SKYX Platforms Corp. (NASDAQ: SKYX) announced record second-quarter revenue of $25.3 million, a 14% sequential 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 revenue growth, underscoring its consistent market traction and operational momentum.
The company's gross profit improved 4% year over year to $7.3 million, while its net loss narrowed to $8.2 million, or $0.06 per share, compared to a net loss of $8.8 million, or $0.08 per share, in the prior-year quarter. Notably, net cash used in operating activities declined 39% sequentially to $3.7 million from $6 million, reflecting enhanced cost management and operational efficiency. As of June 30, SKYX held $27.7 million in cash, cash equivalents, and restricted cash. Management stated that it believes the company has sufficient liquidity to achieve its goals, including reaching cash flow positivity as it exits 2026.
SKYX 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. The company highlighted planned and ongoing projects across the U.S., Europe, Saudi Arabia, and Egypt, along with expanded retail distribution of its patented SKYFAN and Turbo Heater products. These initiatives are part of SKYX's broader strategy to penetrate both residential and commercial markets globally.
In addition to its core product lines, SKYX is developing an AI-driven system for its 60-site e-commerce platform, aiming to enhance customer engagement and operational efficiency. The company continues its work toward safety-mandated standardization of its ceiling outlet and receptacle technology, which could position it as a foundational player in smart home electrical infrastructure.
The strong quarterly results and strategic investments reflect SKYX's commitment to innovation and market expansion. As the company scales its operations and advances its AI and standardization initiatives, it is poised to capitalize on the growing demand for safe, advanced, and smart home solutions. The market will be watching closely to see if SKYX can sustain its growth trajectory and deliver on its cash flow positive target by 2026.
For more details, the full press release is available at https://ibn.fm/WjxWu.
