. CSP Inc Firefly Neuroscience Inc International Business Machines Corp TSR INC WidePoint Corp