SKYX Platforms Corp.

Listed Company

SKYXCIK 0001598981NasdaqNon-AcceleratedSmaller ReportingElectric Lighting & Wiring EquipmentFloridaFY ends Dec 31

Period

FY 2025

Revenue

$92.01M

Net Income

$-33.42M

Total Assets

$57.72M

Equity

$-4.59M

Shares Out

133.28M

Op. Cash Flow

$-13.29M

Business

SKYX Platforms Corp. designs and develops advanced safe-and-smart platform technologies for homes and buildings that enable safer, faster installation and smart control of electrical fixtures. Its main products include universal plug-and-play power-plug and receptacle systems, Gen-2 smart lighting and ceiling fans, the SkyHome app, and the Smart Sky Platform integrating sensors, smoke and carbon monoxide detectors, backup power and connectivity. Key business activities comprise product development and manufacturing, e-commerce retail through acquired Belami websites, licensing and third-party manufacturing relationships. The company sells via its e-commerce sites, direct and wholesale channels, licensing partners and international distribution, with manufacturing and suppliers primarily in China and other Asian countries.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	92	86	59	32,022	43,109
Cost of revenues	64	62	41	18,913	−88,461
Selling and marketing expenses	26	25	19	8	—
General and administrative expenses	31	31	37	—	—
Total expenses, net	121	118	—	—	—
Loss from operations	−29	−32	−38	−27	−5
Interest expense - related party	119,486	151,900	—	—	—
Interest expense, net	4	4	—	—	—
Gain on extinguishment of debt	—	−400,000	1	178,250	—
Total other expenses, net	4	4	−2	−410,759	−542,331
Net loss	−33	−36	−40	−27	−6
Preferred dividends - related party	80,000	20,000	—	—	—
Preferred dividends	979,175	192,667	—	38,055	129,456
Net loss attributed to common stockholders	−34	−36	−40	−32	−6
Net loss per share - basic	−0.32	−0.36	−0.45	−0.4	−0.09
Net loss per share - diluted	−0.32	−0.36	−0.45	−0.4	—
Weighted average number of common shares outstanding - basic	109	100	88	79	65
Weighted average number of common shares outstanding - diluted	109	100	88	79	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-01-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	8	13	—	17	7
Accounts receivable	2	2	—	3	—
Inventory	4	4	—	3	2
Deferred cost of revenues	—	223,214	—	224,445	—
Prepaid expenses and other assets	1	1	—	721,717	311,618
Total current assets	15	20	—	27	16
Property and equipment, net	1	545,333	—	436,587	215,998
Restricted cash	2	3	—	3	3
Right of use assets	18	20	662,696	21	23
Intangibles, definite life	5	6	—	8	662,802
Goodwill	16	16	—	16	—
Other assets	205,044	204,807	—	204,807	182,306
Total long term assets	42	46	—	49	27
Total assets	58	66	—	76	43
Accounts payable and accrued expenses	16	13	—	12	2
Notes payable	356,474	4	—	6	—
Operating lease liabilities	3	2	—	2	1
Royalty obligations	1	800,000	—	800,000	—
Deferred revenues	2	1	—	—	—
Total current liabilities	25	26	—	24	7
Long term accounts payable	552,354	1	—	—	—
Notes payable	145,022	504,129	—	1	5
Operating lease liabilities	18	20	—	22	23
Royalty obligations	—	900,000	—	3	—
Convertible notes	14	8	—	6	—
Total long-term liabilities	33	31	—	36	28
Total liabilities	57	57	—	60	35
Series A Preferred Stock-shares authorized 400,000, outstanding 200,000 and 200,000	5	5	—	—	220,099
Common stock and additional paid-in-capital: shares authorized 500,000,000 outstanding 117,666,800 and 103,358,975	203	180	—	162	114
Accumulated deficit	−216	−182	—	−146	−106
Total stockholders equity (deficit)	−5	4	—	16	8
Total Liabilities and Stockholders Equity (deficit)	58	66	—	76	43

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	4	4	3	883,231	84,287
Amortization of debt discount	1	1	1	—	—
Impairment of intangible assets	—	1	—	—	—
Non-cash equity-based compensation expense	14	13	—	14	1
Equity-based payment of interest	615,291	—	—	—	—
Inventory	−464,823	−359,612	283,911	−1	—
Accounts receivable	523,826	969,662	−863,217	—	—
Prepaid expenses and other assets	104,256	−628,461	−218,127	−270,600	−39,474
Deferred charges	223,214	1,231	1	—	—
Deferred revenues	586,776	20,327	−453,514	—	—
Operating lease liabilities	−2	−2	−687,849	−109,895	—
Royalty obligation	−400,000	−800,000	1	−1	—
Accounts payable and accrued expenses	2	933,829	4	920,486	104,813
Net cash used in operating activities	−13	−18	−13	−14	−5
Purchase of property and equipment	−2	−981,428	10,194	−312,689	—
Acquisition, net of cash acquired	—	−750,000	−4	—	—
Net cash used in investing activities	−2	−2	3	−8	−179,203
Proceeds from issuance of common stock - offerings	6	4	10	23	13
Placement cost	−335,855	−88,426	−530,989	−3	—
Dividends paid	−1	—	—	−38,055	−129,456
Proceeds from line of credit	—	500,000	7	—	—
Proceeds from exercise of options	420,000	—	—	862,301	130,000
Proceeds from issuance of convertible notes	5	—	10	—	50,000
Principal repayments of notes payable	−5	−3	−3	−446,035	−343,839
Net cash provided by financing activities	10	13	23	21	13
Change in cash and cash equivalents, and restricted cash	−5	−7	13	−964,652	8
Interest	4	3	1	303,957	425,323
Taxes	—	—	—	—	—
Preferred stock conversion to common	3	—	—	—	—
Substitution of royalty payable to convertible note	—	1	—	—	—
Substitution of consideration payable to convertible note	600,000	3	—	—	—
Right-of-use assets and operating lease liabilities	—	662,698	—	24	—
Accrued dividends payable	36,444	212,667	—	—	—

Filings

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