SKYX Platforms (NASDAQ: SKYX) has reported record second-quarter 2026 revenue of $25.3 million, a 14% increase from the first quarter's $22.1 million and a 10% rise from $23.1 million a year earlier. This marks the company's 10th consecutive quarter of year-over-year growth, underscoring sustained demand for its smart home and building technologies.
The company's gross profit increased 4% year over year to $7.3 million, while its net loss narrowed to $8.2 million, or $0.06 per share, from $8.8 million, or $0.08 per share, in the same period last year. Notably, net cash used in operating activities declined 39% sequentially to $3.7 million from $6 million, reflecting improved operational efficiency. As of June 30, SKYX held $27.7 million in cash, cash equivalents, and restricted cash, with management stating it believes the company has sufficient liquidity to achieve its goals, including becoming cash flow positive as it exits 2026.
SKYX anticipates deploying more than 1 million units through its projects and over 100,000 units and homes through its pro and retail segments by year-end 2026. The company highlighted planned and ongoing projects in the U.S., Europe, Saudi Arabia, and Egypt, alongside expanded retail distribution of its patented SKYFAN and Turbo Heater products. Additionally, SKYX is developing an AI-driven system for its 60-site e-commerce platform and continues its efforts toward safety-mandated standardization of its ceiling outlet and receptacle technology.
This record performance and strategic advancements are pivotal as SKYX aims to establish its technologies as the new standard for safe, advanced, and smart homes and buildings. The company's focus on safety standardization could reshape industry norms, potentially making its products ubiquitous in new constructions and renovations. With a robust project pipeline and expanding retail presence, SKYX is positioning itself for sustained growth and market leadership.
For more details, visit the full press release at https://ibn.fm/WjxWu.
