SKYX Reports Record Q1 2026 Revenues of $22M, Up 10% YoY, and Strategic Partnerships

SKYX Platforms Corp. (NASDAQ: SKYX) reported financial results for the first quarter ended March 31, 2026, achieving record revenues of $22 million, a 10% increase compared to $20 million in Q1 2025. This marks the company's ninth consecutive quarter of year-over-year growth. Gross profit rose 16% to $7.0 million, with gross margin improving to 30% from 28% in the prior year. As of March 31, 2026, SKYX held $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 the company has sufficient liquidity to achieve its goals, including becoming cash flow positive by the end of 2026.

SKYX announced a strategic partnership with Group OTT, a prominent European hotel and real estate developer led by Jean-François Ott, to deploy its advanced smart and AI platform technologies as a brand standard across hotels and buildings. Over the past 35 years, Group OTT has developed more than 250 hospitality, residential, and commercial buildings valued at over $4 billion across Europe. In May 2026, SKYX will deploy its 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 and deploy its technologies to the European hotel market, which includes over 132,000 hotels. Approximately 124,000 hotel rooms are projected to open in Europe in 2026, with over 250,000 rooms in the development pipeline.

SKYX's technologies reduce up to 90% of the time and cost of building and hotel renovations or new construction. The company is in discussions with additional developers and hotel groups. SKYX has demonstrated its technology during a Marriott Hotel renovation and expects to grow its hotel segment in 2026. The Shaner Group, a Marriott hotel chain owner that led a $16.5 million investment round, has over 70 hotels worldwide. SKYX is expected to supply its smart home technologies to upcoming projects in the U.S. and globally, including New York, North Carolina, Austin, San Antonio, South Florida (including Miami's new $4 billion smart city), Europe, Saudi Arabia, and Egypt. The company expects to deploy over 1 million units of its products, including its advanced smart home plug-and-play technologies, during these projects and to over 100,000 units/homes by the end of 2026 through its pro and retail segments.

SKYX's Turbo Heater Fan sales continue to grow despite warmer weather, and the company is expanding the "All-Season Ceiling Fan" category—heat in winter and cool in summer—with new designs and larger sizes. The company announced a collaboration with the NVIDIA AI Ecosystem Connect Program and expects to grow this collaboration into future smart home projects. SKYX's technology expansion provides opportunities for future recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions. The company is also launching a new AI-driven system for its e-commerce platform of 60 websites, expected to increase conversion rates and sales by up to 30%.

SKYX's Safety Code Standardization Team continues progress toward a safety-mandated standardization of its ceiling outlet/receptacle technology in homes and buildings. The team, led by former head of the National Electrical Code Mark Earley and former American Lighting Association President Eric Jacobson, has received support from a new prominent leader with a government safety agency. The company believes its products can save insurance companies billions annually by reducing risks such as fires, ladder fall injuries, and electrocutions.

Net loss per share improved to $0.07 from $0.09 in Q1 2025. Adjusted EBITDA loss per share decreased to $0.03 from $0.04. SKYX's financial statements are available on the company's investor relations website at https://ir.skyplug.com/sec-filings/.