SKYX Platforms Corp. (NASDAQ: SKYX) announced record second-quarter 2026 revenue of $25.3 million, a 14% increase from $22.1 million in the first quarter and a 10% rise from $23.1 million a year earlier. This marks the company's 10th consecutive quarter of year-over-year growth, underscoring its sustained momentum in the smart home and building technology sector.
The company's gross profit grew 4% year over year to $7.3 million, while its net loss narrowed to $8.2 million, or $0.06 per share, compared to $8.8 million, or $0.08 per share, in the same period last year. Operating cash flow improved significantly, with net cash used in operating activities declining 39% sequentially to $3.7 million from $6 million. As of June 30, SKYX held $27.7 million in cash, cash equivalents, and restricted cash. Management believes this liquidity is sufficient to achieve its goals, including becoming cash flow positive as it exits 2026.
SKYX's growth strategy is anchored in expanding its footprint across multiple geographies and product lines. The company expects to deploy more than 1 million units through its projects and more than 100,000 units and homes through its pro and retail segments by year-end 2026. Planned and ongoing projects span the United States, Europe, Saudi Arabia, and Egypt, reflecting a robust international pipeline. Additionally, SKYX is broadening retail distribution of its patented SKYFAN and Turbo Heater products, capitalizing on its proprietary technology to capture market share.
A key focus for SKYX is the development of an AI-driven system for its 60-site e-commerce platform. This initiative aims to enhance customer experience and operational efficiency, positioning the company at the forefront of smart home innovation. Furthermore, SKYX continues to advance efforts toward safety-mandated standardization of its ceiling outlet and receptacle technology, a move that could revolutionize how electricity is accessed in homes and buildings.
The company's mission is to make homes and buildings safe, advanced, and smart as the new standard. With over 100 U.S. and global patents and patent pending applications, SKYX holds a portfolio of disruptive technologies designed to improve safety and lifestyle. Its product line includes ceiling outlets, smart home devices, and advanced lighting solutions, all emphasizing high quality and ease of use.
SKYX's recent financial performance and strategic initiatives highlight its potential to disrupt the traditional electrical infrastructure. By integrating AI and advancing safety standards, the company is not only growing its business but also shaping the future of residential and commercial environments. As it moves toward profitability, SKYX is positioning itself as a leader in the smart building sector, with implications for energy efficiency, home automation, and overall consumer safety.
