SKYX Reports Record First Quarter 2025 of $20.1 Million Compared to $18.9 Million for First Quarter 2024 as it Continues to Grow its Market Penetration of its Advanced and Smart Platform Products in the U.S and Canadian Markets

Company expects its products to be in 30,000 U.S. and Canadian homes by the end of the Second quarter of 2025.

Company is Progressing with Significant Projects and Orders that will Enable it to Become Cash Flow Positive in Second Half of 2025

General and Administrative Expenses Decreased by 17% as Compared to the First Quarter of 2024 and Gross Margin and Gross Profit Improvement by 4.8% and 2% in the First Quarter of 2025 Sequentially from the Fourth Quarter of 2024

SKYX Announces Additional $4 million in Recent Preferred Stock Funding Representing $2 Per Share from Strategic Investors in a Round Totaling $15 million Led by Global Marriott Hotels Chain Owner, The Shaner Group

SKYX's Safety Code Standardization Team is Receiving Support from a New Significant Prominent Leader with its Government Safety Organization Process for a Safety Mandatory Standardization of its Electrical Ceiling Outlet/Receptacle Technology

MIAMI, May 14, 2025 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive platform technology company with over 97 pending and issued patents globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today reported its financial and operational results for the First quarter ended March 31, 2025.

First Quarter 2025 Highlights and Recent Events

• Generated record First quarter 2025 revenues of 20.1 million compared to $18.9 million for the First quarter of 2024.
• As of March 31, 2024, Company reported $12.3 million in cash, cash equivalents, and restricted cash, as compared to $15.5 million as of March 31, 2024.
• SKYX has recently secured approximately $4 million in additional equity, mainly through preferred stock investment representing $2.00 per share of common stock with no warrants part of a broader financing round totaling approximately $15 million to date, led by The Shaner Group, owner, and developer of more than 70 hotels worldwide.
• The $15 million broader round included substantial participation from company insiders, including SKYX President Steve Schmidt and Co-CEOs Lenny Sokolow and John Campi, underscoring their continued confidence in SKYX’s strategic vision and growth trajectory.
• As common with companies such as ours when sales are converted into cash rapidly, often referred to as the “Dell Working Capital Model”, the Company leverages its trades payable to finance its operations, to enhance its cash position and to lower its cost of capital.
• Management emphasizes that it has sufficient cash to achieve its goals including being cash flow positive in 2025.
• Company reported a reduction in General and Administrative expenses of 17% by $1.3 million to $6.6 million in the First quarter of 2025 from $7.9 million in the First quarter of 2024.
• Company’s gross margin and gross profit for the First quarter ending March 31, 2025, increased sequentially by 4.8% and 2% to $5.7 million compared to the quarter ending December 31, 2024.
• Net loss per share decreased by $0.01 to ($0.09) per share in the first quarter of 2025 compared to ($0.10) in the first quarter of 2024. Adjusted EBITDA loss per share, a non-GAAP measure, decreased to $(0.04) per share in the first quarter of 2025, as compared to $(0.05) per share, in the first quarter of 2024.
• The Company continues to grow its market penetration of its advanced and smart plug & play products and expects its products to be in 30,000 U.S. and Canadian homes by the end of the Second quarter of 2025.
• Company expects its products to be in tens of thousands additional homes in the second half 2025.
• Company expects to continue increasing units and grow its revenue to pro and builder segments.
• The Company announced a U.S. strategic manufacturing partnership with Profab Electronics, a premier electronic contract manufacturer based in Pompano Beach, Florida. This collaboration marks a significant step forward in SKYX’s commitment to building a resilient, efficient, and localized supply chain for its innovative product lines. This in addition to manufacturing collaborations in Vietnam, Taiwan, China and Cambodia.
• Company strongly believes its products can save insurance companies many billions of dollars annually by reducing fires, ladder falls, and electrocutions among other things. Management expects that once it completes an entire range and variations of its safe plug & play products it will start being recommended by insurance companies.
• SKYX’s technologies provide opportunities for recurring revenues through interchangeability, upgrades, monitoring, and subscriptions. Company is focused on the “Razor & Blades” model and its product range includes its advanced ceiling electrical outlet (Razor) and its advance and smart home plug & play products (Blades) including its advance and smart home plug & play platform products, lighting, recessed lights, down lights, EXIT signs, emergency lights, ceiling fans, chandeliers/pendants, holiday/kids/themes lights, indoor/outdoor wall lights among other. Company’s plug & play technology enables an installation of lighting, fans, and smart home products in high-rise buildings and hotels within days rather than months.
• Company’s total addressable market (TAM) in the U.S. is roughly $500 billion with over 4.2 billion ceiling applications in the U.S. alone. Expected revenue streams from retail and professional segments include product sales, royalties, licensing, subscription, monitoring, and sale of global country rights.
• Company continues to utilize its e-commerce platform of over 60 websites for lighting and home décor to educate and enhance its market penetration to both retail and professional segments.