SKYX Platforms Corp. (NASDAQ: SKYX), a provider of advanced smart home and AI platform technologies, 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 growth. Gross profit rose 16% to $7.0 million, with gross margin improving to 30% from 28% in the prior year. The company also reported $32 million in cash and cash equivalents as of March 31, 2026, up from $10 million at the end of 2025, following a $29 million equity raise in January 2026. Management believes it has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026.
SKYX's growth is driven by expanding market penetration in the hotel and builder segments. The company entered into a strategic partnership with Group OTT, a prominent European hotel and real estate developer, to deploy its smart and AI platform technologies as a brand standard across hotels and buildings. Group OTT has developed over 250 hospitality, residential, and commercial buildings valued at over $4 billion. In May 2026, SKYX announced it would deploy its technologies during the 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 includes over 132,000 hotels. The company 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. SKYX projects deploying over 1 million units of its products, including its plug-and-play technologies, through these projects and expects to deploy 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 is also expanding its product line, including the "All-Season Ceiling Fan" category, following growing sales of its patented Turbo Heater fan. SKYX's technology expansion is expected to generate future recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions. The company's safety code standardization team continues progress toward a safety-mandated standardization of its ceiling outlet/receptacle technology, which could reduce fire risks and ladder fall injuries, potentially saving insurance companies billions annually. SKYX's financial statements for Q1 2026 are available on its investor relations website at https://ir.skyplug.com/sec-filings/.
