SKYX Platforms (US:SKYX)2025-05-14 20:10Financial Performance - SKYX reported record revenues of $20.1 million for Q1 2025, a 6% increase from $18.9 million in Q1 2024[3] - Revenue for Q1 2025 was $20,113,938, an increase of 6% compared to $18,977,821 in Q1 2024[24] - Net loss for Q1 2025 was $9,052,128, compared to a net loss of $9,676,201 in Q1 2024, indicating a 6.4% improvement[24] - Net loss for Q1 2025 was $9,052,128, a decrease from a net loss of $9,676,201 in Q1 2024, representing an improvement of approximately 6.4%[26] - Adjusted EBITDA for Q1 2025 was $(3,624,931), compared to $(4,532,747) in Q1 2024, indicating a year-over-year improvement of about 20%[29] - Adjusted EBITDA loss per share improved to $(0.04) in Q1 2025 from $(0.05) in Q1 2024[12] Expenses and Liabilities - General and Administrative expenses decreased by 17% to $6.6 million in Q1 2025, down from $7.9 million in Q1 2024[3] - Cost of revenues for Q1 2025 was $14,402,488, up from $13,399,771 in Q1 2024, reflecting a 7.4% increase[24] - Total liabilities increased to $58,890,928 as of March 31, 2025, compared to $56,833,619 as of December 31, 2024[23] - Operating lease liabilities decreased slightly to $22,162,444 as of March 31, 2025, from $22,727,366 as of December 31, 2024[22] - Interest expense increased to $1,378,223 in Q1 2025 from $787,854 in Q1 2024, representing an increase of approximately 75%[29] Cash Flow and Investments - Net cash used in operating activities decreased by 29% to $4.3 million in Q1 2025 compared to $6.1 million in Q4 2024[9] - Cash used in operating activities decreased to $4,324,675 in Q1 2025 from $6,109,196 in Q1 2024, reflecting a reduction of approximately 29.2%[26] - Cash and cash equivalents at the end of Q1 2025 were $12,303,307, down from $19,789,663 at the end of Q1 2024, a decline of about 37.8%[26] - The company had a net cash outflow from investing activities of $413,365 in Q1 2025, compared to $53,647 in Q1 2024, indicating increased investment activity[26] - The company reported a net cash inflow from financing activities of $1,540,852 in Q1 2025, down from $3,522,253 in Q1 2024, a decrease of approximately 56%[26] Market and Growth Strategy - The company expects to achieve cash flow positivity in the second half of 2025, supported by significant projects and orders[1] - The total addressable market (TAM) in the U.S. is estimated at $500 billion, with over 4.2 billion ceiling applications[6] - The company aims to have its products in 30,000 U.S. and Canadian homes by the end of Q2 2025, with expectations for tens of thousands more in the second half of 2025[3] - SKYX's e-commerce platform, comprising over 60 websites, is expected to enhance market penetration and cash flow[16] - Management anticipates continued efforts to drive product adoption and market share growth despite current economic uncertainties[19] Shareholder Equity - Total stockholders' equity (deficit) was $(722,394) as of March 31, 2025, down from $4,053,428 as of December 31, 2024[23] - Weighted average number of common shares outstanding increased to 103,548,494 in Q1 2025 from 95,091,003 in Q1 2024[24] Other Financial Metrics - The company reported a depreciation and amortization expense of $1,007,817 in Q1 2025, slightly down from $1,060,571 in Q1 2024[29] - The company recognized $3,041,157 in share-based payments in Q1 2025, compared to $3,295,029 in Q1 2024, a decrease of about 7.7%[29] - Proceeds from the issuance of common stock in Q1 2025 amounted to $459,634, significantly lower than $3,655,755 in Q1 2024[26]