Record Q1 2026 revenue and cash build at SKYX Platforms (NASDAQ: SKYX)
Rhea-AI Filing Summary
SKYX Platforms Corp. reported first-quarter 2026 results with record revenue of about $22.1 million, a 10% increase from $20.1 million a year earlier. Gross profit rose to $7.0 million and gross margin improved to 30% from 28%, reflecting better profitability on sales.
The company remained unprofitable, posting a net loss of roughly $9.3 million, or $0.07 per share, slightly better than $0.09 per share in 2025. Adjusted EBITDA loss was about $3.9 million. Cash, cash equivalents and restricted cash increased sharply to approximately $32.3 million, driven by $29 million of straight equity raised in January.
Operationally, SKYX highlighted ongoing expansion in hotel and builder segments, new agreements with European developer Group OTT, and retail launches of its SKYFAN and Turbo Heater products at major U.S. chains. Management also pointed to an NVIDIA AI collaboration and continued efforts to make its ceiling outlet technology a mandated safety standard.
Positive
- None.
Negative
- None.
Insights
Record Q1 revenue and stronger liquidity, but losses and cash burn continue.
SKYX Platforms delivered Q1 2026 revenue of about $22.1M, up 10% year over year, with gross profit improving to $7.0M and gross margin rising to 30%. This shows scaling of its smart home and lighting platform despite ongoing investment.
The company still reported a net loss of roughly $9.3M and adjusted EBITDA loss of about $3.9M, indicating the business is not yet at break-even. Operating cash outflow was around $6.0M for the quarter, partially offset by equity financing.
Liquidity strengthened meaningfully, with cash, cash equivalents and restricted cash growing to roughly $32.3M as of March 31, 2026, aided by $29M of straight equity raised with no warrants. Execution on hotel partnerships, large projects and the NVIDIA AI collaboration will be key to progressing toward management’s goal of becoming cash flow positive exiting 2026.
8-K Event Classification
Key Figures
Key Terms
EBITDA, as adjusted financial
Dell Working Capital Model financial
National Electrical Code (NEC) regulatory
restricted cash financial
forward-looking statements regulatory
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition
On May 11, 2026, SKYX Platforms Corp. (d/b/a Sky Technologies) (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this Item 2.02 have been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing regardless of any general incorporation language.
Item 9.01 Financial Statements and Exhibits
| Exhibit Number | Description | |
| 99.1 | Earnings Press Release, dated May 11, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SKYX PLATFORMS CORP. | ||
| Date: May 11, 2026 | By: | /s/ Leonard J. Sokolow |
| Name: | Leonard J. Sokolow | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
Exhibit 99.1 Earnings Press Release, dated May 11, 2026
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About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://www.skyx.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s ability to achieve positive cash flows; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Non-GAAP Financial Measures
Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company’s business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company’s core operations, such as interest expense, amortization expense, and impairment charges associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company’s financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company’s business.
Investor Relations Contact:
Jeff Ramson
PCG Advisory
jramson@pcgadvisory.com
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SKYX PLATFORMS CORP.
CONSOLIDATED BALANCE SHEETS
| (Unaudited) | (Audited) | |||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 30,263,740 | $ | 8,052,621 | ||||
| Accounts receivable | 1,933,752 | 1,891,488 | ||||||
| Inventory | 3,298,281 | 4,250,168 | ||||||
| Prepaid expenses and other assets | 1,282,481 | 1,206,639 | ||||||
| Total current assets | 36,778,254 | 15,400,916 | ||||||
| Long-term assets: | ||||||||
| Property and equipment, net | 1,251,244 | 1,347,640 | ||||||
| Restricted cash | 2,050,000 | 2,050,000 | ||||||
| Right of use assets | 16,905,311 | 17,502,685 | ||||||
| Intangibles, definite life | 4,599,427 | 5,051,949 | ||||||
| Goodwill | 16,157,000 | 16,157,000 | ||||||
| Other assets | 205,040 | 205,044 | ||||||
| Total long-term assets | 41,168,022 | 42,314,318 | ||||||
| Total assets | $ | 77,946,276 | $ | 57,715,234 | ||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 14,595,473 | $ | 16,014,585 | ||||
| Notes payable | 221,611 | 356,474 | ||||||
| Operating lease liabilities | 2,560,152 | 2,589,994 | ||||||
| Royalty obligations | 1,175,000 | 1,300,000 | ||||||
| Deferred revenues | 1,561,154 | 2,082,622 | ||||||
| Convertible notes related parties | 350,000 | 350,000 | ||||||
| Convertible notes | 1,119,601 | 1,884,347 | ||||||
| Total current liabilities | 21,582,991 | 24,578,022 | ||||||
| Long term liabilities | ||||||||
| Long term accounts payable | 687,680 | 552,354 | ||||||
| Notes payable | 145,022 | 145,022 | ||||||
| Operating lease liabilities | 17,192,003 | 17,791,453 | ||||||
| Convertible notes | 14,515,268 | 14,236,769 | ||||||
| Total long-term liabilities | 32,539,973 | 32,725,598 | ||||||
| Total liabilities | 54,122,964 | 57,303,620 | ||||||
| Mezzanine equity | ||||||||
| Series A Preferred Stock-shares authorized 400,000, outstanding 200,000 and 200,000 | 5,000,000 | 5,000,000 | ||||||
| Stockholders’ Equity (deficit) | ||||||||
| Series A-1 Preferred Stock-shares authorized 480,000, outstanding 253,000 and 292,000 | 6,149,167 | 7,124,167 | ||||||
| Series A-2 Preferred Stock-shares authorized 160,000, outstanding 60,000 and 60,000 | 1,500,000 | 1,500,000 | ||||||
| Common stock and additional paid-in-capital: shares authorized 500,000,000 outstanding 133,487,783 and 117,666,800 | 236,957,871 | 203,046,051 | ||||||
| Accumulated deficit | (225,783,726 | ) | (216,258,604 | ) | ||||
| Total stockholders’ equity (deficit) | 18,823,312 | (4,588,386 | ) | |||||
| Total Liabilities and Stockholders’ Equity (deficit) | $ | 77,946,276 | $ | 57,715,234 | ||||
The accompanying notes are an integral part of the unaudited consolidated financial statements.
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SKYX PLATFORMS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| (Unaudited) | (Unaudited) | |||||||
| For the three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 22,094,389 | $ | 20,113,938 | ||||
| Operating expenses | ||||||||
| Cost of revenues | 15,468,946 | 14,402,488 | ||||||
| Selling and marketing expenses | 7,067,829 | 6,827,420 | ||||||
| General and administrative expenses | 7,719,774 | 6,597,055 | ||||||
| Total expenses, net | 30,256,549 | 27,826,963 | ||||||
| Loss from operations | (8,162,160 | ) | (7,713,025 | ) | ||||
| Other expenses | ||||||||
| Interest expense - related party | 8,750 | 17,750 | ||||||
| Interest expense, net | 1,104,667 | 1,321,353 | ||||||
| Total other expenses, net | 1,113,417 | 1,339,103 | ||||||
| Net loss | (9,275,577 | ) | (9,052,128 | ) | ||||
| Preferred dividends - related party | 15,000 | 10,000 | ||||||
| Preferred dividends | 234,545 | 209,148 | ||||||
| Net loss attributed to common stockholders | $ | (9,525,122 | ) | $ | (9,271,276 | ) | ||
| Net loss per share - basic and diluted | $ | (0.07 | ) | $ | (0.09 | ) | ||
| Weighted average number of common shares outstanding – basic and diluted | 129,441,468 | 103,548,494 | ||||||
The accompanying notes are an integral part of the unaudited consolidated financial statements.
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SKYX PLATFORMS CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(UNAUDITED)
| (Unaudited) | (Unaudited) | |||||||
| For the three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Shares of preferred stock ( Series A-1) | ||||||||
| Balance, beginning of period | 292,000 | 240,000 | ||||||
| Preferred stock Conversion to common | (39,000 | ) | (20,000 | ) | ||||
| Preferred stock issued pursuant to offerings | - | 40,000 | ||||||
| Balance, end of period | 253,000 | 260,000 | ||||||
| Preferred stock ( Series A-1) | ||||||||
| Balance, beginning of period | $ | 7,124,167 | $ | 6,000,000 | ||||
| Preferred stock Conversion to common | (975,000 | ) | (500,000 | ) | ||||
| Preferred stock issued pursuant to offerings | - | 1,000,000 | ||||||
| Balance, end of period | $ | 6,149,167 | $ | 6,500,000 | ||||
| Shares of preferred stock ( Series A-2) | ||||||||
| Balance, beginning of period | 60,000 | - | ||||||
| Preferred stock Conversion to common | - | - | ||||||
| Preferred stock issued pursuant to offerings | - | - | ||||||
| Balance, end of period | 60,000 | - | ||||||
| Preferred stock ( Series A-2) | ||||||||
| Balance, beginning of period | $ | 1,500,000 | $ | - | ||||
| Preferred stock Conversion to common | - | - | ||||||
| Preferred stock issued pursuant to offerings | - | - | ||||||
| Balance, end of period | $ | 1,500,000 | $ | - | ||||
| Shares of common stock | ||||||||
| Balance, beginning of period | 117,666,800 | 103,358,975 | ||||||
| Common stock issued pursuant to offerings | 12,000,000 | 223,756 | ||||||
| Common stock issued pursuant to conversion of preferred stock | 812,501 | 251,935 | ||||||
| Common stock issued pursuant to preferred dividends | 5,526 | |||||||
| Common stock issued pursuant to conversion of notes and accrued interest | 240,648 | - | ||||||
| Common stock issued pursuant to exercise of options and warrants | 1,301,667 | - | ||||||
| Common stock issued pursuant to services | 1,460,641 | 1,117,964 | ||||||
| Balance, end of period | 133,487,783 | 104,952,630 | ||||||
| Common stock and paid-in capital | ||||||||
| Balance, beginning of period | $ | 203,046,051 | $ | 179,837,253 | ||||
| Common stock issued pursuant to offerings | 27,392,004 | 450,428 | ||||||
| Common stock issued pursuant to conversion of preferred stock | 975,000 | 500,000 | ||||||
| Common stock issued pursuant to preferred dividends | 8,044 | 3,869 | ||||||
| Common stock issued pursuant to conversion of notes and accrued interest | 527,786 | - | ||||||
| Common stock issued pursuant to exercise of options and warrants | 1,911,101 | - | ||||||
| Common stock issued pursuant to services | 3,097,885 | 3,041,157 | ||||||
| Balance, end of period | $ | 236,957,871 | $ | 183,832,707 | ||||
| Accumulated Deficit | ||||||||
| Balance, beginning of period | $ | (216,258,604 | ) | $ | (181,783,825 | ) | ||
| Preferred dividends | (249,545 | ) | (219,148 | ) | ||||
| Net loss | (9,275,577 | ) | (9,052,128 | ) | ||||
| Balance, end of period | $ | (225,783,726 | ) | $ | (191,055,101 | ) | ||
| Total Stockholders’ Equity (deficit) | $ | 18,823,312 | $ | (722,394 | ) | |||
The accompanying notes are an integral part of the unaudited consolidated financial statements.
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SKYX PLATFORMS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| (Unaudited) | (Unaudited) | |||||||
| For the three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Operations: | ||||||||
| Net loss | (9,275,577 | ) | $ | (9,052,128 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization | 1,240,273 | 1,007,817 | ||||||
| Amortization of debt discount | 278,499 | 278,499 | ||||||
| Non-cash equity-based compensation expense | 3,097,885 | 3,041,157 | ||||||
| Equity-based payment of interest | 363,039 | - | ||||||
| Change in operating assets and liabilities | ||||||||
| Inventory | 951,887 | 105,050 | ||||||
| Accounts receivable | (42,264 | ) | (396,008 | ) | ||||
| Prepaid expenses and other assets | (75,838 | ) | (782,169 | ) | ||||
| Deferred revenues | (521,468 | ) | 398,599 | |||||
| Operating lease liabilities | (629,292 | ) | (564,922 | ) | ||||
| Royalty obligation | (125,000 | ) | - | |||||
| Accounts payable and accrued expenses | (1,276,176 | ) | 1,639,430 | |||||
| Net cash used in operating activities | (6,014,032 | ) | (4,324,675 | ) | ||||
| Investing: | ||||||||
| Purchase of property and equipment | (93,979 | ) | (413,365 | ) | ||||
| Net cash used in investing activities | (93,979 | ) | (413,365 | ) | ||||
| Financing: | ||||||||
| Proceeds from issuance of common stock - offerings | 27,423,760 | 459,634 | ||||||
| Placement cost | (31,756 | ) | (9,206 | ) | ||||
| Dividends paid | (249,111 | ) | (212,668 | ) | ||||
| Proceeds from issuance of preferred stocks | - | 1,425,000 | ||||||
| Proceeds from exercise of warrants and options | 1,911,101 | - | ||||||
| Principal repayments of notes payable | (734,864 | ) | (121,908 | ) | ||||
| Net cash provided by financing activities | 28,319,130 | 1,540,852 | ||||||
| Change in cash and cash equivalents, and restricted cash | 22,211,119 | (3,197,188 | ) | |||||
| Cash, cash equivalents and restricted cash at beginning of the period | 10,102,621 | 15,500,495 | ||||||
| Cash, cash equivalents and restricted cash at end of period | 32,313,740 | $ | 12,303,307 | |||||
| Supplementary disclosure of non-cash financing activities: | ||||||||
| Fair value of shares to satisfy obligations under convertible notes | 363,039 | - | ||||||
| Accrued dividends payable | 8,044 | - | ||||||
| Cash paid during the period for: | ||||||||
| Interest | 1,113,417 | $ | 1,378,223 | |||||
| Taxes | - | - | ||||||
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Non-GAAP Financial Measures
Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating our business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables our management to monitor and evaluate our business on a consistent basis. We use EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. We believe that EBITDA, as adjusted, eliminates items that are not part of our core operations, such as interest expense and amortization and impairment expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in our financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure included below. Investors should not rely on any single financial measure to evaluate our business.
| For the three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net loss | $ | (9,275,577 | ) | $ | (9,052,128 | ) | ||
| Share-based payments | 3,097,885 | 3,041,157 | ||||||
| Interest expense | 1,113,417 | 1,378,223 | ||||||
| Depreciation, amortization | 1,179,223 | 1,007,817 | ||||||
| EBITDA, as adjusted | $ | (3,885,052 | ) | $ | (3,624,931 | ) | ||
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FAQ
How did SKYX (SKYX) perform financially in Q1 2026?
SKYX reported record Q1 2026 revenue of about $22.1 million, up 10% from $20.1 million a year earlier. Gross profit reached $7.0 million with a 30% margin, while net loss was roughly $9.3 million, or $0.07 per share.
What is SKYX’s cash position as of March 31, 2026?
As of March 31, 2026, SKYX held about $32.3 million in cash, cash equivalents and restricted cash. This compares to $12.3 million a year earlier and reflects $29 million of straight equity raised during January 2026 from institutional investors.
How did SKYX’s profitability metrics change in Q1 2026?
SKYX’s gross margin improved to 30% in Q1 2026 from 28% in Q1 2025, with gross profit of $7.0 million. Net loss was approximately $9.3 million, and adjusted EBITDA loss was about $3.9 million, indicating ongoing but narrowing losses per share.
What growth initiatives did SKYX (SKYX) highlight in its Q1 2026 report?
SKYX emphasized hotel and builder expansion, including strategic agreements with Group OTT in Europe and deployments at major U.S. projects. It also cited launches of its SKYFAN and Turbo Heater at Home Depot, Target, Walmart and Lowe’s, plus collaboration with NVIDIA’s AI Ecosystem Connect Program.
How is SKYX funding its operations and growth plans in 2026?
SKYX strengthened liquidity by raising $29 million in straight equity during January 2026 with no warrants, largely from two institutional investors. Combined with improving gross margins, this funding supports ongoing losses while management works toward becoming cash flow positive exiting 2026.
What non-GAAP measure does SKYX use and what was it in Q1 2026?
SKYX uses EBITDA, as adjusted, to assess core performance excluding interest, depreciation, amortization and share-based payments. For Q1 2026, adjusted EBITDA was a loss of about $3.9 million, compared with a $3.6 million loss in Q1 2025.