SKYX Platforms Corp. (NASDAQ: SKYX), a smart home and AI platform technology company, reported financial results for the first quarter ended March 31, 2026, highlighting a 10% year-over-year revenue increase to a record $22 million, compared to $20 million in Q1 2025. This marks the company's ninth consecutive quarter of year-over-year growth. Gross profit rose 16% to $7.0 million, with gross margin improving to 30% from 28% in the prior year period. The company reported $32 million in cash and cash equivalents as of March 31, 2026, up from $10 million at the end of 2025, and management believes it has sufficient capital to achieve its goals, including becoming cash flow positive by the end of 2026.
The company attributed its growth to expanding market penetration, particularly in the hotel and builder segments. SKYX entered into a strategic partnership with Group OTT, a prominent European hotel and real estate developer that has developed over 250 hospitality, residential, and commercial buildings valued at over $4 billion across Europe. Under the agreement, SKYX will deploy its advanced smart and AI platform technologies as a brand standard throughout Group OTT's hotels and buildings. In May 2026, SKYX announced it will deploy its technologies during a master renovation of The Grand Hotel du Parc in La Bourboule, France, marking its first European hotel installation. Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market and deploy its technologies to the European hotel market, which includes over 132,000 hotels. Approximately 124,000 hotel rooms are projected to open in Europe in 2026, with over 250,000 more in the development pipeline.
SKYX's technologies reduce up to 90% of the time and cost of building and hotel renovations or new construction, according to the company. The company is continuing discussions with additional hotel groups and owners. SKYX also demonstrated its technology during a Marriott Hotel renovation, and the Marriott owner, The Shaner Group, led a $16.5 million investment round. SKYX expects to supply its advanced smart home technologies to key 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. The company anticipates deploying over 1 million units of its products, including its plug-and-play smart home technologies, in 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 launching a new AI-driven system for its e-commerce platform of 60 websites, expected to increase conversion rates and sales by up to 30%. The company secured strategic manufacturing partnerships with premier manufacturers in the U.S., Vietnam, Taiwan, China, and Cambodia.
SKYX's Safety Code Standardization Team continues progress toward a mandatory safety standard for its ceiling outlet/receptacle technology. The team is led by Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association. The company believes its products can save insurance companies billions of dollars annually by reducing risks such as fires, ladder fall injuries, and electrocutions. Management expects insurance companies to use SKYX's products to reduce exposure and minimize risks.
Financially, net loss per share improved to $0.07 in Q1 2026 from $0.09 in Q1 2025, and adjusted EBITDA loss per share decreased to $0.03 from $0.04. The company raised $29 million in straight equity in January 2026 through two institutional investors. SKYX's management includes former executives from Fortune 100 companies such as Nielsen, Microsoft, Disney, GE, Home Depot, Office Depot, and Chrysler. The company's financial statements are available on its investor relations website at https://ir.skyplug.com/sec-filings/.
