SKYX Platforms Corp. (NASDAQ: SKYX), a provider of advanced smart home and AI platform technologies, announced financial results for the first quarter ended March 31, 2026, highlighting 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 revenue growth, underscoring its expanding market penetration in the smart home and building sectors.
The company reported a gross profit of $7.0 million for Q1 2026, a 16% increase compared to $6.0 million in Q1 2025, while gross margin improved to 30% from 28% in the prior year. As of March 31, 2026, SKYX held $32 million in cash, cash equivalents, and restricted cash, a significant increase from $10 million at the end of 2025. Management believes this cash position is sufficient to achieve its goals, including becoming cash flow positive by the end of 2026.
Key operational highlights include a strategic partnership with Group OTT, a prominent European hotel and real estate developer, to deploy SKYX’s smart and AI platform technologies as a brand standard across its properties. Group OTT has developed over 250 hotels and buildings across Europe. In May 2026, SKYX announced it will deploy its technologies during the master renovation of the Grand Hotel du Parc in La Bourboule, France, marking its first European hotel installation. Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market its technologies to the European hotel market, which comprises over 132,000 hotels. The company expects to supply its advanced smart home technologies to key projects in the U.S. and globally, including developments in New York, North Carolina, Austin, San Antonio, South Florida (including Miami’s new $4 billion smart city), Europe, Saudi Arabia, and Egypt. SKYX anticipates deploying over 1 million units of its 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 segment, SKYX’s patented Turbo Heater Fan continues to see growing sales, and the company is expanding the “All-Season Ceiling Fan” category with new designs and larger sizes. The product is now available at major retailers including Home Depot, Target, Walmart, and Lowe’s. The company also announced a collaboration with the NVIDIA AI Ecosystem Connect Program, expecting to grow this collaboration into future smart home projects. SKYX’s technology roadmap includes launching a new AI-driven system for its e-commerce platform of 60 websites, anticipated to increase conversion rates and sales by up to 30%.
On the safety standardization front, SKYX’s Safety Code Standardization Team, led by former National Electrical Code head Mark Earley and former American Lighting Association President Eric Jacobson, is progressing toward a safety-mandated standardization of its ceiling outlet/receptacle technology. The company believes its products can save insurance companies billions annually by reducing risks such as fires, ladder fall injuries, and electrocutions.
Financially, SKYX raised $29 million in straight equity during January 2026 from two institutional investors, with $25 million at $2.50 per share and $4 million at $2.00 per share. The company also extended and converted $13.5 million in notes due in 2025 to a five-year maturity through 2030. Net loss per share improved to $0.07 in Q1 2026 from $0.09 in Q1 2025, while adjusted EBITDA loss per share decreased to $0.03 from $0.04. For further details, the company’s financial statements are available on its investor relations website at https://ir.skyplug.com/sec-filings/.
Management expressed confidence in accelerating positive trends through 2026, driven by channel strategy execution and strategic initiatives. The company’s e-commerce platform, with 60 websites, is expected to continue generating cash flow and supporting growth across retail and professional segments.
