SKYX Platforms Corp. (NASDAQ: SKYX) reported record second-quarter 2026 revenue of $25.3 million, a 14% sequential increase from $22.1 million in the first quarter and a 10% rise from $23.1 million in the same period last year. This marks the company's tenth consecutive quarter of year-over-year growth, signaling sustained momentum in its mission to make homes and buildings safe, advanced, and smart.
The company's gross profit grew 4% year over year to $7.3 million, while its net loss narrowed to $8.2 million, or $0.06 per share, compared to $8.8 million, or $0.08 per share, in the prior 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 expressing confidence that the company has sufficient liquidity to achieve its objectives, including becoming cash flow positive as it exits 2026.
The company expects to deploy more than 1 million units through its projects and more than 100,000 units and homes through its pro and retail segments by year-end 2026. SKYX highlighted planned and ongoing initiatives in the United States, Europe, Saudi Arabia, and Egypt, alongside expanded retail distribution of its patented SKYFAN and Turbo Heater products. Furthermore, 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 news is important because it demonstrates SKYX's ability to grow revenue while reducing losses and cash burn, a critical step toward financial sustainability. The company's progress in international markets and its push for safety standardization could position it as a leader in the smart home and building technology sector. For investors, the narrowing net loss and improved cash flow signal a potential inflection point, making the stock worthy of attention.
According to the company, its technologies hold over 100 U.S. and global patents and patent pending applications, and it operates 60 lighting and home decor websites for retail and commercial segments. With a focus on high quality and ease of use, SKYX aims to enhance safety and lifestyle in homes and buildings worldwide. For more details, the full press release is available at https://ibn.fm/WjxWu, and the company's newsroom can be accessed at https://ibn.fm/SKYX.
