SKYX Platforms Corp. (NASDAQ: SKYX) announced record second-quarter 2026 revenue of $25.3 million, a 14% increase from $22.1 million in the first quarter and a 10% rise from $23.1 million in the same period last year. This marks the company's 10th consecutive quarter of year-over-year growth, according to a press release.
The company's gross profit increased 4% year over year to $7.3 million, while its net loss narrowed to $8.2 million, or $0.06 per share, from $8.8 million, or $0.08 per share, a year earlier. Net cash used in operating activities declined 39% sequentially to $3.7 million from $6 million. As of June 30, SKYX reported $27.7 million in cash, cash equivalents, and restricted cash. Management stated that it believes the company has sufficient cash to achieve its goals, including becoming cash flow positive as it exits 2026.
The company expects to deploy more than 1 million units through its projects and more than 100,000 units and homes through its pro and retail segments by year-end 2026. SKYX highlighted planned and ongoing projects in the U.S., Europe, Saudi Arabia, and Egypt, along with expanded retail distribution of its patented SKYFAN and Turbo Heater products. Additionally, SKYX is developing an AI-driven system for its 60-site e-commerce platform and continues work toward safety-mandated standardization of its ceiling outlet and receptacle technology.
The company's mission is to make homes and buildings safe, advanced, and smart as the new standard, with electricity being a standard in every home and building. SKYX holds over 100 U.S. and global patents and patent-pending applications, and owns 60 lighting and home decor websites for both retail and commercial segments. Its technologies emphasize high quality and ease of use, while significantly enhancing safety and lifestyle in homes and buildings.
This news is important because it demonstrates SKYX's continued growth trajectory and its progress toward profitability. The record revenue and reduced cash burn indicate a strengthening financial position, which could be a positive signal for investors and the broader smart home industry. The company's expansion into international markets and its focus on AI-driven e-commerce suggest potential for further growth and innovation.
For more details, the full press release is available at https://ibn.fm/WjxWu.
