XTI Aerospace, Inc. (NASDAQ:XTIA) has completed an internal review launched in July 2026, reporting that no financial misstatements were identified, while announcing the withdrawal of its previously issued full-year financial guidance.
The Dallas-based aerospace and drone technology company expects to file its delayed quarterly report on Form 10-Q with the US Securities and Exchange Commission (SEC) by 26 October 2026.
XTI Aerospace also released preliminary, unaudited financial results for the second quarter, including revenue of approximately $32.4 million and an operating loss of approximately $9.1 million.
The company said it intends to strengthen its corporate governance framework following the review, which was overseen by a special committee of independent directors.
However, XTI Aerospace has also previously warned of substantial doubt about its ability to continue as a going concern, highlighting financial uncertainty despite the completion of the investigation.
XTI Aerospace confirmed that the internal review initiated in July 2026 has concluded without identifying financial misstatements.
The investigation was overseen by a special committee comprising independent members of the company’s Board of Directors.
Independent external legal counsel assisted the committee throughout the process.
Although the company did not provide detailed findings from the review, it confirmed that the investigation had been completed and that no financial reporting inaccuracies were discovered.
The conclusion of the review represents an important step towards completing the company’s outstanding quarterly reporting obligations.
Interim Chief Executive Officer Jeremy Schneiderman welcomed the outcome.
“With the internal review complete, I am happy to report that there were no financial misstatements discovered and we are on track to report our second quarter results later this month,” Schneiderman said.
The company expects to complete the remaining financial reporting procedures ahead of its planned filing later in October.
Alongside the review announcement, XTI Aerospace disclosed preliminary financial figures for the second quarter of 2026.
The company reported estimated revenue of approximately $32.4 million and gross profit of approximately $5.6 million.
Its preliminary loss from operations was approximately $9.1 million.
Based on these figures, the implied gross profit margin was approximately 17.3%.
The operating loss indicates that the company’s operating expenses exceeded its gross profit during the period.
XTI Aerospace emphasised that the results remain unaudited and subject to the completion of financial closing procedures.
The figures must also undergo review by the company’s independent registered public accounting firm.
Consequently, the final reported results could differ from the preliminary amounts.
The company did not provide comparative financial figures for the corresponding quarter of 2025 in the announcement.
XTI Aerospace expects to submit its Form 10-Q by 26 October 2026.
The filing will contain the company’s quarterly financial statements and related disclosures for the second quarter.
The reporting process follows the internal review and the delay in completing the company’s financial reporting obligations.
The company previously filed a Form 12b-25 notification with the SEC on 17 August 2026, relating to its delayed quarterly report.
Form 12b-25 is used by publicly traded companies to notify regulators when they are unable to submit certain periodic financial reports within the prescribed deadline.
Although XTI Aerospace now expects to complete its quarterly filing later this month, the timetable remains an expectation rather than confirmation that the report has been submitted.
Investors will be able to assess the final financial results and accompanying disclosures once the filing is published.
XTI Aerospace also announced that it is withdrawing its previously issued financial guidance for 2026.
The company did not provide revised forecasts for revenue, profitability or other financial performance measures.
Instead, management said it expects to issue an updated outlook at a later date.
The withdrawal removes the company’s existing financial targets while it completes its reporting process and evaluates its operating position.
XTI Aerospace did not specify the reasons for withdrawing guidance beyond the information provided in its announcement.
It also did not indicate when investors should expect replacement projections.
The absence of updated guidance introduces additional uncertainty around the company’s expected financial performance for the remainder of the year.
Following the completion of the internal investigation, XTI Aerospace intends to implement enhancements to its corporate governance framework.
The company said the changes will include improvements to relevant policies and procedures.
The Board of Directors will oversee the implementation process.
Corporate governance measures are intended to support effective management oversight, accountability and internal decision-making.
However, XTI Aerospace has not provided a detailed implementation timetable or identified the specific policies that will be amended.
The proposed changes follow the independent committee’s review and form part of the company’s efforts to strengthen its internal governance arrangements.
Further information may become available through subsequent corporate announcements or regulatory filings.
Despite reporting that no financial misstatements were identified, XTI Aerospace continues to face uncertainty regarding its financial position.
In its Form 12b-25 filed with the SEC on 17 August 2026, the company previously disclosed that its forthcoming Form 10-Q was expected to include a statement identifying substantial doubt about its ability to continue as a going concern.
A going concern warning indicates that conditions or events raise significant uncertainty about whether a company can continue operating and meet its obligations over the relevant assessment period.
Such a disclosure does not necessarily mean that a company will cease operations, but it identifies material financial risks that investors should consider.
The completion of the internal review does not, by itself, resolve those concerns.
The company’s forthcoming quarterly filing is therefore expected to be important in providing further information about its financial condition and related risks.
XTI Aerospace is headquartered in Dallas, Texas, and operates through its subsidiary Drone Nerds, LLC.
Drone Nerds supplies drone-related products and solutions to commercial, enterprise and government customers.
The subsidiary serves organisations using unmanned aircraft systems for a range of professional and operational applications.
The company’s preliminary second-quarter revenue figures reflect its reported business activities, although the announcement did not provide a detailed breakdown by customer category or product line.
XTI Aerospace has not disclosed additional operating forecasts following its decision to withdraw full-year guidance.
The completion of XTI Aerospace’s internal review removes one source of uncertainty surrounding its delayed financial reporting.
Management has confirmed that no financial misstatements were discovered and expects to publish its second-quarter Form 10-Q by 26 October.
However, the company has withdrawn its 2026 guidance, reported a preliminary quarterly operating loss and previously disclosed expectations of a going concern warning.
These developments leave several financial questions unresolved.
The next significant milestone will be the publication of the company’s quarterly filing, which should provide final financial figures and further disclosures concerning its financial position.
Investors will also be watching for details of the planned governance improvements and any subsequent update to the company’s full-year financial outlook.
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