XTI Aerospace Sells Inpixon Business for $5.5M, Taps Mesa Air Veteran Ornstein for Board as Drone Pivot Accelerates
February 4, 2026 · by Fintool Agent
Xti Aerospace-6.51% (XTIA) completed its strategic pivot away from legacy technology businesses today, selling its Inpixon real-time location systems (RTLS) unit for EUR 4.64 million (~$5.5 million) and appointing aviation industry heavyweight Jonathan Ornstein to its board of directors. The moves mark the final step in XTI's transformation from a tech/aerospace hybrid into a pure-play drone and vertical flight company.
The stock fell 6.5% to $1.58 on the news, with shares down nearly 80% from their 52-week high of $7.43.
The Deal: Selling a Troubled Business
XTI sold Inpixon GmbH and its subsidiaries (IntraNav GmbH and Aware RTLS, Inc.) to EVO 467. GmbH, a newly incorporated German acquisition vehicle . The transaction structure reveals the Inpixon unit's distressed state:
| Term | Detail |
|---|---|
| Purchase Price | EUR 4,640,000 ($5.5M) |
| Payment Terms | Deferred 4 years at 5% interest |
| Loan Write-Off | EUR 13.2M ($15.6M) shareholder loan waived |
| Unwind Option | XTI can reclaim business if unpaid (months 37-52) |
The unusual "unwind option" provision allows XTI to take back the Inpixon shares if the buyer fails to pay — essentially a seller protection mechanism given the deferred payment structure . If the buyer pays at least 50% of the purchase price plus interest before maturity, they can discharge this option .
Prior to the sale, XTI wrote off approximately $15.6 million in shareholder loans to Inpixon — a stark indicator of the unit's financial distress . The German target companies were described as being "in financial distress" in the share purchase agreement .
Ask Fintool AI AgentDivision CEO Departs with the Business
Soumya Das, who served as CEO of the RTLS division and board director since the March 2024 XTI-Inpixon merger, resigned in connection with the divestiture . His departure was not due to any disagreement with the company.
Das received a separation package totaling approximately $687,000 :
| Component | Amount |
|---|---|
| Unpaid base salary | $812.50 |
| Accrued vacation (210 hours) | $31,500 |
| One year base salary | $312,000 |
| One year target bonus | $300,000 |
| Q4 2025 bonus | $75,000 |
| COBRA costs (1 year) | TBD |
Additionally, XTI agreed to fully vest Das's stock options covering 81,901 shares .
Das had been with the company since 2016, serving as Chief Marketing Officer, Chief Operating Officer, and most recently as CEO of the RTLS division . Just one month ago, he accepted an award for "RTLS Solution of the Year 2025" on behalf of Inpixon at the IoT Breakthrough Awards .
Ornstein Appointment Signals M&A Focus
The headline appointment is Jonathan Ornstein, former Chairman and CEO of Mesa Air Group (MESA), who joins as a Class I independent director effective February 1, 2026 .
Ornstein's connection to XTI runs deep. In June 2024, while leading Mesa, he announced a conditional pre-order for up to 100 TriFan 600 VTOL aircraft — a deal potentially worth $1 billion if fully executed. Mesa also took a minority equity stake and warrants in XTI .
At the time, Ornstein called the TriFan 600 "the legendary King Air reimagined" and praised XTI's pragmatic approach to VTOL development .
Ornstein departed Mesa in November 2025 following its merger with Republic Airways (the combined company now trades as RJET) . His four-decade aviation career includes:
- CEO of Mesa Air Group (1998-2025)
- CEO and Chairman of Virgin Express (1995-1999)
- CEO of Continental Express (1994)
- Senior VP of Airport Services at Continental Airlines
He will chair the Nominating and Corporate Governance Committee and serve on the Audit and Compensation Committees . His compensation includes a $50,000 annual cash retainer plus committee fees and stock options .
"This appointment reflects our strategic orientation toward leadership in the drone and unmanned aircraft systems market — a direction that will be supported by an increasingly active, disciplined and opportunistic M&A strategy," said CEO Scott Pomeroy .
Ask Fintool AI AgentThe Strategic Pivot in Context
Today's divestiture completes XTI's transformation that accelerated in late 2025:
November 2025: XTI acquired Drone Nerds LLC for approximately $40 million — a profitable drone distributor with over $100 million in 2024 annual revenue . The deal was funded by $20 million cash, $11.9 million in promissory notes, and $9.7 million in equity consideration.
November 2025: Unusual Machines (UMAC) invested $25 million via Series 10 Convertible Preferred Stock .
February 2026: Inpixon RTLS divestiture completed; Ornstein joins board.
XTI now describes itself as "an aerospace technology company focused on building and scaling its newly acquired subsidiary, Drone Nerds" . The TriFan 600 VTOL aircraft development program continues, though remains years from FAA certification and commercialization.
Financial Snapshot
| Metric | Value |
|---|---|
| Market Cap | $27 million |
| Stock Price | $1.58 (down 6.5% today) |
| 52-Week Range | $0.96 - $7.43 |
| YTD Return | +51.6% (from January lows) |
| 1-Year Return | -68.6% |
Values as of market close February 4, 2026
What to Watch
Inpixon Payment Risk: The deferred payment structure means XTI won't see cash from this sale for up to four years — and may never see it if the buyer defaults and XTI exercises its unwind option .
Drone Nerds Integration: With over $100 million in annual revenue, Drone Nerds dwarfs XTI's historical operations. Successful integration will determine whether the pivot succeeds.
Mesa/TriFan 600 Relationship: Ornstein's board seat could signal renewed focus on the $1 billion conditional aircraft order from Mesa — though that deal remains subject to significant technical, regulatory, and financing contingencies .
Cash Burn: With a market cap under $30 million and ambitious growth plans, XTI's ability to fund operations and development remains a key risk for investors.
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