Sql Technologies Corp ( (SKYX) ) has released its Q1 earnings. Here is a breakdown of the information Sql Technologies Corp presented to its investors.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
SKYX Technologies Corp., operating under the brand SKYX Platforms, is a disruptive technology company focused on making homes and buildings safer and smarter through its advanced platform products, with a significant presence in the lighting and home décor sectors.
In its latest earnings report, SKYX Technologies announced record revenues for the first quarter of 2025, reaching $20.1 million, up from $18.9 million in the same period last year. The company continues to expand its market penetration in the U.S. and Canadian markets with its smart platform products.
Key financial highlights include a 17% reduction in general and administrative expenses and improvements in gross margin and gross profit. The company also secured $4 million in additional equity funding as part of a $15 million financing round led by The Shaner Group. SKYX is progressing with significant projects and orders that are expected to make it cash flow positive in the second half of 2025.
SKYX’s strategic partnerships with major retailers like Home Depot and Wayfair, as well as collaborations with leading lighting companies, underscore its growth trajectory. The company is also making strides in safety standardization for its electrical ceiling outlet technology, which is expected to be recommended by insurance companies for its safety benefits.
Looking ahead, SKYX Technologies is optimistic about its growth prospects, with plans to increase its product presence in tens of thousands of additional homes by the end of 2025. The company aims to continue expanding its revenue streams through product sales, licensing, and subscriptions, leveraging its robust e-commerce platform and strategic partnerships.