SKYX Platforms Corp. (NASDAQ: SKYX), a developer of advanced smart home and AI platform technologies, reported financial results for the first quarter ended March 31, 2026, marking its ninth consecutive quarter of year-over-year growth. The company achieved record revenues of $22 million, a 10% increase from $20 million in the same period last year. Gross profit rose 16% to $7 million, and gross margin improved 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.
As of March 31, 2026, SKYX held over $32 million in cash and cash equivalents, up from $10 million at year-end 2025. Management believes the company has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026. The company’s e-commerce platform of 60 websites continues to generate cash flow, leveraging a rapid conversion of sales into cash similar to the “Dell Working Capital Model.”
In May 2026, SKYX announced a strategic partnership with Group OTT, a prominent European hotel and real estate developer that has built over 250 properties valued at more than $4 billion. SKYX will deploy its advanced smart and AI platform technologies as a brand standard across OTT’s hotels and buildings. The first deployment will occur during the master renovation of The Grand Hotel du Parc in La Bourboule, France. Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market its technologies to over 132,000 hotels in Europe, where approximately 124,000 new hotel rooms are expected to open in 2026.
SKYX’s technologies are designed to reduce installation time and cost by up to 90% for renovations and new builds. The company expects to supply its smart home systems to upcoming 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 plug-and-play technologies across these projects and more than 100,000 units into homes by the end of 2026 through its pro and retail segments.
The company’s safety code standardization team, led by former National Electrical Code head Mark Earley and former American Lighting Association CEO Eric Jacobson, continues its efforts to make SKYX’s ceiling outlet/receptacle technology a mandatory safety standard. The company believes its products can save insurers billions annually by reducing fire risks, ladder fall injuries, and electrocutions.
SKYX also announced a collaboration with the NVIDIA AI Ecosystem Connect Program, expecting to expand into future smart home projects. The company plans to launch an AI-driven system for its e-commerce platform, projected to increase conversion rates and sales by up to 30%. Additionally, SKYX is expanding its “All-Season Ceiling Fan” category, which provides heating in winter and cooling in summer, following growing sales of its patented Turbo Heater fan.
Financing highlights include raising $29 million in straight equity from two institutional investors in January 2026, and extending $13.5 million in notes to 2030. The company’s cash position improved to $32 million as of March 31, 2026.
