SKYX Platforms (US:SKYX)2025-11-12 21:13Financial Performance - SKYX reported record revenues of $24 million in Q3 2025, up from $23 million in Q2 2025, marking a 4% increase[1] - Gross profit increased by 8% to $8 million in Q3 2025, compared to $7 million in Q2 2025[2] - Gross margin improved to 32% in Q3 2025, up from 30% in Q2 2025[3] - Revenue for Q3 2025 reached $23,891,537, a 7.8% increase from $22,168,919 in Q3 2024[22] - Total revenue for the nine months ended September 30, 2025, was $67,067,130, compared to $62,592,888 for the same period in 2024, reflecting a growth of 7.9%[22] - The net loss for Q3 2025 was $7,615,926, compared to a net loss of $8,621,306 in Q3 2024, showing an improvement of 11.7%[22] - The company reported a net loss attributed to common stockholders of $7,902,926 for Q3 2025, compared to $8,621,306 in Q3 2024[22] - For the nine months ended September 30, 2025, the net loss was $25,494,983 compared to a net loss of $25,760,456 for the same period in 2024, indicating a slight improvement[24] Operating Expenses and Cash Flow - Operating expenses for Q3 2025 totaled $30,655,155, up from $29,774,354 in Q3 2024, indicating a year-over-year increase of 2.9%[22] - Cash and cash equivalents decreased to $7,829,739 as of September 30, 2025, down from $12,639,441 at the end of 2024[21] - Total assets decreased to $58,414,184 as of September 30, 2025, compared to $65,887,047 at the end of 2024[21] - The company experienced a net cash used in operating activities of $(11,296,274) for the nine months ended September 30, 2025, compared to $(12,951,448) in 2024[24] Capital and Financing - The company has raised $5 million in additional capital and extended $11 million in notes due until 2030[8] - The company issued common stock pursuant to offerings, generating proceeds of $4,809,148 for the nine months ended September 30, 2025[24] Market Opportunities and Collaborations - The company expects to deploy over 50,000 products into homes/units by the end of Q4 2025 through retail and professional segments[4] - SKYX signed an agreement with Global Ventures Group to deploy hundreds of thousands of smart home technologies in Middle East projects, including Saudi Arabia and Egypt[5] - SKYX is collaborating with a $3 billion mixed-use smart city project in Miami, supplying over 500,000 units of its technologies[7] - The total addressable market (TAM) in the U.S. is estimated at $500 billion, with significant opportunities for recurring revenues through various channels[10] Equity and Liabilities - Total liabilities increased slightly to $57,253,277 as of September 30, 2025, from $56,833,619 at the end of 2024[21] - The company’s accumulated deficit grew to $(208,054,182) as of September 30, 2025, compared to $(181,783,825) at the end of 2024[21] - The total stockholders' equity (deficit) at the end of the period was $(3,839,093) compared to $3,834,570 at the end of the same period in 2024[23] Non-Cash Expenses - Non-cash equity-based compensation expense for the nine months ended September 30, 2025, was $10,027,416, up from $9,035,221 in 2024[24] - The company reported a depreciation and amortization expense of $3,585,817 for the nine months ended September 30, 2025, compared to $3,125,903 in 2024[24] Adjusted EBITDA - Adjusted EBITDA loss per share remained at $0.02 in Q3 2025, consistent with Q2 2025[9] - The adjusted EBITDA for the nine months ended September 30, 2025, was $(8,552,792), compared to $(9,449,211) for the same period in 2024[26] - The company incurred interest expenses of $3,497,227 for the nine months ended September 30, 2025, compared to $3,031,371 in 2024[26]