Revenue growth has normalized to 9.8% as of 2026Q1, while operating margins remain deeply negative, consistently ranging between -30% and -40% due to high corporate overhead.
| 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 |
|---|
| Sales/Revenue | 93.99M | 92.01M | 86.28M | 58.79M | 32.02K | 43.11K | 258.38K | 3.81M | 7.7M | 7.01M | 2.89M | 0 | 0 | 77.65K |
| Revenue Growth % | 7.52% | 6.64% | 46.76% | 183479.3% | -25.72% | -83.32% | -93.22% | -50.53% | 9.78% | 143.15% | - | - | -100% | - |
| Cost of Goods Sold | 65.24M | 64.17M | 61.68M | 40.75M | 18.91K | 149.29K | 503.03K | 3.66M | 6.38M | 6.14M | 2.48M | 2.46M | 2.72K | 85.9K |
| COGS % of Revenue | - | 69.75% | 71.49% | 69.32% | 59.06% | 346.3% | 194.69% | 95.97% | 82.84% | 87.48% | 85.87% | - | - | 110.63% |
| Gross Profit | 28.75M | 27.84M | 24.59M | 18.04M | 13.11K | -106.18K | -244.66K | 153.48K | 1.32M | 878.58K | 407.75K | -2.46M | -2.72K | -8.25K |
| Gross Margin % | 30.59% | 30.25% | 28.51% | 30.68% | 40.94% | -246.3% | -94.69% | 4.03% | 17.16% | 12.52% | 14.13% | - | - | -10.63% |
| Gross Profit Growth % | - | 13.18% | 36.36% | 137483.71% | 112.35% | 56.6% | -259.41% | -88.38% | 50.38% | 115.47% | 116.61% | -90191.95% | 67.05% | - |
| Operating Expenses | 58.31M | 56.95M | 56.71M | 55.86M | 26.64M | 5.08M | 8.74M | 16.48M | 8.22M | 6.87M | 5.24M | 2.34M | 1.4M | 826.37K |
| OpEx % of Revenue | - | 61.89% | 65.73% | 95.02% | 83187.47% | 11788.5% | 3383.18% | 432.67% | 106.79% | 97.88% | 181.52% | - | - | 1064.27% |
| Selling, General & Admin | 58.31M | 56.95M | 56.71M | 55.86M | 26.64M | 5.08M | 8.74M | 16.48M | 5.13M | 6.87M | 5.24M | 4.8M | 1.4M | 826.37K |
| SG&A % of Revenue | - | 61.89% | 65.73% | 95.02% | 83187.47% | 11788.5% | 3383.18% | 432.67% | 66.57% | 97.88% | 181.52% | - | - | 1064.27% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.23M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 58.65% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.23M | 3.1M | 0 | 992 | -2.46M | 0 | 0 |
| Operating Income | -29.56M | -29.11M | -32.11M | -37.83M | -26.63M | -5.19M | -8.99M | -16.33M | -6.9M | -5.99M | -4.83M | -4.8M | -1.4M | -834.62K |
| Operating Margin % | -31.45% | -31.64% | -37.22% | -64.34% | -83146.53% | -12034.8% | -3477.87% | -428.64% | -89.63% | -85.36% | -167.38% | - | - | -1074.9% |
| Operating Income Growth % | - | 9.34% | 15.1% | -42.07% | -413.2% | 42.26% | 44.97% | -136.58% | -15.28% | -24% | -0.61% | -242.48% | -67.91% | - |
| EBITDA | -25.78M | -25.02M | -28.05M | -36.81M | -25.93M | -5.1M | -8.88M | -16.22M | -4.41M | -3.51M | -2.36M | -2.34M | -1.4M | -831.72K |
| EBITDA Margin % | -27.43% | -27.19% | -32.51% | -62.62% | -80965.61% | -11839.28% | -3436.72% | -425.82% | -57.2% | -49.97% | -81.79% | - | - | -1071.17% |
| EBITDA Growth % | 4.38% | 10.79% | 23.81% | -41.98% | -407.99% | 42.52% | 45.26% | -268.28% | -25.67% | -48.54% | -0.64% | -67.63% | -68.17% | - |
| D&A (Non-Cash Add-back) | 3.78M | 4.09M | 4.07M | 1.02M | 698.38K | 84.29K | 106.31K | 107.24K | 2.5M | 2.48M | 2.47M | 2.46M | 2.72K | 2.9K |
| EBIT | -30.4M | -29.11M | -31.71M | -37.83M | -26.45M | -5.17M | -8.73M | -16.33M | -26.42M | -97.47M | -24.03M | -4.8M | -1.4M | -834.62K |
| Net Interest Income | -2.97M | -4.3M | -4.06M | -3.11M | -589.01K | -560.38K | -514K | -473.13K | -294.74K | -980.87K | -2.86M | -2.71M | -171.59K | -35.7K |
| Interest Income | 0 | 0 | 0 | 451.7K | 0 | 36 | 1.51K | 17.49K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.97M | 4.3M | 4.06M | 3.56M | 589.01K | 560.42K | 515.51K | 490.63K | 294.74K | 980.87K | 2.86M | 2.71M | 171.59K | 35.7K |
| Other Income/Expense | -4.08M | -4.3M | -3.66M | -1.91M | -410.76K | -542.33K | -256.13K | -422.7K | -19.82M | -92.46M | -22.06M | -2.01M | -1.21M | -35.7K |
| Pretax 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 | -2.61M | -870.32K |
| Pretax Margin % | -35.79% | -36.32% | -41.46% | -67.59% | -84429.27% | -13292.85% | -3577% | -439.73% | -346.95% | -1403.4% | -932.07% | - | - | -1120.88% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -33.64M | -33.42M | -35.77M | -39.73M | -27.07M | -5.73M | -9.24M | -16.75M | -26.72M | -98.45M | -26.89M | -6.8M | -2.57M | -844.58K |
| Net Margin % | -35.79% | -36.32% | -41.46% | -67.59% | -84539.95% | -13292.85% | -3577% | -439.73% | -346.95% | -1403.4% | -932.07% | - | - | -1087.73% |
| Net Income Growth % | 4.28% | 6.58% | 9.98% | -46.77% | -372.42% | 38% | 44.83% | 37.3% | 72.86% | -266.11% | -295.17% | -164.43% | -204.69% | - |
| Net Income (Continuing) | -33.64M | -33.42M | -35.77M | -39.73M | -27.04M | -5.73M | -9.24M | -16.75M | -26.72M | -98.45M | -26.89M | -6.8M | -2.61M | -870.32K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | -0.26 | -0.32 | -0.36 | -0.45 | -0.40 | -0.09 | -0.15 | -0.29 | -0.55 | -2.60 | -0.76 | -0.17 | -0.06 | -0.03 |
| EPS Growth % | 13.6% | 11.11% | 20% | -12.5% | -343.46% | 39.87% | 48.28% | 47.27% | 78.85% | -242.11% | -347.06% | -163.16% | -138.38% | - |
| EPS (Basic) | - | -0.32 | -0.36 | -0.45 | -0.40 | -0.09 | -0.15 | -0.29 | -0.55 | -2.60 | -0.76 | -0.17 | -0.06 | -0.03 |
| Diluted Shares Outstanding | 129.44M | 108.76M | 99.77M | 88.37M | 79.49M | 64.94M | 62.88M | 57.96M | 48.94M | 37.92M | 35.41M | 39.85M | 39.85M | 31.13M |
| Basic Shares Outstanding | 129.44M | 108.76M | 99.77M | 88.29M | 79.49M | 64.94M | 62.88M | 57.96M | 48.94M | 37.92M | 35.41M | 39.85M | 39.85M | 31.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory adoption and liquidity
According to quarterly financial data, SKYX's revenue growth has decelerated significantly from the hyper-growth phases of 2023 to a modest 9.8% year-over-year increase in 2026Q1, reflecting the transition from inorganic expansion to a reliance on the transactional e-commerce segment for top-line stability.
The initial triple-digit growth rates observed in early 2024 appear to have been driven by the integration of the Belami acquisition rather than organic adoption of the core technology platform. Investors should monitor whether the current single-digit growth trajectory can sustain the company's high fixed-cost base as the initial boost from inorganic scaling fades.
As reported in recent income statements, gross margins have remained tightly range-bound between 28% and 32%, suggesting that the company's current reliance on retail e-commerce fulfillment creates a structural ceiling that prevents the realization of high-margin technology licensing economics.
The lack of meaningful margin expansion indicates that the retail segment's variable costs are effectively offsetting any potential efficiencies gained from the proprietary electrical interface technology. This suggests that until the revenue mix shifts decisively toward high-margin licensing, the company will likely remain tethered to the lower profitability profile of traditional home decor retail.
Based on the provided income statement data, SKYX continues to exhibit significant operating losses, with operating margins hovering around -30% to -40%, indicating that the company has yet to achieve the necessary scale to cover its substantial corporate overhead and R&D-related SG&A expenses.
The persistent gap between gross profit and operating expenses suggests that the company is currently prioritizing market penetration and regulatory lobbying over immediate profitability. This lack of operating leverage warrants caution, as it implies that any further stagnation in revenue growth could exacerbate the existing cash burn rate.
Analysis of the quarterly filings reveals that stock-based compensation, which reached as high as $4.4M in 2024Q4, serves as a significant non-cash expense that obscures the underlying cash requirements of the business while simultaneously diluting existing shareholders to fund ongoing operations.
The reliance on equity-based incentives to manage operating expenses suggests that the company is attempting to preserve its limited cash reserves, which stood at $8M. Investors should interpret these figures as a sign that the true economic cost of operations is higher than the reported net income figures might otherwise imply.
As indicated by the high debt-to-equity ratio and consistent net losses, the company's current financial trajectory appears unsustainable without either a rapid acceleration in technology adoption or further dilutive capital raises to address the narrowing cash runway.
Short-term liquidity risks are elevated given the company's negative net margins and the capital-intensive nature of its retail-heavy business model. The market may be overestimating the speed of NEC adoption, and any delay in regulatory mandates could leave the company with insufficient capital to bridge the gap to profitability.
Quick answers to the most common questions about buying SKYX stock.
For fiscal year 2025, SKYX Platforms Corp. (SKYX) reported total revenue of $92.0M. This represents a 118399.3% increase compared to $0.1M in 2012.
SKYX Platforms Corp. (SKYX) reported a net loss of $33.4M for the fiscal year ending 2025.
SKYX Platforms Corp. (SKYX) reported an operating income of $-29.1M, resulting in an operating profit margin of -31.6%. This margin reflects the operational efficiency of the business before interest and taxes.
SKYX Platforms Corp. (SKYX) generated $27.8M in gross profit for the year, representing a gross profit margin of 30.3%. This demonstrates the company's core pricing power and production efficiency.