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SKYX Platforms (SKYX) - 2024 Q1 - Quarterly Results
SKYX Platforms SKYX Platforms (US:SKYX)2024-05-14 20:10

Financial Performance - First quarter 2024 revenue reached a record $19.0 million, up from $18.6 million in the first quarter of 2023, reflecting a growth of approximately 2.1%[2] - Total revenue for Q1 2024 was $18,977,821, a significant increase from $10,025 in Q1 2023, representing a growth of approximately 188,000%[19] - Gross profit for Q1 2024 was $5,578,050, compared to a gross profit of $8,557 in Q1 2023, indicating a substantial increase in revenue generation despite higher costs[19] - Net loss for Q1 2024 was $9,676,201, compared to a net loss of $7,970,269 in Q1 2023, reflecting a year-over-year increase in losses of approximately 21.4%[19] - EBITDA, as adjusted, for Q1 2024 was $(4,532,747), compared to $(3,778,573) in Q1 2023, indicating a worsening of approximately 19.9%[25] Cash and Assets - As of March 31, 2024, cash, cash equivalents, and restricted cash totaled $19.8 million, a decrease from $22.4 million as of December 31, 2023[6] - Cash and cash equivalents at the end of Q1 2024 were $19,789,663, down from $22,430,253 at the beginning of the period, a decrease of about 11.6%[23] - Total current assets decreased to $25,482,328 as of March 31, 2024, down from $27,317,855 as of December 31, 2023, a decline of about 6.7%[17] Liabilities and Equity - Total liabilities increased to $60,688,463 as of March 31, 2024, compared to $60,119,193 as of December 31, 2023, representing an increase of approximately 0.9%[17] - Total stockholders' equity decreased to $13,496,593 as of March 31, 2024, down from $16,222,010 as of December 31, 2023, a decline of about 16.8%[17] - Operating lease liabilities increased to $24,322,762 as of March 31, 2024, compared to $24,165,986 as of December 31, 2023, reflecting a rise of approximately 0.65%[17] Expenses - Sales and marketing expenses increased to $6.5 million in the first quarter of 2024, compared to $5.7 million in the same period of 2023[7] - Adjusted EBITDA for the first quarter of 2024 was a net loss of $5.1 million, compared to a net cash loss of $4.4 million in the first quarter of 2023[8] Strategic Initiatives - The company has over 90 issued and pending patents, with 30 patents specifically covering advanced plug and play and smart home platform technologies[2] - Collaboration with Ruee Appliances aims to enhance gross margins and expand market reach in China and Europe[2] - A five-year global licensing partnership with General Electric (GE) was established to license SKYX's patented technologies[2] - The company has opened over 100 builder and pro accounts during the International Builders' Show, targeting the builder and pro segments[2] - SKYX expects to deliver approximately 30,000 units of its advanced smart home platform technologies to a developer's upcoming projects[2] - The company anticipates becoming cash flow positive during 2025, supported by its e-commerce platform and strategic collaborations[9] Shareholder Information - The company issued 2,733,361 shares of common stock during Q1 2024, increasing the total shares outstanding to 97,096,897[21]