SKYX Platforms Corp. (NASDAQ: SKYX), a developer of smart home and AI platform technologies, reported record revenues of $22 million for the first quarter of 2026, a 10% increase from $20 million in the same period last year. This marks the company’s ninth consecutive quarter of year-over-year growth, according to a press release issued May 11, 2026.
The company’s gross profit rose 16% to $7.0 million, with gross margin improving to 30% from 28% in Q1 2025. SKYX also strengthened its balance sheet, reporting $32 million in cash and cash equivalents as of March 31, 2026, up from $10 million at the end of 2025. Management stated it believes the company has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026.
Key to SKYX’s growth is its penetration into the hotel and building sectors. The company announced a strategic partnership with Group OTT, a prominent European hotel and real estate developer that has developed over 250 hospitality and residential properties valued at more than $4 billion across Europe. Under the agreement, SKYX will deploy its smart electrical technologies as a brand standard throughout Group OTT’s hotels and buildings. In May 2026, SKYX said it will deploy its technologies at The Grand Hotel du Parc in La Bourboule, France, during a master renovation of the historic property.
Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market and deploy its technologies to the broader European hotel market, which includes over 132,000 hotels. With approximately 124,000 hotel rooms projected to open in Europe in 2026 and over 250,000 in the development pipeline, the company sees significant opportunity for its platform, which it says reduces installation time and cost by up to 90%.
SKYX is also expected to supply its smart home technologies to key projects in the U.S. and globally, including developments in New York, North Carolina, Austin, San Antonio, South Florida (including Miami’s new $4 billion smart city), Europe, Saudi Arabia, and Egypt. The company anticipates deploying over 1 million units of its plug-and-play technologies across these projects and expects to place over 100,000 units into 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, with plans to expand the partnership into future smart home projects. The company also noted that its technology expansion creates opportunities for recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions.
SKYX’s safety code standardization team, led by former National Electrical Code head Mark Earley and former American Lighting Association president Eric Jacobson, continues to work toward making its ceiling outlet/receptacle technology a mandatory safety standard in homes and buildings. The company believes its products could save insurance companies billions of dollars annually by reducing fire risks, ladder falls, and electrocutions.
Net loss per share improved to $0.07 in Q1 2026 from $0.09 in Q1 2025, while adjusted EBITDA loss per share decreased from $0.04 to $0.03. The company’s financial statements are available on its investor relations website at https://ir.skyplug.com/sec-filings/.
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