Exhibit 99.2

 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

On November 10, 2025, XTI Aerospace, Inc. (the “Company” or “XTI”) through a wholly-owned subsidiary acquired 100% of the issued and outstanding equity interests of two enterprise drone solutions providers, Drone Nerds, LLC, a Florida limited liability company, and Anzu Robotics, LLC, a Delaware limited liability company (collectively “Drone Nerds”) (the “Acquisition” or “Transaction”) for total purchase consideration of $40.0 million, which was comprised of $20.0 million in cash, $10.3 million in the form of two promissory notes (the “Promissory Notes”) and $9.7 million in the form of equity consideration. The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X. Defined terms included below have the same meaning as terms defined and included elsewhere in this Form 8-K.

 

The historical financial information of XTI was derived from the audited statements of operations for the year ended December 31, 2024 and the unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2025, as previously filed with the Securities and Exchange Commission. The historical financial information of Drone Nerds was derived from the audited statements of operations for the year ended December 31, 2024 and the unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2025, included elsewhere in this Form 8-K. Such unaudited pro forma financial information has been prepared on a basis consistent with the financial statements of XTI. This information should be read together with the financial statements of XTI and related notes, included in its Form 10-K filed on April 15, 2025 and its Form 10-Q filed on November 19, 2025.

 

These unaudited pro forma condensed combined financial statements are for informational purposes only. They do not purport to indicate the results that would have been obtained had the Acquisition and related transactions actually been completed on the assumed date or for the periods presented, or which may be realized in the future. The pro forma adjustments are based on the information currently available and the assumptions and estimates underlying the pro forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information.

 

There were no material transactions between the Company and Drone Nerds during the periods presented in the unaudited pro forma condensed combined financial statements.

 

 

 

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF SEPTEMBER 30, 2025

(in thousands, except share and per share amounts)

 

   XTI
(Historical)		   Pro Forma
Adjustments
for Subsequent
Equity
Transactions
(Note 1)		   Pro Forma
Adjustments
for Valkyrie
Investment
(Note 2)		   XTI
Pro Forma
As Adjusted		   Drone Nerds
(Historical)		   Transaction
Accounting
Adjustments		   Other
Transaction
Accounting
Adjustments		   Pro Forma
Combined		   Post
Acquisition
Financing
Transactions		   As
Adjusted
Pro Forma
Combined		 
Assets                                        
Current Assets                                        
Cash and cash equivalents  $32,198   $-   $(2,000)  $30,198   $1,952   $(20,000)A $-   $12,150   $19,075 CC $31,225 
Accounts receivable, net   2,095    -    -    2,095    7,259    -    -    9,354    -    9,354 
Other receivables   38    -    -    38    -    -    -    38    -    38 
Inventories   1,433    -    -    1,433    14,654    3,695 B  (3,695)B  16,087    -    16,087 
Vendor deposits   -    -    -    -    10,376    -    -    10,376    -    10,376 
Prepaid expenses and other current assets   918    -    -    918    803    -    -    1,721    -    1,721 
Total Current Assets   36,682    -    (2,000)   34,682    35,044    (16,305)   (3,695)  49,726    19,075    68,801 
                                                   
Property and equipment, net   242    -    -    242    197    -    -    439    -    439 
Operating lease right-of-use asset, net   243    -    -    243    1,695    79 C  -    2,017    -    2,017 
Intangible assets, net   1,169    -    -    1,169    -    -    -    1,169    -    1,169 
Goodwill   9,160    -    -    9,160    170    15,286 D  -    24,616    -    24,616 
Other assets   435    -    2,000    2,435    -    -    -    2,435    -    2,435 
Total Assets  $47,931   $-   $-   $47,931   $37,106   $(940)  $(3,695)  $80,402   $19,075   $99,477 
                                                   
Liabilities and Stockholders’ Equity                                                  
Current Liabilities                                                  
Accounts payable  $2,560   $-   $-   $2,560   $3,658   $-   $-   $6,218   $-   $6,218 
Accrued expenses and other current liabilities   2,263    -    -    2,263    7,404    -    2,725 E  12,392    -    12,392 
Accrued interest   342    -    -    342    -    -    -    342    -    342 
Customer deposits   1,350    -    -    1,350    -    -    -    1,350    -    1,350 
Warrant liability   28,228    (2,984)   -    25,244    -    -    -    25,244    24,186AA  49,430 
Operating lease obligation, current   98    -    -    98    660    (45)C  -    713    -    713 
Deferred revenue   737    -    -    737    -    -    -    737    -    737 
Short-term debt   -    -    -    -    2,880    10,265 F  -    13,145    (4,000)CC  9,145 
Total Current Liabilities   35,578    (2,984)   -    32,594    14,602    10,220    2,725    60,141    20,186    80,327 
Long Term Liabilities                                                  
Long-term debt   -    -    -    -    450    -    -    450    -    450 
Operating lease obligation, noncurrent   155    -    -    155    1,159    -    -    1,314    -    1,314 
Total Liabilities   35,733    (2,984)   -    32,749    16,211    10,220    2,725    61,905    20,186    82,091 
                                                   
Mezzanine Equity   1,744    -    -    1,744    -    -    -    1,744    982 BB  2,726 
                                                   
Stockholders’ Equity                                                  
Common stock   31    2    -    33    -    -    -    33    2 AA  35 
Series 4 Convertible Preferred Stock   -    -    -    -    -    -    -    -    -    - 
Series 5 Convertible Preferred Stock   -    -    -    -    -    -    -    -    -    - 
Non-controlling interests - Class B Units   -    -    -    -    -    9,735 G  -    9,735    -    9,735 
Additional paid-in capital   150,263    2,982    -    153,245    1,100    (1,100)   -    153,245    (2,095)AA
BB		  151,150 
Accumulated other comprehensive income   898    -    -    898    -    -    -    898    -    898 
Accumulated deficit   (140,738)   -    -    (140,738)   19,908    (19,908)   (6,421)B
E		  (147,159)   -    (147,159)
Due from stockholder   -    -    -    -    (113)   113    -   -    -    - 
Total Stockholders’ Equity   10,454    2,984    -    13,438    20,895    (11,160)   (6,421)   16,752    (2,093)   14,660 
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity  $47,931   $-   $-   $47,931   $37,106   $(940)  $(3,695)  $80,402   $19,075   $99,477 

  

2

 

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

(in thousands, except share and per share amounts)

 

   XTI
(Historical)		   Pro Forma
Adjustments
for Valkyrie
Investment
(Note 2)		   XTI
Pro Forma
As Adjusted		   Drone Nerds
(Historical)		   Other
Transaction
Accounting
Adjustments		     Pro Forma
Combined		   Post
Acquisition
Financing
Transactions		   As Adjusted
Pro Forma
Combined		 
Revenues  $3,568   $-   $3,568   $79,771   $-     $83,339   $         -   $83,339 
Cost of Revenues   1,673    -    1,673    61,137    -      62,810    -    62,810 
Gross Profit   1,895    -    1,895    18,634    -      20,529    -    20,529 
                                           
Operating Expenses:                                          
Research and development   5,649    -    5,649    104    -      5,753    -    5,753 
Sales and marketing   5,267    -    5,267    2,916    -      8,183    -    8,183 
General and administrative   22,434    -    22,434    7,003    -      29,437    -    29,437 
Impairment of goodwill   4,049    -    4,049    -    -      4,049    -    4,049 
Impairment of intangible assets   631    -    631    -    -      631    -    631 
Amortization of intangibles   206    -    206    -    -      206    -    206 
Total Operating Expenses   38,236    -    38,236    10,023    -      48,259    -    48,259 
                                           
Income (Loss) from Operations   (36,341)   -    (36,341)   8,611    -      (27,730)   -    (27,730)
                                           
Other (Expense) Income                                          
Interest expense, net   (219)   -    (219)   (440)   -      (659)   -    (659)
Interest income   -    150 I  150         -      150    -    150 
Loss on extinguishment of debt   (421)   -    (421)   -    -      (421)   -    (421)
Warrant issuance expense   (6,580)   -    (6,580)   -    -      (6,580)   -    (6,580)
Change in fair value of warrant liability   (3,280)   -    (3,280)   -    -      (3,280)   -    (3,280)
Other   (340)   -    (340)   84    -      (256)   -    (256)
Total Other (Expense) Income   (10,840)   150    (10,690)   (356)   -      (11,046)   -    (11,046)
                                         - 
Net Loss, before tax   (47,181)   150    (47,031)   8,255    -      (38,776)   -    (38,776)
Income tax benefit   5    -    5    -    -      5    -    5 
Net income (loss)   (47,176)   150    (47,026)   8,255    -      (38,771)   -    (38,771)
                                           
Net income attributable to non-controlling interests - Class B Units   -    -    -    -    (1,370) G (1,370)   -    (1,370)
Preferred stock return   (29)   -    (29)   -    -      (29)   -    (29)
Net Income (Loss) Attributable to Common Stockholders  $(47,205)  $150   $(47,055)  $8,255   $(1,370)    $(40,170)  $-   $(40,170)

 

3

 

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

(in thousands, except share and per share amounts)

 

   XTI
(Historical)		   Pro Forma
Adjustments
for Valkyrie
Investment
(Note 2)		   XTI
Pro Forma
As
Adjusted		   Drone
Nerds
(Historical)		   Transaction
Accounting
Adjustments		   Other
Transaction
Accounting
Adjustments		     Pro Forma
Combined		   Post
Acquisition
Financing
Transactions		   As Adjusted
Pro Forma
Combined		 
Revenues  $3,202   $-   $3,202   $111,201   $-   $-     $114,403   $-   $114,403 
Cost of Revenues   1,314    -    1,314    93,868    -    3,695  B   98,877    -    98,877 
Gross Profit   1,888    -    1,888    17,333    -    (3,695)    15,526    -    15,526 
                                               
Operating Expenses:                                              
Research and development   3,996    -    3,996    88    -    -      4,084    -    4,084 
Sales and marketing   3,231    -    3,231    2,766    -    -      5,997    -    5,997 
General and administrative   22,022    -    22,022    10,547    -    -      32,569    -    32,569 
Merger and transaction costs   6,490    -    6,490    -    2,725 E  -      9,215    -    9,215 
Impairment of intangible assets   2,507    -    2,507    -    -    -      2,507    -    2,507 
Amortization of intangible assets   622    -    622    -    -    -      622    -    622 
Total Operating Expenses   38,868    -    38,868    13,401    2,725    -      54,994    -    54,994 
                                                
Loss from Operations   (36,980)   -    (36,980)   3,932    (2,725)   (3,695)     (39,468)   -    (39,468)
                                                
Other (Expense) Income                                               
Interest expense, net   (1,146)   -    (1,146)   (1,106)   -    (744) H   (2,996)   -    (2,996)
Interest income   364    200I   564    -    -    -      564    -    564 
Amortization of deferred loan costs   (17)   -    (17)   -    -    -      (17)             -    (17)
Loss on conversion of note receivable to equity security   (2,630)   -    (2,630)   -    -    -      (2,630)   -    (2,630)
Loss on extinguishment of convertible notes payable   (6,732)   -    (6,732)   -    -    -      (6,732)   -    (6,732)
Change in fair value of convertible notes payable   12,882    -    12,882    -    -    -      12,882    -    12,882 
Change in fair value of Damon investment and related warrants   (1,068)   -    (1,068)   -    -    -      (1,068)   -    (1,068)
Change in fair value of warrant liability   (281)   -    (281)   -    -    -      (281)   -    (281)
Other   21    -    21    154    -    -      175    -    175 
Total Other (Expense) Income   1,393    200    1,593    (952)   -    (744)     (103)   -    (103)
                                                
Net Loss, before tax   (35,587)   200    (35,387)   2,980    (2,725)   (4,439)     (39,571)   -    (39,571)
Income tax provision   (16)   -    (16)   -    -    -      (16)   -    (16)
Net Income (Loss)   (35,603)   200    (35,403)   2,980    (2,725)   (4,439)     (39,587)   -    (39,587)
                                                
Net income attributable to non-controlling interests - Class B Units   -    -    -    -    (495)G  -      (495)   -    (495)
Preferred stock return   (606)   -    (606)   -    -    -      (606)   -    (606)
Deemed dividend   (772)   -    (772)   -    -    -      (772)   -    (772)
Net Income (Loss) Attributable to Common Stockholders  $(36,981)  $200   $(36,781)  $2,980   $(3,220)  $(4,439)    $(41,460)  $-   $(41,460)

 

4

 

 

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

1. Basis of Presentation

 

The unaudited pro forma condensed combined statements of operations have been prepared as if the Acquisition had been consummated on January 1, 2024, and the unaudited pro forma condensed combined balance sheet has been prepared as if the Acquisition had been consummated on September 30, 2025 and do not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Acquisition. The unaudited pro forma condensed combined financial information is not necessarily indicative of what the actual results of operations and financial position would have been had the Acquisition and related transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the post-combination company. They should be read in conjunction with the historical financial statements and notes thereto of XTI.

 

The allocation of the purchase consideration for the Acquisition depends upon certain estimates and assumptions, all of which are preliminary. The allocation of the purchase consideration has been made for the purpose of developing the unaudited pro forma condensed combined financial information. The final determination of fair values of assets acquired and liabilities assumed relating to the Acquisition could differ materially from the preliminary allocation of purchase consideration. The final valuation will be based on the actual net tangible and intangible assets of Drone Nerds existing at the acquisition date.

 

2. Accounting Policies and Reclassifications

 

Management performed a comprehensive review of the three entities’ accounting policies. Based on its analysis, management reclassified certain operating expenses in the statements of operations of Drone Nerds to align with XTI’s presentation. Management did not identify any further differences in accounting policies.

 

3. Estimated Purchase Price Consideration

 

Estimated purchase price of approximately $40.0 million related to the Acquisition is comprised of the following components (in thousands):

 

Fair Value of Class B Units  $9,735 
Fair value of Promissory Notes   10,265 
Cash   20,000 
Total Consideration  $40,000 

 

The total equity consideration for the Acquisition included 6,524,576 Class B Units of our wholly-owned subsidiary that acquired Drone Nerds, which convert into common shares of XTI at the option of the holder at no additional consideration, which had an aggregate estimated fair value of approximately $9.7 million. The fair value was determined based on XTI’s five-day weighted average share price of $1.492 ending November 7, 2025. If the Class B Units have not been converted into shares of XTI common stock prior to the fifteen-month anniversary of the Acquisition closing date, they will automatically convert into common shares at that time for no additional consideration. The Class B Units issued at the closing are fixed in number, subject to stock splits or similar adjustments, and are not subject to forfeiture prior to conversion.

 

The Promissory Notes bear interest at an annual rate of 7.25% and mature at the one-year anniversary of the Acquisition closing date, subject to monthly principal repayments and acceleration clauses if XTI or any of its affiliates receives an aggregate amount of $40 million or more in future capital raises.

 

4. Adjustments to Unaudited Pro Forma Condensed Combined Financial Information

 

The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statements of operations are based upon the number of shares of common stock outstanding, assuming the Acquisition occurred on January 1, 2024.

 

5

 

 

Pro Forma Adjustments for Subsequent XTI Equity and Investment Transactions

 

The pro forma adjustments for subsequent XTI equity transactions represent significant transactions completed by the Company subsequent to September 30, 2025 and are as follows:

 

Note 1: During October 2025, all remaining outstanding pre-funded warrants that XTI issued as part of a best-efforts public offering that closed during September 2025 were exercised into common stock resulting in a reduction of Warrant Liabilities and an increase in Additional Paid-In Capital of approximately $3.0 million on the unaudited pro forma September 30, 2025 condensed combined balance sheet.

 

Note 2: On October 21, 2025, the Company invested in Valkyrie Sciences Holdings LLC (“Valkyrie”) in the form of a convertible promissory note of $2.0 million. The note bears simple interest at 10% per annum and matures on December 31, 2026. The Company may elect to convert the outstanding principal and accrued interest into (a) securities at the same price paid by new investors, (b) simple agreements for future equity in an affiliate of Valkyrie, or (c) equity of Valkyrie or its affiliate in the event of a sale of such entity as applicable, subject to a valuation cap of no greater than $65 million. The unaudited pro forma condensed combined balance sheet has been adjusted to account for this transaction.

 

Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Financial Statements

 

Pro Forma Acquisition Accounting Adjustments

 

  A. Represents the cash consideration portion of the purchase price.

 

  B. Represents the fair value adjustment of inventory acquired.

 

  C. Represents adjustments to reflect the remeasurement the right-of-use assets and lease liabilities for the acquired leases as of the date of the Acquisition.

 

  D. The Company has performed a preliminary valuation analysis of the fair market value of Drone Nerds’ assets to be acquired and liabilities to be assumed. Using the total consideration for the Acquisition, the Company has estimated the allocations to such assets and liabilities. The following table summarizes the allocation of the preliminary purchase price as of the Transaction’s closing date, November 10, 2025 (in thousands):

 

Consideration(1)  $40,000 
Assets acquired:     
Cash and cash equivalents  $1,952 
Accounts receivable   7,259 
Inventories   18,349 
Vendor deposits   10,376 
Prepaid assets and other current assets   803 
Property and equipment   197 
Other assets   1,774 
Goodwill   15,456 
Total assets acquired   56,166 
      
Liabilities assumed:     
Accounts payable   3,658 
Accrued liabilities   7,404 
Operating lease obligation   1,774 
Short-term debt   2,880 
Long-term debt   450 
Total liabilities assumed   16,166 
Estimated fair value of net assets acquired  $40,000 

 

(1) See components of consideration above in Note 3 above.

 

6

 

 

For the purposes of pro forma presentation, the Company has assumed the excess consideration over the net assets acquired is Goodwill. The Company will be performing a more comprehensive assessment of assets acquired that may result in other intangible assets being identified in that analysis.

 

Other Transaction Accounting Adjustments

 

  E. To reflect the total transaction costs of XTI and Drone Nerds of approximately $2.7 million to be expensed as if incurred on January 1, 2024, the date the Acquisition occurred for the purposes of the unaudited pro forma condensed combined statements of operations. This is a non-recurring item and includes legal and accounting fees, investment banking, and other transaction-related professional fees.

 

  F.

As part of the purchase consideration, XTI will be issuing approximately $10.3 million in Promissory Notes. In addition, XTI will be assuming approximately $2.9 million of existing short-term debt and approximately $0.5 million of existing long-term debt of Drone Nerds.

 

  G.

Represents the issuance of non-controlling Class B Units valued at approximately $9.7 million as part of the purchase price consideration. The related impact to the unaudited pro forma condensed combined statements of operations was net income attributable to non-controlling interests of approximately $0.5 million and approximately $1.4 million for the year ended December 31, 2024 and nine months ended September 30, 2025, respectively. 

 

  H. Represents the interest expense relating to the Promissory Notes issued as part of the purchase price consideration.

 

  I.

Represents interest income relating to the Valkyrie convertible note investment (see Note 2).

 

Pro Forma Adjustments for Post Acquisition Financing Transactions

 

  AA.

On November 10, 2025, the Company entered into a Securities Purchase Agreement with Unusual Machines, Inc. (“UMAC”), pursuant to which the Company issued UMAC 25,000 shares of Series 10 Convertible Preferred Stock (the “Series 10 Preferred”) at a stated value of $1,000 per share, for aggregate gross proceeds of $25.0 million (the “Subscription Amount”) in a private placement that closed on November 12, 2025.

 

The Series 10 Preferred carries a 12% cumulative dividend, payable quarterly in cash, common stock, or in kind (PIK) through accretion to stated value. Each share is convertible into common stock at a fixed conversion price of $1.492 per share upon receipt of required shareholder approval, at which time all shares will automatically convert. The issuance of common stock upon such automatic conversion is subject to a beneficial ownership limitation of 4.99% (or 9.99% at holder election). If the issuance of common stock upon such automatic conversion would exceed such limit, then, at the holder’s election, the Company may issue pre-funded warrants in lieu of conversion shares or hold such excess conversion shares in abeyance for the holder’s benefit.

 

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  As a result of the Company’s shareholders’ approval of the issuance of Company securities for purposes of Nasdaq Listing Rule 5635 at the Company’s 2025 annual meeting held on December 30, 2025, all outstanding shares of the Series 10 Preferred were converted into (i) 1,721,980 shares of the Company’s common stock and (ii) a pre-funded warrant to purchase an aggregate of 15,307,735 shares of the Company’s common stock, which shares and pre-funded warrant were issued on January 5, 2026. The pre-funded warrant has an exercise price of $0.0001 per share, provided that such exercise price is deemed pre-paid as part of the Subscription Amount. The pre-funded warrant was issued in lieu of common stock due to the beneficial ownership limitation in the Series 10 Preferred. The pre-funded warrant is immediately exercisable and may be exercised at any time, subject to the aforementioned beneficial ownership limitation, until it is exercised in full.
   
The preliminary accounting for the Series 10 Preferred, subsequent common shares and pre-funded warrant exercises, and related placement agent’s warrants (see BB below) is based on management’s current interpretation of the relevant terms and application of U.S. GAAP, including ASC 480, ASC 815, and ASC 505. The classification and measurement of these instruments are subject to change as the Company completes its detailed analysis and obtains any required third-party valuations or technical accounting review.

 

For pro forma presentation, the $25.0 million Subscription Amount, net of issuance costs of approximately $1.9 million, resulting in net proceeds of approximately $23.1 million, is reflected as a warrant liability of approximately $19.0 million and accumulated other comprehensive income of approximately $4.1 million.

 

BB.In connection with the Series 10 Preferred financing, the Company issued warrants to the placement agent to purchase 837,801 shares of common stock at an exercise price of $1.492 per share, equal to the Series 10 Preferred conversion price. The warrants are immediately exercisable upon closing and expire five years from the date of issuance. For pro forma purposes, the fair value of the placement agent warrants is classified as mezzanine equity and treated as a direct issuance cost of the offering, recorded as a reduction to additional paid-in capital, with no impact on the pro forma statements of operations or earnings per share.

 

CC.During December 2025, the Company made the first required principal payment on the Promissory Notes issued as part of the Acquisition’s purchase price consideration (see Note 3), in an aggregate amount of $4.0 million.

 

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5. Net Loss per Share

 

Net loss per share was calculated using the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Acquisition, assuming the shares were outstanding since January 1, 2024. As the Acquisition transactions are being reflected as if they had occurred at the beginning of the earliest period presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares issuable relating to the Acquisition have been outstanding for the entirety of all periods presented.

 

The unaudited pro forma condensed combined financial information has been prepared for the nine months ended September 30, 2025 and for the year ended December 31, 2024 (in thousands, except share and per share data):

 

   Nine Months
Ended
September 30,
2025(1)  		   Year Ended
December 31,
2024(2)		 
Pro forma net loss attributable to common stockholders  $(38,800)  $(40,965)
Weighted average shares outstanding – basic and diluted(3)   17,438,728    6,751,769 
Pro forma net loss per share attributable to common stockholders – basic and diluted  $(2.22)  $(6.07)
           
As Adjusted Pro forma net loss attributable to common stockholders  $(38,800)  $(40,965)
Weighted average shares outstanding – basic and diluted(4)   34,468,443    23,781,484 
As Adjusted Pro forma net loss per share attributable to common stockholders – basic and diluted  $ (1.13)  $(1.72)

 

(1) Pro forma net loss per share includes the pro forma adjustments described in “Unaudited Pro Forma Condensed Combined Financial Information” for the nine months ended September 30, 2025. The calculation excludes the pro forma adjustment related to net income attributable to non-controlling interests—Class B Units, as it assumes the full conversion of the Class B Units into the Company’s common shares effective January 1, 2024. Accordingly, no non-controlling interest is reflected in pro forma net loss per share.
   
(2) Pro forma net loss per share includes the pro forma adjustments described in “Unaudited Pro Forma Condensed Combined Financial Information” for the year ended December 31, 2024. The calculation excludes the pro forma adjustment related to net income attributable to non-controlling interests—Class B Units, as it assumes the full conversion of the Class B Units into the Company’s common shares effective January 1, 2024. Accordingly, no non-controlling interest is reflected in pro forma net loss per share.
   
(3) Includes 6,524,576 Class B Units issued as part of the Acquisition’s purchase price consideration as they convert to common shares of XTI, at the option of the holder or automatically fifteen months from the Acquisition’s closing date, and require no future additional consideration.

 

(4)  Includes (i) 6,524,576 Class B Units issued as part of the Acquisition’s purchase price consideration as they convert to common shares of XTI, at the option of the holder or automatically fifteen months from the Acquisition’s closing date, and require no future additional consideration, and (ii) 1,721,980 shares of common stock and a pre-funded warrant to purchase 15,307,735 shares of common stock at an exercise price of $0.0001 per share (which exercise price is deemed pre-paid as part of the Subscription Amount) that were issued on January 5, 2026 as a result of the automatic conversion of the Series 10 Preferred.

 

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