XTIA

XTIA is not an investable business at this point — it is a roll-up of unprofitable parts strapped to a cash-incinerating, development-stage VTOL dream. The headline 'revenue +602% to $22.5M' is a mirage: management states plainly in the MD&A that Drone Nerds (the entire revenue engine) was only acquired in November 2025, so 'GAAP revenues, cost of revenues, and operating expenses for 2025 do not reflect a full year of UAS operations at scale.' The P/S of 3.0 is therefore meaningless — it divides a $67M cap by a partial-year, acquisition-stitched revenue line, and the underlying TriFan 600 program still generates nothing. Gross margin is a thin 21.9% even on that flattered revenue.

The economics are catastrophic. Net loss was -$68.8M on -190.4% operating margin and -305.7% net margin, with operating cash flow of -$36.6M against just $16.7M of cash — roughly five months of runway at the trailing burn. That gap can only be closed by issuing stock, and the company has shown exactly how: shares outstanding exploded +594.8% YoY (38.5M from ~5.5M), diluted EPS was -$4.24, and the accumulated deficit reached -$162M. Liabilities/equity sits at 2.86x with $7.93M of current debt due. The five-year history is a straight line of losses every single year (FY21 -$69.2M through FY25 -$68.8M) with no path to break-even shown anywhere in the data.