SKYX Platforms Corp. (NASDAQ: SKYX), a smart home and AI platform technology company, reported record revenues of $22 million for the first quarter of 2026, 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, according to a press release issued Monday. The company also reported a gross profit of $7.0 million, up 16% from $6.0 million in Q1 2025, with gross margins improving to 30% from 28%.
As of March 31, 2026, SKYX held over $32 million in cash and cash equivalents, up from $10 million at the end of 2025. Management believes the company has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026. The company attributed its improved cash position to the rapid conversion of e-commerce sales into cash, a model it likens to Dell's working capital strategy.
SKYX's growth is being fueled by significant progress in 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 hotels and buildings across Europe. In May 2026, SKYX announced it will deploy its advanced smart technologies 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 said its technologies can reduce renovation and installation time and cost by up to 90%.
The company also highlighted its collaboration with the NVIDIA AI Ecosystem Connect Program, expecting to grow this partnership into future smart home projects. SKYX's technology expansion is expected to generate future recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions.
SKYX is expected to supply its advanced smart home technologies to key projects in the U.S. and globally, including in New York, North Carolina, Austin, San Antonio, South Florida (including Miami’s new $4 billion smart city), Europe, Saudi Arabia, and Egypt. The company anticipates deploying over 1 million units of its products and over 100,000 units/homes by the end of 2026 through its pro and retail segments.
On the retail front, SKYX announced the launch of its patented Turbo Heater fan at Home Depot, Target, Walmart, and Lowe's. Based on growing sales, the company is expanding the category of the “all-season ceiling fan” to include new designs and larger sizes.
SKYX's safety code standardization team, led by former National Electrical Code head Mark Earley and former American Lighting Association CEO Eric Jacobson, continues to work toward a safety-mandated standardization of its ceiling outlet/receptacle technology. The company believes its products could save insurance companies billions of dollars annually by reducing fires, ladder fall injuries, and electrocutions.
Financially, SKYX reported a net loss per share of $0.07 in Q1 2026, compared to $0.09 in Q1 2025. Adjusted EBITDA loss per share decreased to $0.03 from $0.04. The company raised $29 million in straight equity during January 2026 from two institutional investors.
For more details, SKYX's financial statements are available on the company's investor relations website at https://ir.skyplug.com/sec-filings/.
