SKYX Platforms Corp. (NASDAQ: SKYX), a provider of advanced smart home and AI platform technologies, reported record first-quarter 2026 revenue of $22 million, a 10% increase from $20 million in the same period last year, marking its ninth consecutive quarter of year-over-year growth. The company also posted a gross profit of $7 million, up 16% from $6 million, with gross margin improving 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, and management believes it has sufficient liquidity to achieve its goals, including becoming cash flow positive by the end of 2026.
Operationally, SKYX continues to expand its footprint in the hotel and builder segments. The company entered a strategic partnership with Group OTT, a prominent European hotel and real estate developer that has built over 250 properties valued at more than $4 billion. Under the agreement, SKYX's advanced smart and AI platform technologies will be deployed as a brand standard across Group OTT's hotels and buildings. In May 2026, SKYX announced its first European hotel deployment at The Grand Hotel du Parc in La Bourboule, France, during a master renovation. Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market its technologies to Europe's hospitality market of over 132,000 hotels.
SKYX's technologies reduce renovation and installation time and cost by up to 90%, and the company is in discussions with additional hotel groups and developers. The company expects to supply its smart home technologies to key projects in the U.S. and globally, including New York, North Carolina, Austin, San Antonio, South Florida's new $4 billion smart city in Miami, Europe, Saudi Arabia, and Egypt. Overall, SKYX anticipates deploying over 1 million units of its plug-and-play technologies through these projects and over 100,000 units into homes by the end of 2026 via its pro and retail segments.
On the technology front, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program and expects to deepen this relationship in future smart home projects. The company is also expanding its product category with new designs and larger sizes of its "All-Season Ceiling Fan," which provides heating in winter and cooling in summer, following growing sales of its patented Turbo Heater fan at retailers including Home Depot, Target, Walmart, and Lowe's.
SKYX's safety code standardization team continues to push for a mandatory safety standard for its ceiling outlet/receptacle technology, which could save insurance companies billions annually by reducing fires, falls, and electrocutions. The team, led by former National Electrical Code head Mark Earley and former American Lighting Association CEO Eric Jacobson, has already secured specification approval voting from ANSI/NEMA and inclusion in 10 segments of the NEC Code Book.
Financially, the company raised $29 million in straight equity in January 2026 from two institutional investors and extended $13.5 million in notes due to 2030. Net loss per share improved to $0.07 from $0.09, and adjusted EBITDA loss per share decreased to $0.03 from $0.04. Management remains optimistic about accelerating growth in 2026 as it executes on its channel strategy across e-commerce, retail, and builder segments.
