SKYX (NASDAQ: SKYX) grows revenue 7.4% and closes Deako merger, but still loses money

What happened

SKYX Platforms Corp. (NASDAQ: SKYX) reported third-quarter revenue of $25.7 million, up 7.4% from $23.9 million a year earlier. The company calls it its 11th straight quarter of year-over-year revenue growth.

Net loss narrowed to $6.44 million from $7.62 million. The loss from operations was $5.70 million against $6.76 million. SKYX completed its merger with Deako on Oct. 13, after the quarter ended.

For the nine months, revenue was $73.03 million against $67.07 million, an 8.9% gain by OptimistFi's calculation. Nine-month net loss was $23.94 million, compared with $25.49 million a year earlier. It included a $0.28 million gain on lease modification.

Key numbers

Metric	Latest	Change	Source
Third-quarter revenue	$25.7 million	from $23.9 million, +7.4%	SEC 8-K, Exhibit 99.1
Nine-month revenue	$73.03 million	from $67.07 million, +8.9%	Calculated from SEC 8-K
Third-quarter net loss	$6.44 million	from $7.62 million, -15.5%	Calculated from SEC 8-K
Third-quarter gross profit (prior is second quarter of 2026)	$8.1 million	from $7.3 million, +11%	SEC 8-K, Exhibit 99.1
Cash, cash equivalents and restricted cash (prior is Dec. 31, 2025)	$21 million	from $10 million, +$10.83 million	SEC 8-K, Exhibit 99.1
Nine-month net cash used in operating activities	$13.90 million	from $11.30 million, +23.1%	Calculated from SEC 8-K

Read more: SKYX Platforms (SKYX) company research

Why it matters

Revenue is growing and losses are narrowing. But SKYX still lost money at the operating, net and adjusted EBITDA levels. The question for holders is whether growth is outrunning the cash it uses.

Gross profit rose 11% to $8.1 million from $7.3 million in the second quarter of 2026. Gross margin reached 31.4% from 28.9% in that quarter. Against the year-earlier quarter the picture is flatter. OptimistFi's calculation from the income statement puts third-quarter 2025 gross profit at $7.57 million, a 31.7% margin.

Adjusted EBITDA loss, a non-GAAP measure, was $2.87 million. The company compares it with $3.5 million in the second quarter. But the reconciliation table lists $2.25 million for the third quarter of 2025, so the loss is wider than a year ago.

OptimistFi has argued that SKYX is a high-risk option on becoming a building standard, and that today's numbers still describe a cash-burning small manufacturer. This quarter supports both halves of that view.

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Where the cash came from

Cash, cash equivalents and restricted cash reached $21 million on Sept. 30, up from $10 million at Dec. 31, 2025. The cash flow statement shows stock sales did the work. SKYX took in $29.00 million from common stock offerings in the nine months and paid $1.61 million in placement costs.

Operations used $13.90 million in the nine months, up 23.1% from $11.30 million a year earlier by OptimistFi's calculation. Third-quarter operating cash use fell 15.5% to $4.2 million from $5.0 million in the third quarter of 2025.

Shares outstanding rose to 136,168,693 from 117,666,800 at year-end. Stockholders' equity was $9.06 million against a deficit of $4.59 million at year-end. Interest-bearing debt after discounts fell to $14.7 million from $18.3 million. Management says it believes it has enough cash to support its path to positive cash flow.

The release's risk language still lists the company's ability to continue as a going concern and to raise more capital among its uncertainties.

What Deako and the builder programs add

Deako sells a wall-based plug-and-play smart home and lighting platform. The release says it had revenues of more than $26 million in 2025, shipped more than 35 million units over five years and has supplied more than 50 U.S. homebuilders.

SKYX issued 25,000,000 shares for the deal. They face a 12-month full lock-up, followed by releases at 12, 15, 18 and 21 months after closing. Management expects the merger to cut annual cash expenses by more than $6 million.

Since the merger, SKYX announced programs with Maronda Homes, Home Creations and Stone Martin. They are expected to total more than 210,000 units across more than 2,500 homes, with deliveries through 2027. The company estimates the combined pipeline at about 4 million units at an expected average selling price of about $50 per product.

On standards, the company says ANSI/NEMA voted to approve its product specification and its technology was voted into 10 segments of the NEC Code Book. Mandatory adoption remains a company goal.

What's next

Builder deliveries are expected through 2027. The first release from the merger-share lock-up falls 12 months after the Oct. 13 closing. SKYX also plans to add four turbo heater ceiling fan models in the fourth quarter at national retailers and on its e-commerce sites.

The next quarterly report is the test. Lower operating cash use without new stock sales, plus revenue from Deako's builder channel, would strengthen the case. A wider cash burn would weaken it.

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