SKYX Platforms Corp. (NASDAQ: SKYX), a provider of advanced smart home and AI platform technologies, reported its financial results for the first quarter ended March 31, 2026, marking its ninth consecutive quarter of year-over-year growth. The company achieved record revenues of $22 million, a 10% increase from $20 million in the same period of 2025. Gross profit rose 16% to $7.0 million, and gross margin improved to 30% from 28%.
As of March 31, 2026, SKYX held over $32 million in cash and cash equivalents, up from $10 million at the end of 2025. Management believes the company has sufficient liquidity to achieve its goals, including becoming cash flow positive by the end of 2026. The company attributed its cash position to rapid conversion of e-commerce sales, a model similar to Dell’s working capital approach.
SKYX entered a strategic partnership with Group OTT, a prominent European hotel and real estate developer that has built over 250 hotels and buildings across Europe. Under the agreement, SKYX’s advanced smart and AI platform technologies will be deployed as a brand standard throughout OTT’s properties. In May 2026, SKYX announced its first European hotel deployment during the renovation of the Grand Hotel du Parc in La Bourboule, France. Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market its technologies to Europe’s hotel market, which includes over 132,000 hotels.
The company’s technologies can reduce renovation and installation time and cost by up to 90%, a factor driving interest from hotel groups and developers. SKYX expects to supply its smart home technologies to key projects in New York, North Carolina, Austin, San Antonio, South Florida (including Miami’s new $4 billion smart city), Europe, Saudi Arabia, and Egypt. The company anticipates deploying over 1 million units of its plug-and-play technologies across these projects and more than 100,000 units into homes by the end of 2026 through its pro and retail segments.
In Q1 2026, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program, aiming to integrate AI into future smart home projects. The company also plans to launch a new AI-driven system for its e-commerce platform of 60 websites, expected to boost conversion rates and sales by up to 30%. SKYX’s technology expansion is expected to generate future recurring revenues from 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 to advance its goal of making its ceiling outlet/receptacle technology a safety-mandated standard in homes and buildings. The company believes its products can reduce risks such as fires, falls, and electrocutions, potentially saving insurance companies billions annually.
On the retail front, SKYX’s patented Turbo Heater fan, available at Home Depot, Target, Walmart, and Lowe’s, continues to see growing sales. The company is expanding the “All-Season Ceiling Fan” category with new designs and larger sizes. SKYX also secured strategic manufacturing partnerships in the U.S., Vietnam, Taiwan, China, and Cambodia.
Financially, SKYX raised $29 million in straight equity in January 2026 through two institutional investors, with no warrants. The net loss per share improved to $0.07 from $0.09, and 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’s management, which includes former executives from Fortune 100 companies, expressed confidence in the company’s trajectory. The company’s e-commerce platform and strategic partnerships are expected to accelerate growth and improve margins.
