SKYX Platforms Corp. (NASDAQ: SKYX) reported its financial results for the first quarter ended March 31, 2026, achieving record revenues of $22 million, a 10% increase compared to $20 million in Q1 2025. This marks the company's ninth consecutive quarter of year-over-year revenue growth. Gross profit rose 16% to $7 million, and gross margin improved to 30% from 28% in the prior year period. The company ended the quarter with $32 million in cash and cash equivalents, 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 in 2026.
SKYX has made significant strides in the hotel and builder segments. In May 2026, the company announced a strategic partnership with Group OTT, a prominent European hotel and real estate developer that has developed over 250 hospitality and residential buildings valued at over $4 billion. SKYX will deploy its advanced smart and AI platform technologies as a brand standard across Group OTT's hotels and buildings. The first deployment will occur during a master 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 the European hotel market, which comprises over 132,000 hotels. Approximately 124,000 hotel rooms are projected to open in Europe in 2026, with over 250,000 rooms in the development pipeline.
SKYX's technologies reduce up to 90% of the time and cost of building renovations or new construction, a value proposition that is gaining traction. The company is expected to supply its advanced smart home technologies to upcoming projects in the U.S. and globally, including developments in Pittsford, New York; North Carolina; Austin, Texas; San Antonio, Texas; South Florida, including Miami's new $4 billion smart city; Europe; Saudi Arabia; and Egypt. SKYX anticipates deploying over 1 million units of its plug-and-play technologies through 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, expecting to grow this collaboration into future smart home projects. The company's technology expansion is expected to generate future recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions. SKYX also plans to launch a new AI-driven system for its e-commerce platform of 60 websites, which could increase conversion rates and sales by up to 30%.
In the retail segment, SKYX's patented Turbo Heater fan has seen growing sales at major retailers including Home Depot, Target, Walmart, and Lowe's. The company is expanding the "All-Season Ceiling Fan" category to include new designs and larger sizes. SKYX's enhanced safety code standardization team continues its progress toward a safety-mandated standardization of its ceiling outlet/receptacle technology, which could save insurance companies billions annually by reducing fires, falls, and electrocutions.
Financially, SKYX raised $29 million in straight equity in January 2026 from two institutional investors, with no warrants. The company's net loss per share improved to $0.07 from $0.09 in Q1 2025, and adjusted EBITDA loss per share decreased to $0.03 from $0.04. Management expressed confidence in accelerating positive trends supported by a robust channel strategy and a strong cash position. The company's financial statements are available on its investor relations website at https://ir.skyplug.com/sec-filings/.
