SKYX Platforms Corp. (NASDAQ: SKYX), a provider of advanced smart home and AI platform technologies, 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 the same period of 2025. This marks the company's ninth consecutive quarter of year-over-year revenue growth, underscoring its expanding market penetration.
The company's gross profit rose 16% to $7.0 million, while gross margin improved to 30% from 28% in the prior year. Net loss per share narrowed to $0.07 from $0.09, and adjusted EBITDA loss per share decreased to $0.03 from $0.04. As of March 31, 2026, SKYX held $32 million in cash and cash equivalents, up from $10 million at the end of 2025, bolstered by a $29 million equity raise in January. Management believes the company has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026.
Operationally, SKYX has made significant strides 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 properties valued at more than $4 billion. Under the agreement, SKYX will deploy its advanced smart and AI platform technologies as a brand standard across Group OTT's hotels and buildings. In May 2026, SKYX announced its first European deployment 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 over 132,000 hotels across Europe, where approximately 124,000 hotel rooms are projected to open in 2026.
SKYX's technologies, which reduce renovation or new build time and cost by up to 90%, are also poised for deployment in key U.S. and global projects, 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. The company expects to deploy over 1 million units of its plug-and-play smart home technologies through these projects and over 100,000 units into homes by the end of 2026 via its pro and retail segments.
On the technology front, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program, aiming to integrate AI into future smart home projects and create recurring revenue streams through upgrades, AI services, monitoring, and subscriptions. The company is also expanding its "All-Season Ceiling Fan" category—providing heat in winter and cool in summer—with new designs and larger sizes, following growing sales of its patented Turbo Heater Fan at retailers like Home Depot, Target, Walmart, and Lowe's.
SKYX continues to pursue a safety-mandated standardization of its ceiling outlet/receptacle technology, led by former National Electrical Code head Mark Earley and former American Lighting Association CEO Eric Jacobson. The company believes its products can save insurance companies billions annually by reducing fires, fall injuries, and electrocutions. With a strong cash position, expanding partnerships, and a robust pipeline, SKYX is positioned for sustained growth and market transformation.
