SKYX Platforms Corp. (NASDAQ: SKYX) reported its ninth consecutive quarter of year-over-year revenue growth, achieving a record $22 million in revenue for the first quarter of 2026, up 10% from $20 million in Q1 2025. The company also reported a gross profit of $7 million, a 16% increase from $6 million in the prior year period, and improved gross margins to 30% from 28%.
The company, which specializes in advanced smart home and AI platform technologies, said it has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026. As of March 31, 2026, SKYX reported $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 2026 from two institutional investors.
Key to SKYX's growth strategy is its expansion into the European hospitality market. The company entered a strategic partnership with Group OTT, a prominent European hotel and real estate developer led by Jean-François Ott, to deploy its smart electrical technologies as a brand standard across hotels and buildings. Group OTT has developed over 250 hospitality, residential, and commercial buildings valued at over $4 billion over the past 35 years. In May 2026, SKYX announced it will deploy its technologies in the 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 and deploy its technologies to Europe's hospitality market of more than 132,000 hotels.
SKYX's technologies, which the company says reduce installation time and cost by up to 90%, are also expected to be deployed in major 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), Saudi Arabia, and Egypt. The company expects to deploy over 1 million units of its products through these projects and over 100,000 units into homes by the end of 2026 through its pro and retail segments.
In the retail channel, SKYX launched its patented Turbo Heater fan at Home Depot, Target, Walmart, and Lowe's. Despite warmer weather, sales of the Turbo Heater fan continue to grow, and the company plans to expand the "all-season ceiling fan" category with new designs and larger sizes.
On the technology front, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program and expects to grow this collaboration in future smart home projects. The company's technology expansion provides opportunities for recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions.
SKYX's safety code standardization team, led by former National Electrical Code head Mark Earley and former American Lighting Association president Eric Jacobson, continues progress toward making its ceiling outlet/receptacle technology a safety-mandated standard in homes and buildings. The company believes its products could save insurance companies billions of dollars annually by reducing fires, ladder fall injuries, and electrocutions.
Net loss per share decreased to $0.07 in Q1 2026 from $0.09 in Q1 2025, and adjusted EBITDA loss per share improved to $0.03 from $0.04. Management expressed confidence that positive trends will accelerate as the company executes its channel strategy.
