SKYX Platforms (NASDAQ:SKYX) reported record second-quarter revenue of $25.3 million, up 14% sequentially from $22.1 million in the first quarter and 10% from $23 million a year earlier. Management said the result marked its 10th consecutive quarter of year-over-year growth, despite continued declines in the real estate and home décor markets.
For the first six months of 2026, revenue rose 10% to $47.4 million from $43.2 million in the prior-year period. Second-quarter gross profit increased 4% year over year to $7.3 million, while first-half gross profit increased 10% to $13.9 million.
Management Targets Cash-Flow Positive Exit From 2026
President Steve Schmidt said management believes its cash position is sufficient to pursue its objectives, including becoming cash-flow positive as it exits 2026. The company expects to deliver more than 100,000 units through its professional and retail segments by the end of the year and said it expects more than 1 million units of its products to be deployed across its project pipeline.
During the question-and-answer session, Founder and Executive Chairman Rani Kohen said the company was beginning to supply certain projects during the third quarter, with additional supply expected in the fourth quarter, the first quarter of 2027 and beyond. Kohen said the company remained confident it would have 100,000 units in the market by the end of 2026.
Management said the mix of products supplied to builder and hotel customers could support higher gross margins in coming quarters. Kohen said sales growth in SkyFan & Turbo Heater products and other offerings directed to builders and hotels would increase the mix of higher-margin products.
Hotel, Builder and Licensing Efforts Expand
SKYX highlighted several hospitality and international initiatives announced during or after the quarter. The company said it will supply its technologies for the renovation of a Marriott City Center hotel in Durham, North Carolina. It also said Group OTT, a European hotel developer with more than 250 hotels and buildings, will make the company’s technology a brand standard for its hotel developers.
The company said its technology is being deployed in renovations of the Grand Hotel du Parc in France and The Mozart Prague, a five-star Accor Hospitality Group hotel. SKYX also announced an additional agreement with Group OTT Heritage Hospitality Group to deploy and market its technologies across the European hotel market.
Management cited additional previously announced projects in North Carolina, Austin, San Antonio, South Florida, New York, Europe, Saudi Arabia and Egypt, including Miami’s planned $4 billion smart city. Kohen said the company’s ceiling outlet receptacle platform can support a range of connected products, including lighting fixtures, smart-home platforms and ceiling fans.
In May, the company signed a licensing agreement with lighting company Eurofase, which operates in the U.S., Canada and internationally. Kohen said the licensing model was created in part to support broader adoption if its technology is standardized by safety or electrical-code organizations. He said the company expects additional licensing opportunities as it expands its channels serving professional, hotel and builder customers.
Product Pipeline Includes Fan Sizes and Gen-3 Platform
Management said sales of the SkyFan & Turbo Heater continued to grow despite the summer season, which Kohen characterized as a period when demand for heating products would typically be weak. The company plans to introduce a smaller version for smaller rooms by the next quarter and a larger version intended for bigger rooms in the fourth quarter, according to Kohen.
SKYX also provided an update on its Gen-3 monitoring product. Kohen said the company has received production samples that are testing well and that both the software and hardware are in good condition. However, the product still requires U.S. FCC and other regulatory approvals before mass production can begin. Kohen said the timing of those approvals is outside the company’s control, though management hopes to begin supplying the product in the next quarter.
The company said its product ecosystem could provide future recurring-revenue opportunities from interchangeability, upgrades, artificial-intelligence services, monitoring and subscriptions. Kohen also said SKYX is in the final stages of launching AI-driven software on its e-commerce platform and expects to enhance the platform for builder and hotel customers.
Standardization and Insurance Discussions Continue
Management said its safety-code standardization team continued efforts to establish a mandated standard for its ceiling outlet receptacle technology in homes and buildings. Kohen said the company has been pursuing the initiative for 14 years and believes it is making progress, but he did not provide a timetable for potential standardization.
Kohen noted that the company’s technology has a generic name in code books, Weight-Supporting Ceiling Receptacle, or WSCR, and said SKYX has met requirements involving ANSI/NEMA specifications, National Electrical Code votes and National Fire Protection Association demands. He said the company is also discussing potential collaborations with insurance companies based on the safety features of its products.
About SKYX Platforms (NASDAQ:SKYX)
SKYX Platforms (NASDAQ:SKYX) provides comprehensive maintenance, repair and overhaul (MRO) services and operational support for commercial unmanned aerial systems (UAS). Through its digital platform, the company streamlines the booking, tracking and management of drone maintenance events, ensuring that operators maintain compliance with aviation regulations and industry best practices. SKYX Platforms’ offering is designed to reduce downtime, improve safety and extend the service life of UAS fleets across a wide range of applications.
The company’s service portfolio includes scheduled and unscheduled maintenance, component repair, spare parts provisioning, firmware and software updates, and field support.
