XTI Aerospace $XTIA and Unusual Machines $UMAC have a dynamite partnership! Together, they will dominate the US drone industry in each of their respective niches. On 11/12/25, the same day XTIA announced its acquisition of Drone Nerds, UMAC made an equity investment of $25M into XTIA at $1.49 per share. Donald Trump Jr. is an investor and advisor for UMAC.

We recently had an interview with the CEO of UMAC, Dr. Allan Thomas Evans, regarding the partnership.

Evans told us Drone Nerds is an amazing company and he rushed to make a sizeable equity investment. Drone Nerds is on a great growth path with over $55M in revenue in 1H25 and is profitable with about a 9% EBITDA margin.

Evans said UMAC will give its drone manufacturer customers incentives if they use Drone Nerds’ services.

Evans doesn’t put any value on XTIA’s previous business of aircraft development, which is mainly its Trifan-600. “The company is basically just Drone Nerds now”, he said. “I would drop the previous business.”

We see XTIA going to $2-$3 this year, depending on the extent of their cost-cutting and Drone Nerds’ revenue growth.

Disclosures: Upon confirmation, Evans told us that everything he said in the interview is already public information through filings or published interviews/statements.

We may publish a more extensive report on XTIA at a later date.

WDR is long XTIA.