SKYX Platforms (SKYX) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $22.1 million, up 10% year-over-year from $20 million in Q1 2025, marking nine consecutive quarters of YoY growth.

• Gross profit rose 16% to $7.07 million, with gross margin improving to 30% from 28% year-over-year.

• Cash and cash equivalents increased to $32.3 million as of March 31, 2026, up from $10 million at year-end 2025, supporting the goal of becoming cash flow positive in 2026.

• Strategic partnerships and product innovation, including collaborations with Group OTT and NVIDIA, are expanding market reach in the U.S., Europe, and globally.

• Expanded product lines now include all-in-one plug-and-play heater, fan, and lighting products, with further smart launches expected in 2026.

Financial highlights

• Q1 2026 revenue reached $22.1 million, up 10% year-over-year.

• Gross profit for Q1 2026 was $7.07 million, a 16% rise year-over-year.

• Gross margin improved to 30% from 28% in Q1 2025.

• Net loss: $9.28 million, compared to $9.05 million in Q1 2025.

• Adjusted EBITDA loss: $3.89 million, improved from $3.62 million year-over-year.

Outlook and guidance

• Management expects sufficient cash to achieve cash flow positivity by the end of 2026.

• Anticipates deployment of over 1 million units of smart home products globally and over 100,000 units/homes by end of 2026 through pro and retail segments.

• Generation 3 All-in-One Smart Platform hub on track for launch by mid to late 2026.

• Recurring revenue growth expected from upgrades, subscriptions, AI services, and monitoring.

• Continued investment in product development and manufacturing expansion.