SKYX posts sixth straight quarter of revenue growth, boosts cash reserves to $15.7M, grows gross profit 23%, and cuts operating cash use by 54%.
SKYX Platforms Corp. (NASDAQ: SKYX) reported its Q2 financials which included record second-quarter 2025 revenues of $23.1M, a 15% increase from $20.1M in the first quarter. The company continues to grow market penetration across retail and professional segments in the U.S. and Canada.
Financial and Operational Highlights
As of June 30, 2025, SKYX reported $15.M in cash, cash equivalents, and restricted cash, up from $12.3M the previous quarter. The company attributed its cash position in part to leveraging trades payable, a financing approach it compared to the “Dell Working Capital Model.”
Gross profit increased 23% sequentially to $7M, with gross margin rising 7% to 30.3%. Net cash used in operating activities dropped 54% sequentially to $2M, compared to $4.3 million in the first quarter. Adjusted EBITDA loss per share improved to $0.02 from $0.04 in Q1 2025.
The company has now posted revenue growth for six consecutive comparable quarters, from $19M in Q1 2024 to the current record. Management noted it has sufficient resources to meet its 2025 goals, including achieving cash flow positivity.
Major Project and Partnerships
SKYX secured a major collaboration with a $3Bn mixed-use smart city development in Miami’s Little River District, backed by U.S. and global manufacturers. The company is expected to supply over 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 new $35M Tri-Rail station.
The company also announced heightened demand ahead of the launch of its patented all-in-one smart turbo heater and ceiling fan, designed for year-round use, and entered a sales and marketing collaboration with Parrot Uncle, a global ceiling fan and home décor manufacturer.
Additional partnerships include collaborations with Home Depot, Wayfair, major 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 agreement with JIT Electrical Supply.
Innovation and Safety Initiatives
During the quarter, SKYX was granted eight new patents, bringing its total to over 100 issued and pending globally. The company’s safety code standardization efforts are led by industry veterans Mark Earley and Eric Jacobson, with progress including ANSI/NEMA product specification approval and voting into 10 NEC Code Book segments.
Management believes its technologies could save insurers billions annually by reducing risks such as fires, ladder falls, and electrocutions. The company has also signed a five-year global licensing agreement with GE to advance its code standardization and licensing strategy.
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,” management 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 added, “We believe we have accelerated our pace of sales with a robust gross margin profile, notably managing the cash burn of SKYX. Our e-commerce platform with over 60 websites is expected to continue providing additional cash flow to the Company.”
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, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
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