Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On November 10, 2025, XTI Aerospace, Inc. (the “Company” or “XTI”), through a wholly-owned subsidiary, completed the acquisition of 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 Company filed (i) a Current Report on Form 8-K on November 12, 2025 reporting the completion of the Acquisition and included the audited consolidated financial statements of Drone Nerds, Inc. and its subsidiaries for the year ended December 31, 2024, and (ii) a Current Report on Form 8-K on January 14, 2026 to provide the unaudited condensed consolidated financial statements of Drone Nerds, Inc. as of and for the nine months ended September 30, 2025 and the unaudited pro forma condensed combined financial information giving effect to the Acquisition. Except for the effect of the disposition of the Inpixon Business described below, the disclosures made in the Company’s Reports on Form 8-K filed on November 12, 2025 and January 14, 2026 regarding the Acquisition remain unchanged.

Subsequent to the Acquisition and as described in the Company’s Current Report on Form 8-K filed on February 4, 2026, on February 3, 2026, the Company completed the disposition of its Inpixon Business (as defined below) pursuant to a Share Purchase and Transfer Agreement, dated February 3, 2026, by and between the Company and EVO 467. GmbH, pursuant to which the Company sold and assigned to EVO 467. GmbH all of the shares of Inpixon GmbH, a German limited liability company that, together with its wholly owned subsidiary IntraNav GmbH, provides solutions in the field of indoor positioning, real-time localization, and sensor technologies and develops and distributes systems (hardware and software) that use sensor technology, radio technologies, and data analysis to enable the precise location of people, devices, and objects within buildings (the “Inpixon Business”). The Company historically conducted the Inpixon Business within the Company’s consolidated operations and the Inpixon Business was not reported as a separate legal entity prior to the formation and contribution of Aware RTLS, Inc.

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 meanings as terms defined and included elsewhere in this Current Report on Form 8-K/A.

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 consolidated financial statements 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, previously included in the Current Reports on Form 8-K previously filed with the Securities and Exchange Commission on November 12, 2025 and January 14, 2026, respectively. The unaudited pro forma condensed combined financial information has been prepared on a basis consistent with the financial statements of XTI.

These unaudited pro forma condensed combined financial statements are for informational purposes only and do not purport to indicate the results that would have been obtained had the Acquisition or the disposition of the Inpixon Business 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 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)

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

(in thousands, except share and per share amounts)

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

(in thousands, except share and per share amounts)

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 to give effect to (i) the Acquisition of Drone Nerds as if the Acquisition and related transactions had occurred on January 1, 2024 for purposes of the year ended December 31, 2024 and the nine months ended September 30, 2025, and (ii) the disposition of the Company’s Inpixon Business as if the disposition had occurred on January 1, 2024 for purposes of the year ended December 31, 2024 and on January 1, 2025 for purposes of the nine months ended September 30, 2025.

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 closing date of the Acquisition.

The unaudited pro forma condensed combined balance sheet has been prepared as if the Acquisition of Drone Nerds and the disposition of the Inpixon Business had occurred on September 30, 2025.

The unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may result from the Acquisition or disposition of the Inpixon Business and is presented for illustrative purposes only. The unaudited pro forma condensed combined financial information is not necessarily indicative of what the Company’s actual results of operations or financial position would have been had the transactions occurred on the dates assumed, nor is it indicative of future results.

The unaudited pro forma condensed combined financial information should be read in conjunction with the Company’s historical consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2024, its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 and its Current Reports on Form 8-K filed on November 12, 2025 and January 14, 2026.

2. Accounting Policies and Reclassifications

Management performed a comprehensive review of the accounting policies of XTI Aerospace, Inc. and Drone Nerds. 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.

In addition, the historical financial information of XTI reflects the reclassification of the Inpixon Business as being disposed as of January 1, 2024. Accordingly, the unaudited pro forma condensed combined financial information reflects the removal of the revenues, costs, and expenses attributable to the Inpixon Business.

3. Pro Forma Adjustments to XTI’s Historical Financial Information

Pro Forma Adjustments for Disposition of Inpixon Business

Note 1: The unaudited pro forma condensed combined financial information gives effect to the disposition of the Company’s Inpixon Business. This footnote describes the pro forma impacts related solely to the disposition transaction.

During December 2025, management actively explored strategic alternatives to dispose of the Company’s Inpixon Business, including engaging in discussions with potential buyers and evaluating the orderly wind-down or shutdown of the business in the event a sale could not be consummated. On February 3, 2026, the Company entered into a Share Purchase and Transfer Agreement and completed the disposition of the Inpixon Business. 

The unaudited pro forma condensed combined statements of operations reflect the removal of revenues, costs, and expenses attributable to the Inpixon Business for the year ended December 31, 2024 and the nine months ended September 30, 2025, together with transaction accounting adjustments that are directly attributable to the disposition and factually supportable. 

The unaudited pro forma condensed combined balance sheet reflects the removal of the assets and liabilities of the Inpixon Business as of September 30, 2025, including the elimination of intercompany balances and the Inpixon Loan (as defined in the Current Report on Form 8-K filed on February 4, 2026), consistent with the terms of the Share Purchase and Transfer Agreement. 

The unaudited pro forma condensed combined financial information does not purport to represent what the Company’s results of operations or financial position would have been had the disposition occurred on the dates assumed, nor does it reflect the results of operations or financial position of the Company following the disposition. 

Pro Forma Adjustments for XTI Equity and Investment Transactions Subsequent to September 30, 2025

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

Note 2: 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 3: 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

Estimated Purchase Price Consideration

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

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 shares of XTI common stock 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 shares of XTI common stock 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.

Pro Forma Acquisition Accounting Adjustments

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

Pro Forma Adjustments for Post Acquisition Financing Transactions

Prior to the automatic conversion of the Series 10 Preferred (as described below), the Series 10 Preferred carried a 12% cumulative dividend, payable quarterly in cash, common stock, or in kind (PIK) through accretion to stated value. Each share was 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 automatically converted into common stock. The issuance of common stock upon such automatic conversion was 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 could issue pre-funded warrants in lieu of conversion shares or hold such excess conversion shares in abeyance for the holder’s benefit.

4. 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):