0001493152-26-013293
SEC filingSKYX Platforms Corp. reported revenue of $92.0 million for FY 2025, a 6.6% increase from $86.3 million in FY 2024. Despite revenue growth, the company incurred a net loss of $33.4 million, an improvement from a $35.8 million loss in the prior year. The net loss per share was $0.32, compared to $0.36 in FY 2024. Operating expenses totaled $121.1 million, with cost of revenues at $64.2 million. The company ended the year with $8.1 million in cash and cash equivalents, plus $2.1 million in restricted cash, and total assets of $57.7 million. Management notes that liquidity sources, including $29.3 million in net proceeds from equity offerings in January 2026, alleviate substantial doubt about the company's ability to continue as a going concern.
SKYX Platforms Corp. reported revenue of $92,009,949 for the fiscal year ended December 31, 2025, representing a 6.6% increase from $86,276,876 in FY 2024. The company's net loss was $33,415,604, an improvement from a net loss of $35,768,144 in the prior year. The net loss per share was $0.32, compared to $0.36 in FY 2024. Operating expenses totaled $121,122,339, with cost of revenues at $64,173,870, selling and marketing expenses at $25,701,665, and general and administrative expenses at $31,246,804. The company's accumulated deficit increased to $216,258,604 as of December 31, 2025.
The company generates revenue primarily from home lighting, ceiling fans, and smart products sold through internet sites and marketplaces. Revenue recognition occurs upon delivery of products to customers. The company records reductions to revenue for estimated customer sales returns and replacements, with an allowance for sales returns of $284,469 as of December 31, 2025. No customers individually represented 10% or more of total revenue. The company operates in one segment: advanced-safe-smart technologies and related products.
Cost of revenues was $64,173,870 in FY 2025, representing 69.7% of revenue, compared to $61,682,934 (71.5% of revenue) in FY 2024. The company incurred a loss from operations of $29,112,390 in FY 2025, an improvement from a $32,112,239 loss in FY 2024. Other expenses included interest expense of $4,183,728 and interest expense - related party of $119,486. The company recognized $13,560,580 in non-cash equity-based compensation expense during FY 2025.
Net cash used in operating activities was $13,291,059 in FY 2025. The company ended the year with $8,052,621 in cash and cash equivalents and $2,050,000 in restricted cash. Total assets were $57,715,234, including $15,400,916 in current assets and $42,314,318 in long-term assets. Total liabilities were $57,303,620, with current liabilities of $24,578,022. Stockholders' equity (deficit) was $(4,588,386). The company had $19,335,843 in total debt outstanding as of December 31, 2025.
The company's liquidity sources include $10.10 million in cash and cash equivalents (including restricted cash) as of December 31, 2025, plus $29.3 million in net proceeds from equity offerings in January 2026. Management believes these resources alleviate substantial doubt about the company's ability to continue as a going concern. The company continues to focus on its advanced-safe-smart platform technologies for light fixtures and ceiling fans, with smart features including control through the SkyHome App. No specific forward-looking guidance or risk factors beyond the going concern discussion were disclosed in the financial statements.