Wednesday, June 5, 2024 XTI Aerospace, Inc. today announced that Mesa Air Group, Inc., the holding company of regional air carrier Mesa Airlines, has placed a conditional purchase order for up to 100 TriFan 600 aircraft from XTI Aircraft Company, a wholly-owned subsidiary of XTI Aerospace.

The TriFan 600 is a fixed-wing, vertical lift crossover airplane currently in development. If all conditions are met and the order is fully exercised, it could bring in approximately $1 billion in revenue for XTI Aerospace. Additionally, Mesa Air Group is an investor in XTI Aerospace, holding warrants and a minority stake in common stock shares.

Jonathan Ornstein, chairman and chief executive officer of Mesa Air Group, stated , “Over the past thirty years, we have witnessed the regional aviation industry evolve from flying piston-engine, nine-passenger aircraft, to turboprop aircraft, to large regional jets. Advanced air mobility is a new chapter that I am particularly excited about, given radical improvements in design versus existing regional alternatives and resulting progress toward a more sustainable future. XTI’s TriFan 600 is poised to create a unique new category within the industry – an aircraft with VTOL capability coupled with the longer range and speed of a business airplane.

Given the state of development in innovative propulsion for its proposed longer-range, higher-speed VTOL flights, we believe XTI’s phased approach – starting with certified turboshaft engines capa.