SKYX Platforms Corp. (NASDAQ: SKYX) reported its financial results for the first quarter ended March 31, 2026, marking the ninth consecutive quarter of year-over-year growth. The company achieved record revenues of $22 million, a 10% increase compared to $20 million in the same period of 2025. Gross profit rose 16% to $7.0 million, while gross margin improved to 30% from 28%. As of March 31, 2026, SKYX held over $32 million in cash and cash equivalents, up from $10 million at the end of 2025. Management believes the company has sufficient capital to achieve its goals, including becoming cash flow positive by the end of 2026.
The revenue growth was driven by increased market penetration and strategic partnerships. SKYX entered into a partnership with Group OTT, a prominent European hotel and real estate developer, to deploy its advanced smart and AI platform technologies as a brand standard across hotels and buildings. Group OTT has developed over 250 properties valued at over $4 billion across Europe. In May 2026, SKYX announced its first European deployment at the Grand Hotel du Parc in France, a historical preservation hotel undergoing master renovation. Additionally, SKYX signed an agreement with OTT Heritage Hospitality to market its technologies to the European hotel market, which includes over 132,000 hotels. The company expects to supply its 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. SKYX anticipates deploying over 1 million units of its products through these projects and over 100,000 units/homes by the end of 2026 through its pro and retail segments.
SKYX also highlighted progress in its safety code standardization efforts. The company’s Safety Code Standardization Team, led by former National Electrical Code head Mark Earley and former American Lighting Association CEO Eric Jacobson, is working toward a safety-mandated standardization for its ceiling outlet/receptacle technology. The company believes this could save insurance companies billions annually by reducing fires, ladder fall injuries, and electrocutions. In addition, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program, expecting to grow this relationship into future smart home projects. The company’s technology expansion includes opportunities for 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, expected to increase conversion rates and sales by up to 30%.
For more details, the financial statements are available on the company’s investor relations website: https://ir.skyplug.com/sec-filings/. Additional information about SKYX can be found at https://skyplug.com/.
