Technology company SKYX Platforms Corp. announced record first quarter revenues of $20.1 million, representing a 6% year-over-year increase driven by robust sales of smart and standard plug & play products. The company's financial performance showed promising signs of growth, with gross profit rising to $5.7 million and net loss per share narrowing to ($0.09).
Strategic collaborations with major retailers and home manufacturers, including Home Depot, Wayfair, and Cavco Homes, are helping SKYX accelerate market penetration. The company successfully raised $4 million in new equity as part of a $15 million financing round led by The Shaner Group and company insiders.
SKYX's management remains confident in its growth trajectory, projecting positive cash flow in 2025. The company aims to reach 30,000 homes with its advanced-safe-smart platform technologies by the end of the second quarter, with expansion plans spanning the United States and Canada.
With over 97 U.S. and global patents and patent pending applications, SKYX is positioning itself as a potential leader in smart home technology. The company's innovations focus on enhancing home safety and lifestyle through easily integrated technological solutions that could transform residential electrical infrastructure.
