SKYX has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins reaching as low as -32.5% in 2024Q1.
| 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 |
|---|
| Cash from Operations | -14.98M | -13.29M | -18.26M | -13M | -13.84M | -4.63M | -3.13M | -6.19M | -4.35M | -6.17M | -3.77M | -1.8M | -685.73K | -790.16K |
| Operating CF Margin % | - | -14.45% | -21.16% | -22.11% | -43215.43% | -10735.01% | -1211.14% | -162.4% | -56.48% | -87.9% | -130.59% | - | - | -1017.64% |
| Operating CF Growth % | -18.95% | 27.21% | -40.49% | 6.07% | -199.03% | -47.88% | 49.42% | -42.25% | 29.47% | -63.68% | -109.28% | -162.53% | 13.22% | - |
| Net Income | -33.64M | -33.42M | -35.77M | -39.73M | -27.04M | -5.73M | -9.24M | -16.75M | -26.72M | -98.45M | -26.89M | -6.8M | -2.47M | -844.58K |
| Depreciation & Amortization | 4.55M | 4.32M | 4.07M | 3.06M | 883.23K | 84.29K | 106.31K | 107.24K | 2.5M | 2.48M | 2.47M | 2.46M | 2.72K | 2.9K |
| Stock-Based Compensation | 10.52M | 13.56M | 13.47M | 0 | 13.96M | 1.46M | 5.07M | 0 | 2M | 931K | 173.69K | 76.31K | 754.28K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.19M | 1.73M | 1.93M | 17.97M | -178.25K | -10K | -257.47K | 9.58M | 18.14M | 91.98M | 21.45M | 1.54M | 1M | -305 |
| Working Capital Changes | -1.6M | 514.34K | -1.96M | 5.71M | -1.47M | -434.66K | 1.2M | 876.89K | -274.06K | -3.11M | -975.22K | 933.91K | 26K | 51.83K |
| Change in Receivables | 877.57K | 523.83K | 969.66K | -863.22K | 0 | 1.43K | 417.99K | 223.12K | -253.14K | -562.51K | -234.31K | 0 | 0 | 29.5K |
| Change in Inventory | 382.01K | -464.82K | -359.61K | 283.91K | -1M | 0 | 325.36K | 0 | 48.48K | -2.14M | -263.87K | 0 | 0 | 85.9K |
| Change in Payables | -1.35M | 2.29M | 0 | 4.24M | 0 | -58.65K | 158.47K | 93.94K | 283.8K | 246.91K | -233.94K | 0 | 63.5K | -66.06K |
| Cash from Investing | -1.61M | -1.93M | -1.73M | 3.24M | -8.06M | -179.2K | -109.88K | -232.57K | -241.65K | -43.69K | -59.48K | -168.54K | -6.01K | 0 |
| Capital Expenditures | -1.61M | -1.93M | -981.43K | 10.19K | -312.69K | -179.2K | -15.34K | -232.57K | -241.65K | -43.69K | -59.48K | -168.54K | -6.01K | 0 |
| CapEx % of Revenue | 1.72% | 2.1% | 1.14% | 0.02% | 976.48% | 415.7% | 5.94% | 6.1% | 3.14% | 0.62% | 2.06% | - | - | - |
| Acquisitions | 0 | 0 | -750K | -4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -10.19K | -307.63K | 0 | -94.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 36.6M | 9.83M | 13.06M | 22.73M | 20.93M | 12.92M | 3.67M | 3.42M | 5.34M | 9.89M | 3.04M | 2.08M | 1.82M | 790.89K |
| Debt Issued (Net) | -784.82K | -171.86K | -2.28M | 13.44M | -446.04K | -115.6K | 1.68M | -537.66K | 127.39K | 2.15M | -103.35K | 2.15M | 2.07M | 16.89K |
| Equity Issued (Net) | 38.75M | 11.02M | 15.43M | 9.29M | 23.1M | 13.04M | 100.01K | 4.09M | 5.37M | 7.77M | 3.14M | 1K | 1.4K | 774K |
| Dividends Paid | -1.06M | -1.02M | 0 | 0 | -38.05K | -129.46K | -130.21K | -130.21K | -149.74K | -30.97K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -303.38K | 0 | -88.43K | 0 | -1.69M | 130K | 2.02M | 0 | 0 | 0 | 0 | -69.6K | -247.2K | 0 |
| Net Change in Cash | 20.82M | -5.4M | -6.93M | 12.84M | -964.65K | 8.12M | 435.13K | -3M | 751.83K | 3.68M | -790.62K | 108.51K | 1.13M | 736 |
| Free Cash Flow | -16.59M | -15.22M | -19.24M | 0 | -14.46M | -4.81M | -3.24M | -6.27M | -4.59M | -6.21M | -3.83M | -1.97M | -691.74K | -790.16K |
| FCF Margin % | -17.65% | -16.55% | -22.3% | - | -45152.58% | -11150.71% | -1253.66% | -164.67% | -59.61% | -88.53% | -132.65% | - | - | -1017.64% |
| FCF Growth % | 6.48% | 20.88% | - | 100% | -200.79% | -48.4% | 48.37% | -36.66% | 26.08% | -62.27% | -94.38% | -184.61% | 12.46% | - |
| FCF per Share | -0.13 | -0.14 | -0.19 | - | -0.18 | -0.07 | -0.05 | -0.11 | -0.09 | -0.16 | -0.11 | -0.05 | -0.02 | -0.03 |
| FCF Conversion (FCF/Net Income) | 0.49x | 0.40x | 0.51x | 0.33x | 0.51x | 0.81x | 0.34x | 0.37x | 0.16x | 0.06x | 0.14x | 0.26x | 0.27x | 0.94x |
| Interest Paid | 805.4K | 0 | 3.28M | 0 | 303.96K | 425.32K | 515.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and regulatory adoption
According to quarterly financial data, SKYX consistently reports operating cash flow that is significantly lower than net losses, with OCF/NI ratios fluctuating between 0.22 and 0.65, suggesting that non-cash adjustments and working capital volatility are masking the true extent of the company's ongoing operational cash burn.
The persistent divergence between net income and operating cash flow indicates that the company's accounting earnings are not capturing the full extent of its cash requirements. Investors should monitor whether this gap narrows as the business matures or if it remains a permanent feature of the current retail-heavy operating model.
As reported in financial statements, SKYX has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins remaining deeply negative and reaching as low as -32.5% in 2024Q1, highlighting the company's inability to self-fund its current operational and development activities.
The consistent negative FCF trajectory suggests that the company is structurally dependent on external financing to sustain its operations. Without a clear path to positive cash generation, the current burn rate may necessitate further dilutive capital raises to maintain liquidity.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $3.3M inflow in 2023Q4 to a $2.3M outflow in 2025Q3, which suggests that the company's inventory and receivables management is not yet optimized for a stable, predictable cash conversion cycle.
This volatility in working capital likely reflects the challenges of integrating the Belami e-commerce business into the broader corporate structure. Such fluctuations complicate cash flow forecasting and may indicate underlying inefficiencies in inventory procurement or customer collection processes that warrant further investigation.
Analysis of recent filings reveals that stock-based compensation, which peaked at $4.4M in 2024Q4, acts as a significant non-cash add-back that artificially improves the appearance of operating cash flow while simultaneously diluting shareholders to compensate for the company's inability to generate cash from its core business operations.
By relying heavily on equity-based compensation, the company effectively shifts the cost of its operations onto shareholders rather than funding them through organic cash flow. This practice obscures the true economic cost of talent and development, making it difficult to assess the company's long-term sustainability.
Quick answers to the most common questions about buying SKYX stock.
SKYX Platforms Corp. (SKYX) generated $-13.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SKYX Platforms Corp. (SKYX) reported negative free cash flow of $15.2M in 2025, indicating capital requirements exceeded cash from operations.
SKYX Platforms Corp. (SKYX) spent $1.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, SKYX Platforms Corp. (SKYX) returned $1.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.