SKYX Platforms Corp. (NASDAQ: SKYX) reported its financial results for the first quarter ended March 31, 2026, achieving record revenues of $22 million, a 10% increase from $20 million in the same period last year. This marks the company's ninth consecutive quarter of year-over-year growth. The company also reported a gross profit of $7.0 million, up 16% from $6.0 million, and a gross margin improvement to 30% from 28%. Net loss per share narrowed to $0.07 from $0.09, while adjusted EBITDA loss per share decreased to $0.03 from $0.04.
The company ended the quarter with $32 million in cash and cash equivalents, up from $10 million at the end of 2025, following a $29 million equity raise in January. Management believes it has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026.
SKYX's growth is being fueled by strategic partnerships and expansion into the hotel and builder segments. The company entered into a strategic partnership with Group OTT, a prominent European hotel and real estate developer that has developed over 250 hospitality and residential buildings valued at over $4 billion. SKYX will deploy its advanced smart and AI platform technologies as a brand standard across Group OTT's properties. In May 2026, SKYX announced its first European hotel deployment at The Grand Hotel du Parc in La Bourboule, France, during a master renovation. Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market its technologies to the European hotel market, which includes over 132,000 hotels.
SKYX's technologies, which reduce installation time and cost by up to 90%, are also being considered for major projects in the U.S. and globally, including New York, North Carolina, Austin, San Antonio, South Florida's new $4 billion smart city in Miami, Europe, Saudi Arabia, and Egypt. The company expects to deploy over 1 million units of its smart home products through these projects and over 100,000 units into homes by the end of 2026 through its pro and retail segments.
In the retail space, SKYX's patented Turbo Heater fan continues to grow sales despite warmer weather, leading the company to expand the "All-Season Ceiling Fan" category with new designs and larger sizes. The product is now available at Home Depot, Target, Walmart, and Lowe's.
On the technology front, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program and expects to grow this relationship into future smart home projects. The company also plans to launch a new AI-driven system for its e-commerce platform of 60 websites, which is expected to increase conversion rates and sales by up to 30%.
SKYX's safety code standardization team, led by former National Electrical Code head Mark Earley and former American Lighting Association President Eric Jacobson, continues to progress toward making its ceiling outlet/receptacle technology a safety-mandated standard in homes and buildings. The company believes this could save insurance companies billions annually by reducing fires, ladder fall injuries, and electrocutions.
For more details, investors can access the company's financial statements filed with the SEC at https://ir.skyplug.com/sec-filings/.
