SKYX Platforms Corp. (NASDAQ: SKYX) reported its ninth consecutive quarter of year-over-year revenue growth, posting record revenues of $22 million for the first quarter of 2026, a 10% increase from $20 million in Q1 2025. The company, which specializes in advanced smart home and AI platform technologies, also reported a 16% increase in gross profit to $7.0 million and a gross margin improvement to 30% from 28% in the prior-year period. As of March 31, 2026, SKYX held over $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.
Management believes the company has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026. The net loss per share narrowed to $0.07 from $0.09 in Q1 2025, while adjusted EBITDA loss per share improved to $0.03 from $0.04.
SKYX highlighted a strategic partnership agreement with Group OTT, a prominent European hotel and real estate developer founded by Jean-François Ott. Group OTT has developed over 250 hospitality, residential, and commercial buildings valued at over $4 billion across Europe. Under the agreement, SKYX’s advanced smart and AI platform technologies will be deployed as a brand standard throughout Group OTT’s hotels and buildings. In May 2026, SKYX announced the first deployment at The Grand Hotel du Parc in La Bourboule, France, during a master renovation of the historical preservation hotel. Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market and deploy its technologies to the European hotel market, which comprises over 132,000 hotels. The company noted that approximately 124,000 hotel rooms are projected to open in Europe in 2026, with over 250,000 additional rooms in the development pipeline.
SKYX’s technologies reduce up to 90% of the time and cost of building and hotel renovations or new builds, making them attractive for large-scale projects. The company is in discussions with additional hotel groups and owners and expects to supply its advanced 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 expects to deploy over 1 million units of its advanced smart home plug-and-play technologies during these projects and over 100,000 units/homes by the end of 2026 through its pro and retail segments.
On the technology front, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program and expects 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 is also expanding its “All-Season Ceiling Fan” category, combining heating in winter and cooling in summer, with new designs and larger sizes.
SKYX’s Safety Code Standardization Team continues to progress toward a safety-mandated standardization of its ceiling outlet/receptacle technology, which the company believes could save insurance companies billions of dollars annually by reducing fires, ladder fall injuries, and electrocutions. The team is led by former head of the National Electrical Code Mark Earley and former American Lighting Association President Eric Jacobson.
For the full financial results, the company’s statements are available on its investor relations website: https://ir.skyplug.com/sec-filings/.
