SKYX Platforms Corp. Reports $20.1 Million Revenue with Improved Operating Loss for Q1 2025

SKYX Platforms Corp. reported a revenue of $20.1 million for the three months ended March 31, 2025, marking a 6% increase from $19.0 million in the same period last year. The company's operating loss improved to $7.7 million, down from $8.9 million in the prior year, while the net loss narrowed to $9.1 million compared to $9.7 million in the previous year. The increase in revenue was attributed to a higher volume of lighting and heating products sold, reflecting the company's ongoing efforts to expand its market presence.

In terms of operational metrics, SKYX's total operating expenses remained relatively stable at $27.8 million, slightly down from $27.9 million year-over-year. Notably, general and administrative expenses decreased by 17% to $6.6 million, primarily due to reduced share-based payments and professional fees. Conversely, selling and marketing expenses rose by 5% to $6.8 million, driven by increased compensation for sales and marketing personnel. The company’s cash and cash equivalents, including restricted cash, totaled $12.3 million as of March 31, 2025, down from $15.5 million a year earlier.

Strategically, SKYX completed the acquisition of Belami, Inc. in April 2023, which is expected to enhance its distribution channels and marketing capabilities. The company has also engaged in private placements to fund this acquisition, issuing subordinated secured convertible promissory notes totaling $10.35 million. In March 2025, SKYX issued 40,000 shares of Series A-1 Preferred Stock, generating $1.0 million in proceeds. The company continues to explore additional financing options, including its at-the-market (ATM) offering program, which has a remaining capacity of $5.3 million.

Operationally, SKYX has focused on expanding its product offerings, including advanced and smart technologies designed to improve home safety and lifestyle. The company holds over 97 patents and has received various electrical code approvals, positioning itself to capture a significant share of the estimated $500 billion total addressable market in the U.S. However, the company faces challenges such as inflation, supply chain constraints, and geopolitical risks that could impact its operations and financial performance.

Looking ahead, SKYX management anticipates that revenues will continue to grow in 2025, driven by the sales of its advanced and smart products. However, the company acknowledges the uncertainty surrounding market conditions and the potential need for additional financing to support its growth initiatives. The management's outlook remains cautious, emphasizing the importance of increasing revenues and managing operating costs to ensure financial stability.