Segments

9 Months Ended

Sep. 30, 2025

Segments [Abstract]

Segments

Note 13 - Segments

The Company’s Chief Executive Officer, acting as the Chief Operating Decision Maker (“CODM”), regularly reviews and manages certain areas of its businesses, resulting in the Company identifying two reportable segments: Industrial IoT and Commercial Aviation. The Company manages and reports its operating results through these two reportable segments. This allows the Company to enhance its customer focus and better align its business models, resources, and cost structure to the specific current and future growth drivers of each business, while providing increased transparency to the Company’s shareholders.

The Commercial Aviation segment is currently in the pre-revenue development stage and its primary activity is the development of the TriFan 600 airplane. The Industrial IoT segment generates revenue primarily from the sale of real-time location system solutions for the industrial sector and its customers are primarily located in Germany and the U.S. As it relates to the Industrial IoT segment, the results disclosed in the table below only reflect activity following the XTI Merger closing through the September 30, 2025 reporting date.

Information on each of our reportable segments and reconciliation to consolidated loss from operations is presented in the table below. We have assigned certain previously reported expenses to each segment to conform to the way we internally manage and monitor our business. Unallocated operating expenses include costs that are not specific to a particular segment but are general to the group; included expenses incurred for administrative and accounting staff, general liability and other insurance, accrued consulting fees and transaction bonuses relating to former Legacy Inpixon executives, professional fees and other similar corporate expenses.

The following tables reflect the results of operations from our business segments for the periods indicated below (in thousands):

	Three Months Ended September 30, 2025
	Industrial			Commercial			Unallocated
	IoT			Aviation			Costs			Total
Revenue	$	2,484		$	—		$	—		$	2,484
Cost of revenues		1,407			—			—			1,407
Gross Profit		1,077			—			—			1,077
Operating expenses
Research and development		536			1,449			—			1,985
Sales and marketing		669			847			1,225			2,741
General and administrative		792			283			10,031			11,106
Impairment of goodwill		—			—			—			—
Impairment of intangible assets		—			—			—			—
Other expenses(1)		43			8			3			54
Total operating expenses		2,040			2,587			11,259			15,886
Loss from operations	$	(963	)	$	(2,587	)	$	(11,259	)	$	(14,809	)

	Nine Months Ended September 30, 2025
	Industrial			Commercial			Unallocated
	IoT			Aviation			Costs			Total
Revenue	$	3,568		$	—		$	—		$	3,568
Cost of revenues		1,673			—			—			1,673
Gross Profit		1,895			—			—			1,895
Operating expenses
Research and development		1,696			3,953			—			5,649
Sales and marketing		1,986			1,180			2,101			5,267
General and administrative		1,849			970			19,615			22,434
Impairment of goodwill		4,049			—			—			4,049
Impairment of intangible assets		631			—			—			631
Other expenses(1)		148			24			34			206
Total operating expenses		10,359			6,127			21,750			38,236
Loss from operations	$	(8,464	)	$	(6,127	)	$	(21,750	)	$	(36,341	)

(1) Other expenses include amortization of intangibles.

	Three Months Ended September 30, 2024
	Industrial			Commercial			Unallocated
	IoT			Aviation			Costs			Total
Revenue	$	918		$	—		$	—		$	918
Cost of revenues		398			—			—			398
Gross Profit		520			—			—			520
Operating expenses
Research and development		609			619			—			1,228
Sales and marketing		472			29			518			1,019
General and administrative		615			(2,444	)		4,122			2,293
Other expenses(2)		136			8			52			196
Total operating expenses		1,832			(1,788	)		4,692			4,736
Income (loss) from operations	$	(1,312	)	$	1,788		$	(4,692	)	$	(4,216	)

	Nine Months Ended September 30, 2024
	Industrial			Commercial			Unallocated
	IoT			Aviation			Costs			Total
Revenue	$	2,169		$	—		$	—		$	2,169
Cost of revenues		846			—			—			846
Gross Profit		1,323			—			—			1,323
Operating expenses
Research and development		1,361			1,479			—			2,840
Sales and marketing		1,187			295			678			2,160
General and administrative		1,268			(1,125	)		16,279			16,422
Other expenses(2)		295			6,512			114			6,921
Total operating expenses		4,111			7,161			17,071			28,343
Loss from operations	$	(2,788	)	$	(7,161	)	$	(17,071	)	$	(27,020	)

(2) Other expenses include merger-related transaction costs and amortization of intangibles.

The reporting package provided to the Company’s CODM does not include the measure of assets by segment as that information is not reviewed by the CODM when assessing segment performance or allocating resources.