SKYX Platforms Corp. (NASDAQ: SKYX), a developer of advanced smart home and artificial intelligence platform technologies, reported third-quarter 2026 revenue of $25.7 million, a 7.4% increase from $23.9 million in the prior-year period. The results, covering the quarter ended Sept. 30, 2026, also showed sequential improvement in profitability and a stronger cash position.
Gross profit rose 11% sequentially to $8.1 million, and gross margin expanded to 31.4% from 28.9% in the second quarter. The company ended the quarter with $21 million in cash, cash equivalents and restricted cash, up from $10 million at year-end 2025. Net cash used in operating activities declined 15.5% year over year to $4.2 million, while adjusted EBITDA loss narrowed 18.7% sequentially to $2.9 million.
A key development came after quarter-end, when SKYX completed its merger with Deako on Oct. 13, 2026. The combination unites ceiling-based and wall-based plug-and-play smart home technologies, creating a broader product ecosystem. The merger is expected to reduce annual cash expenses by more than $6 million, and the combined SKYX and Deako pipeline is estimated at approximately 4 million units.
SKYX also announced three builder programs with Maronda Homes, Home Creations and Stone Martin. Together, these programs represent more than 210,000 expected product units across more than 2,500 homes, with deliveries anticipated through 2027. Such builder agreements matter because they embed the company's technology directly into new residential construction, potentially creating recurring demand and long-term relationships with homebuilders.
Beyond residential construction, SKYX highlighted expansion opportunities in hospitality projects in India, the United States and Europe. The company also plans to introduce additional models of its Turbo Heater Ceiling Fan through national retail and e-commerce channels, which could widen its consumer reach beyond builder installations.
For investors, the quarter showed a company balancing growth with cost discipline: revenue increased, margins improved, and cash burn decreased. The Deako merger and builder programs could accelerate adoption of plug-and-play smart home technology, while the hospitality and retail expansions offer additional avenues for growth. As electricity remains a standard in every home and building, SKYX's mission is to make homes and buildings safe-advanced and smart as the new standard, supported by more than 100 U.S. and global patents and patent pending applications and a portfolio of 60 lighting and home decor websites.
To view the full press release, visit https://ibn.fm/5kiBA. The announcement was distributed through MissionIR, a communications platform within the Dynamic Brand Portfolio at IBN. MissionIR provides services including wire solutions via InvestorWire and editorial syndication to 5,000+ outlets, helping companies reach a broad audience of investors and media.
