SKYX Platforms Corp. (NASDAQ: SKYX) reported its financial results for the first quarter ended March 31, 2026, achieving record revenues of $22 million, a 10% increase from $20 million in Q1 2025. This marks the company's ninth consecutive quarter of year-over-year growth. Gross profit rose 16% to $7 million, with gross margin improving to 30% from 28% in the prior year. The company also reported $32 million in cash and cash equivalents as of March 31, 2026, up from $10 million at the end of 2025, following a $29 million equity raise in January 2026 from two institutional investors. Management believes it has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026.
The company's strategic partnership with Group OTT, a prominent European hotel and real estate developer, is a key highlight. Group OTT has developed over 250 hotels and buildings across Europe, and SKYX will deploy its advanced smart and AI platform technologies as a brand standard throughout its properties. In May 2026, SKYX announced it will deploy its technologies to its first European hotel, 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 the vast European hotel market, which comprises over 132,000 hotels. With approximately 124,000 hotel rooms projected to open in Europe in 2026 and over 250,000 rooms in the development pipeline, this represents a significant growth opportunity.
SKYX's technologies reduce up to 90% of the time and cost of building and hotel renovations or new builds, making them attractive to developers. The company is also expected to supply its advanced smart home technologies to key 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. SKYX expects to deploy over 1 million units of its products, including its smart home plug-and-play technologies, across these projects, and to deploy over 100,000 units into homes by the end of 2026 through its pro and retail segments.
In the retail space, SKYX launched its patented Turbo Heater fan at leading U.S. retailers including Home Depot, Target, Walmart, and Lowe's. Despite warmer weather, sales of the Turbo Heater fan continue to grow, and the company is expanding the "all-season ceiling fan" category with new designs and larger sizes. 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 expansion provides opportunities for future recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions.
On the safety standardization front, SKYX's Safety Code Standardization Team continues to progress toward making its ceiling outlet/receptacle technology a safety-mandated standard in homes and buildings. The team, led by former National Electrical Code head Mark Earley and former American Lighting Association CEO Eric Jacobson, believes it has met the necessary conditions for becoming a ceiling safety standardization requirement. The company believes its products can save insurance companies billions of dollars annually by reducing risks such as fires, ladder fall injuries, and electrocutions.
Net loss per share improved to $0.07 in Q1 2026 from $0.09 in Q1 2025, and adjusted EBITDA loss per share decreased to $0.03 from $0.04. The company's e-commerce platform, which includes 60 lighting and home decor websites, is expected to continue providing additional cash flow. SKYX plans to launch a new AI-driven system for its e-commerce platform, expected to increase conversion rates and sales by up to 30%. With strong cash reserves, strategic partnerships, and expanding market penetration, SKYX is well-positioned for continued growth in 2026 and beyond.
