ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), a company specializing in advanced aircraft design with a current market capitalization of $5.18 million, announced today that it has gained access to the Frontier supercomputer at the Oak Ridge National Laboratory's Leadership Computing Facility. This strategic move is set to expedite the development of the company's innovative TriFan 600 vertical takeoff and landing (VTOL) aircraft, as the company seeks to overcome recent challenges reflected in its negative EBITDA of -$19.72 million.
The Frontier supercomputer, recognized as the world's first exascale computing system and currently the second most powerful, is capable of performing more than one quintillion calculations per second. This computational might will allow XTI Aerospace to conduct detailed computational fluid dynamics (CFD) simulations to enhance the aerodynamics of the TriFan 600. According to InvestingPro analysis, XTI faces significant financial challenges, with 12 additional key insights available to subscribers, including detailed operational metrics and growth indicators.
David Ambrose, Vice President of Engineering at XTI, expressed gratitude for the opportunity to utilize the Frontier supercomputer, emphasizing its potential to significantly advance the optimization process for the TriFan 600's design. This includes refining the fan duct and improving the transition between vertical and horizontal flight modes.
The TriFan 600 represents a new category of aircraft, combining the operational flexibility of helicopters with the speed and range of fixed-wing airplanes. It is designed to achieve speeds of 345 mph and a range of 700 miles, marking a significant innovation in the aviation industry.
In addition to its aviation ventures, XTI Aerospace operates Inpixon, a business unit that is a leader in real-time location systems (RTLS) technology, providing location intelligence solutions for industrial facilities.
This collaboration with Oak Ridge National Laboratory is a testament to the TriFan 600 project's importance in the sustainable advancement of aviation technology. With a current ratio of 0.46 and after experiencing a 99.32% decline in stock value over the past year, XTI faces significant operational challenges. The information for this article is based on a press release statement from XTI Aerospace, Inc. For comprehensive financial analysis and real-time updates, visit InvestingPro.
In other recent news, XTI Aerospace Inc., a micro-cap aerospace company, has been making significant strides in its financial and structural operations. The company has initiated a public offering of over 363 million shares of its common stock, aiming to generate approximately $20 million in gross proceeds. Additionally, the company announced a 1-for-250 share consolidation to comply with Nasdaq's minimum bid price requirement. As part of its financial transactions, XTI Aerospace issued common stock shares to Nadir Ali, its former CEO, as payment for a consulting agreement, and to a holder of the company's Series 9 Preferred Stock in exchange for its return and cancellation. Additional shares were issued to Streeterville Capital, LLC, and Nadir Ali to settle overdue consulting payments.
In terms of leadership changes, Jennifer Gaines was appointed Chief Legal Officer and Tobin Arthur assumed the role of Chief Strategy Officer. Notably, David Oppenheimer has been appointed to XTI Aerospace's Corporate Advisory Board, bringing over four decades of experience in the development of emerging technologies and national policy.
The company is currently developing the TriFan 600, a business aircraft with VTOL capabilities. However, InvestingPro's analysis reveals the company's financial health score is rated as weak, with negative EBITDA of $19.72 million and a concerning current ratio of 0.46, indicating potential liquidity challenges. These are the recent developments in XTI Aerospace's ongoing efforts to manage its capital structure and position itself for future growth.
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