Miami, Florida, August 14th, 2025, FinanceWire
Sixth Consecutive Quarter of Revenue Growth; Cash Reserves Rise to $15.7 Million, Gross Profit Climbs 23%, and Operating Cash Use Drops 54%
SKYX Platforms Corp. (NASDAQ: SKYX) (“SKYX” or the “Company”) announced its financial results for the second quarter of 2025, reporting its sixth consecutive quarter of revenue growth.
For the quarter ended June 30, 2025, SKYX reported revenues of $23.1 million, a 15% increase from $20.1 million in the first quarter of 2025. The company continues to expand market penetration across retail and professional segments in both the U.S. and Canada.
Financial and Operational Highlights
- Cash Reserves: $15.7 million in cash, cash equivalents, and restricted cash as of June 30, 2025, up from $12.3 million in the previous quarter. The company leveraged trades payable to optimize its cash position, a model it likens to the “Dell Working Capital Model.”
- Gross Profit and Margins: Gross profit rose 23% sequentially to $7.0 million, with gross margin improving by 7% to 30.3%.
- Cash Flow: Net cash used in operating activities decreased 54% sequentially to $2.0 million, compared to $4.3 million in Q1 2025.
- Profitability Metrics: Adjusted EBITDA loss per share improved to $0.02 from $0.04 in the first quarter.
- Consistent Growth: Six consecutive quarters of revenue growth, from $19 million in Q1 2024 to the current record. Management reaffirmed sufficient resources to achieve 2025 goals, including positive cash flow.
Major Projects and Strategic Partnerships
During the quarter, SKYX entered into a major collaboration with a $3 billion mixed-use smart city development in Miami’s Little River District. Backed by U.S. and global manufacturers, SKYX will supply more than 500,000 units of its advanced plug & play smart home technologies for 5,700 residential units, 350,000 square feet of retail/commercial space, and a $35 million Tri-Rail station.
The company also reported increased demand ahead of the launch of its patented all-in-one smart turbo heater and ceiling fan, designed for year-round use. SKYX formed a sales and marketing collaboration with Parrot Uncle, a leading global ceiling fan and home décor manufacturer.
Additional collaborations include Home Depot, Wayfair, global lighting brands such as Kichler, Quoizel, and EGLO, Cavco Homes for integration into premium prefabricated homes, multiple luxury developments in Florida, and a strategic distribution partnership with JIT Electrical Supply.
Innovation and Safety Initiatives
During the second quarter, SKYX was granted eight additional patents, bringing its total to over 100 issued and pending patents worldwide. The Company’s safety code standardization initiatives are led by industry professionals Mark Earley and Eric Jacobson. Notable developments include the approval of an ANSI/NEMA product specification and the inclusion of SKYX-related content in ten segments of the National Electrical Code (NEC) Book.
The company believes its technology has the potential to save insurance companies billions annually by reducing fire hazards, ladder falls, and electrocutions. To further its standardization and licensing goals, SKYX signed a five-year global licensing agreement with GE.
Management Commentary
“We are encouraged by our path to the builder/commercial segments, large online and brick-and-mortar retail partners as well as our future potential to realize incremental licensing, subscription, and AI/data aggregation revenues,” Rani Kohen stated. “Furthermore, our e-commerce website platform with 60 websites enhances the acceleration of marketing, distribution channels, collaborations, licensing, and sales to both professional and retail segments. Our websites include banners, videos, and educational materials regarding the simplicity, cost savings, timesaving, and lifesaving aspects of the Company’s patented technologies.”
Management reported that the Company has accelerated its sales pace while maintaining a strong gross margin profile and managing cash burn. The e-commerce platform, which includes over 60 websites, is expected to continue contributing additional cash flow.
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, users can visit the website at https://skyplug.com/ or follow on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with First-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions, including recent measures adopted by the federal government, on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Non-GAAP Financial Measures
Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company’s business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company’s core operations, such as interest expense and amortization expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company’s financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company’s business.