SKYX Platforms Corp. (NASDAQ: SKYX) reported financial results for the first quarter ended March 31, 2026, achieving record revenues of $22 million, a 10% increase from $20 million in the same period last year. This marks the company's ninth consecutive quarter of year-over-year growth. Gross profit rose 16% to $7.0 million, with gross margin improving to 30% from 28% in Q1 2025. As of March 31, 2026, SKYX held $32 million in cash and cash equivalents, up from $10 million at the end of 2025. Management believes the company has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026.
A key highlight of the quarter was SKYX's strategic partnership with Group OTT, a prominent European hotel and real estate developer with over 250 projects 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 it will deploy its technologies 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 the European hotel market, which comprises over 132,000 hotels. The company expects to supply its smart home technologies to upcoming 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 anticipates deploying over 1 million units of its products through these projects and over 100,000 units to homes by the end of 2026 through its pro and retail segments.
SKYX's technology reduces up to 90% of the time and cost of building and hotel renovations or new builds. The company is also expanding its product line, including the all-season ceiling fan category with new designs and larger sizes, following the growing sales of its patented Turbo Heater fan. In Q1 2026, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program, expecting to grow this collaboration into future smart home projects. The company's technology expansion provides opportunities for future recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions.
SKYX's safety code standardization team continues to make progress toward a safety-mandated standardization of its ceiling outlet/receptacle technology. The team, led by former National Electrical Code head Mark Earley and former American Lighting Association President Eric Jacobson, believes the product has met the necessary conditions for becoming a ceiling safety standardization requirement. The company expects insurance companies to use its products to reduce risks and minimize losses.
For the first quarter of 2026, net loss per share improved to $0.07 from $0.09 in the same period last year. Adjusted EBITDA loss per share decreased to $0.03 from $0.04. The company's financial statements are available on its investor relations website at https://ir.skyplug.com/sec-filings/. SKYX will hold a conference call on May 11, 2026, at 4:30 p.m. Eastern Time to discuss the results.
