The company's financial stability appears vulnerable, evidenced by a debt-to-equity ratio that reached an extreme peak of 90.75 in 2025Q4 and a retained earnings deficit of $225.8M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 36.78M | 15.4M | 20.37M | 27.32M | 16.33M | 11.39M | 3.23M | 3.54M | 8.34M | 7.36M | 985.03K | 1.27M | 1.17M | 3.24K |
| Cash & Short-Term Investments | 30.26M | 8.05M | 12.64M | 16.81M | 14.09M | 10.43M | 2.31M | 1.87M | 4.88M | 4.13M | 450.87K | 1.24M | 1.13M | 736 |
| Cash Only | 30.26M | 8.05M | 12.64M | 16.81M | 6.72M | 10.43M | 2.31M | 1.87M | 4.88M | 4.13M | 450.87K | 1.24M | 1.13M | 736 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 7.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.93M | 1.89M | 2.42M | 3.38M | 0 | 115 | 1.54K | 419.54K | 1.05M | 796.82K | 234.31K | 0 | 0 | 0 |
| Days Sales Outstanding | 9.04 | 7.5 | 10.22 | 21.02 | - | 0.97 | 2.18 | 40.19 | 49.76 | 41.46 | 29.64 | - | - | - |
| Inventory | 3.3M | 4.25M | 3.79M | 3.43M | 1.92M | 918.65K | 918.65K | 1.24M | 2.36M | 2.4M | 263.87K | 0 | 0 | 0 |
| Days Inventory Outstanding | 20.1 | 24.17 | 22.4 | 30.68 | 37.12K | 2.25K | 666.57 | 124.19 | 134.88 | 142.82 | 38.88 | - | - | - |
| Other Current Assets | 1.28M | 1.21M | 1.53M | 2.97M | 311.62K | 0 | 0 | 0 | 0 | 0 | 211 | 0 | 0 | 2.5K |
| Total Non-Current Assets | 41.17M | 42.31M | 45.51M | 49.02M | 26.85M | 567.92K | 473K | 539.63K | 2.08M | 5.1M | 7.41M | 9.97M | 265.95K | 27.45K |
| Property, Plant & Equipment | 18.16M | 18.85M | 21.1M | 21.65M | 23.26M | 25.71K | 67.73K | 180.79K | 194.87K | 113.61K | 127.52K | 132.61K | 6.04K | 295 |
| Fixed Asset Turnover | 4.94x | 4.88x | 4.09x | 2.72x | 0.00x | 1.68x | 3.81x | 21.07x | 39.52x | 61.75x | 22.62x | - | - | 263.21x |
| Goodwill | 16.16M | 16.16M | 16.16M | 16.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.6M | 5.05M | 5.19M | 8.14M | 662.8K | 540.03K | 403.09K | 340.58K | 1.84M | 4.78M | 7.21M | 9.61M | 24.7K | 27.15K |
| Long-Term Investments | 6.15M | 2.05M | 2.86M | 2.87M | 0 | 0 | 0 | 0 | 0 | 78K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 205.04K | 205.04K | 204.81K | 204.81K | 5.66M | 2.17K | 2.17K | 18.25K | 40.93K | 202.35K | 80.32K | 227.66K | 235.21K | 0 |
| Total Assets | 77.95M | 57.72M | 65.89M | 76.34M | 43.18M | 11.95M | 3.7M | 4.08M | 10.42M | 12.46M | 8.4M | 11.24M | 1.44M | 30.68K |
| Asset Turnover | 1.45x | 1.59x | 1.31x | 0.77x | 0.00x | 0.00x | 0.07x | 0.93x | 0.74x | 0.56x | 0.34x | - | - | 2.53x |
| Asset Growth % | -5.93% | -12.4% | -13.69% | 76.81% | 261.2% | 222.9% | -9.32% | -60.83% | -16.37% | 48.37% | -25.29% | 681.35% | 4589.35% | - |
| Total Current Liabilities | 21.58M | 24.58M | 26.14M | 24.19M | 7.42M | 2.63M | 2.21M | 1.02M | 31.61M | 28.78M | 29.16M | 7.12M | 2.98M | 427.34K |
| Accounts Payable | 13.11M | 14.53M | 13.24M | 10.11M | 1.37M | 996.73K | 1.01M | 849.58K | 1.36M | 1.06M | 807.8K | 1.04M | 107.38K | 58.01K |
| Days Payables Outstanding | 76.03 | 82.66 | 78.32 | 90.59 | 26.43K | 2.44K | 731.44 | 84.81 | 78.06 | 63.06 | 119.02 | 154.88 | 14.41K | 246.5 |
| Short-Term Debt | 5.43M | 2.59M | 8.25M | 6.9M | 1.71M | 404.65K | 344.03K | 0 | 270.22K | 3.63M | 4.15M | 1.35M | 124.19K | 369.32K |
| Deferred Revenue (Current) | 8.82M | 2.08M | 1.5M | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 241.5K | 2.53M | -2.98M | 2.93M | 3.11M | 1.2M | 500K | 0 | 29.98M | 24.1M | 24.2M | 4.73M | 2.75M | 0 |
| Current Ratio | 1.70x | 0.63x | 0.78x | 1.13x | 2.20x | 4.32x | 1.46x | 3.48x | 0.26x | 0.26x | 0.03x | 0.18x | 0.39x | 0.01x |
| Quick Ratio | 1.55x | 0.45x | 0.63x | 0.99x | 1.94x | 3.97x | 1.05x | 2.26x | 0.19x | 0.17x | 0.02x | 0.18x | 0.39x | 0.01x |
| Cash Conversion Cycle | -46.89 | -50.98 | -45.7 | -38.89 | - | -189.93 | -62.69 | 79.57 | 106.58 | 121.22 | -50.5 | - | - | - |
| Total Non-Current Liabilities | 32.54M | 32.73M | 30.7M | 35.93M | 27.63M | 9.43M | 10.37M | 9.77M | 3.46M | 11.38M | 11.99M | 13M | 816.36K | 503.21K |
| Long-Term Debt | 14.66M | 14.38M | 8.38M | 6.78M | 4.87M | 6.79M | 6.54M | 5.46M | 3.46M | 73.6K | 193.8K | 995.02K | 816.36K | 503.21K |
| Capital Lease Obligations | 72.54M | 17.79M | 20.38M | 22.27M | 22.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 687.68K | 552.36K | 1.94M | 6.88M | 0 | 2.64M | 3.84M | 4.31M | 0 | 11.3M | 11.8M | 12M | 0 | 0 |
| Total Liabilities | 54.12M | 57.3M | 56.83M | 60.12M | 35.05M | 12.06M | 12.59M | 10.79M | 35.07M | 84.55M | 41.15M | 20.12M | 3.8M | 930.54K |
| Total Debt | 37.28M | 37.35M | 39.36M | 37.84M | 30.46M | 7.2M | 6.88M | 5.51M | 3.73M | 3.7M | 4.34M | 2.34M | 940.56K | 872.53K |
| Net Debt | 7.01M | 29.3M | 26.72M | 21.03M | 23.74M | -3.23M | 4.57M | 3.64M | -1.15M | -426.33K | 3.89M | 1.1M | -192.42K | 871.8K |
| Debt / Equity | 1.56x | 90.75x | 4.35x | 2.33x | 3.75x | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -1.45x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.27x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -10.22x | -6.77x | -7.82x | -10.62x | -44.90x | -9.23x | -16.93x | -33.28x | -89.65x | -99.37x | -8.42x | -1.77x | -8.17x | -23.38x |
| Total Equity | 23.82M | 411.61K | 9.05M | 16.22M | 8.13M | -110.72K | -8.88M | -6.7M | -24.65M | -72.09M | -32.75M | -8.87M | -2.36M | -899.86K |
| Equity Growth % | 251.75% | -95.45% | -44.19% | 99.6% | 7440.28% | 98.75% | -32.5% | 72.8% | 65.81% | -120.13% | -269.08% | -275.9% | -162.32% | - |
| Book Value per Share | 0.18 | 0.00 | 0.09 | 0.18 | 0.10 | -0.00 | -0.14 | -0.12 | -0.50 | -1.90 | -0.92 | -0.22 | -0.06 | -0.03 |
| Total Shareholders' Equity | 23.82M | 411.61K | 9.05M | 16.22M | 8.13M | -75.28K | -8.85M | -6.67M | -24.61M | -27.58M | -32.71M | -8.84M | -2.33M | -879.32K |
| Common Stock | 236.96M | 203.05M | 179.84M | 162.03M | 114.04M | 70.88M | 34.35M | 30.51M | 17.58M | 12.29M | 2.89M | 127.4K | 126.4K | 0 |
| Retained Earnings | -225.78M | -216.26M | -181.78M | -145.8M | -106.07M | -74.27M | -68.41M | -59.04M | -168.05M | -141.18M | -42.7M | -15.32M | -8.52M | -5.95M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -62.15K | 0 | 0 | 6.78M | 0 | 0 | 625K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -35.44K | -35.44K | -35.44K | -35.44K | -35.44K | -35.44K | -35.44K | -35.44K | -20.55K |
Liquidity and solvency constraints
According to quarterly financial data, SKYX's equity base has experienced significant volatility, collapsing from $16.2M in 2023Q4 to a precarious $411.6K by 2025Q4, which underscores the persistent erosion of shareholder value driven by cumulative net losses and the ongoing difficulty in achieving operational scale.
The rapid decline in equity suggests that the company is consuming its capital base at an unsustainable rate to fund its current operating model. Investors should monitor whether the recent uptick in 2026Q1 equity represents a structural stabilization or merely a temporary fluctuation resulting from external financing activities.
As reported in financial statements, the company's debt-to-equity ratio reached an extreme peak of 90.75 in 2025Q4, indicating that the firm's reliance on debt financing has become disproportionate to its thin equity cushion and raises significant concerns regarding the durability of its capital structure.
The high leverage relative to equity suggests that the company is highly sensitive to interest rate environments and potential credit tightening. This debt burden appears to be a necessity-driven measure to maintain operations rather than a strategic choice, which may limit management's ability to pivot or invest in R&D.
Based on reported figures, the current ratio has consistently hovered below 1.0 for most of the last two years, reaching a low of 0.63 in 2025Q4, which suggests that the company lacks a sufficient liquidity buffer to comfortably meet its short-term obligations without external capital support.
The persistent inability to maintain a current ratio above 1.0 implies that the company is operating with a structural liquidity deficit. This situation warrants further investigation into the company's ability to manage its working capital cycle effectively while facing ongoing negative cash flows.
Analysis of the balance sheet reveals that goodwill remains stagnant at $16.2M, representing a substantial portion of total assets, which suggests that the company's asset base is heavily reliant on the valuation of past acquisitions rather than tangible, income-generating property, plant, and equipment.
The high concentration of goodwill relative to total assets indicates a potential risk of impairment if the acquired business units fail to meet performance expectations. Investors should consider whether the current asset mix provides sufficient collateral value to support the company's existing debt obligations.
As indicated by the reported figures, the company's retained earnings have plummeted to a deficit of $225.8M as of 2026Q1, a trend that highlights the long-term inability of the core business model to generate sufficient profit to offset its historical and ongoing operational expenditures.
This massive accumulated deficit serves as a non-obvious indicator of the company's fundamental struggle to achieve profitability. It suggests that the current balance sheet strength is highly dependent on external financing rather than internal value creation, which may pose a long-term risk to equity holders.
Quick answers to the most common questions about buying SKYX stock.
As of 2025, SKYX Platforms Corp. (SKYX) had total assets of $57.7M including $15.4M in current assets.
SKYX Platforms Corp. (SKYX) carries total debt of $37.4M, offset by $8.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SKYX Platforms Corp. (SKYX) has total shareholders' equity (book value) of $0.4M ($0.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SKYX Platforms Corp. (SKYX) reported a current ratio of 0.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.