Think Equity Research Report (12/08/2025)
We are updating our outlook on XTI Aerospace to reflect the material de-risking provided by the Drone Nerds acquisition and the robust capitalization of the balance sheet. The company now possesses a unique hybrid model: a high-growth commercial drone business generating immediate cash flow, coupled with the exponential upside of the TriFan 600 eVTOL program. Trading at a valuation that effectively prices in only the legacy assets, the market has yet to appreciate the synergies and stability of the combined entity. We view the current levels as an attractive entry point and re-set our Price Target at $10.00, driven by the convergence of revenue scale, technical execution, and strategic positioning in the Vertical Economy.