SKYX Platforms (NASDAQ:SKYX) Posts Quarterly Earnings Results, Hits Expectations

Key Points

• SKYX met EPS expectations, reporting a quarterly loss of $0.05 per share, but revenue of $25.66 million fell short of the $27.05 million consensus.
• The company posted record Q3 revenue of $25.7 million, up 7.4% year over year, and record gross profit of $8.1 million; gross margin improved to 31.4% from 28.9% in Q2.
• The SKYX–Deako combination expands the builder pipeline to about 4 million units, with more than 210,000 units tied to announced programs. SKYX had $21 million in cash and restricted cash but used $4.2 million in operating cash during the quarter, and has not set a date for reaching cash-flow positivity.

SKYX Platforms (NASDAQ:SKYX - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.05), FiscalAI reports. The firm had revenue of $25.66 million during the quarter, compared to the consensus estimate of $27.05 million.

Here are the key takeaways from SKYX Platforms' conference call:

• SKYX reported record Q3 revenue of $25.7 million, up 7.4% year over year, and record gross profit of $8.1 million, up 11%. Gross margin improved to 31.4% from 28.9% in Q2.
• The SKYX–Deako combination expands the builder pipeline to approximately 4 million units, and the companies expect to supply more than 210,000 units across three announced builder programs. Management cited an expected average selling price of $50 per product over the next three to four years, though deliveries and timing remain forward-looking.
• Management sees Deako’s plug-and-play wall platform and SKYX’s ceiling products creating opportunities for upgrades and potentially as much as five times Deako’s current revenue per home. The companies also described potential future AI, monitoring, and subscription offerings, which are still in development or discussion.
• SKYX had $21 million in cash, cash equivalents, and restricted cash, but used $4.2 million in operating cash during the quarter and has not given a firm date for reaching cash-flow positive. Management said it expects burn to keep declining and cited possible cost savings and orders, but those outcomes are not assured.

SKYX Platforms Price Performance

Shares of SKYX traded down $0.02 during mid-day trading on Thursday, reaching $0.69. The company had a trading volume of 1,721,832 shares, compared to its average volume of 1,264,323. The company's 50 day simple moving average is $1.06 and its 200 day simple moving average is $1.31. SKYX Platforms has a 1-year low of $0.65 and a 1-year high of $3.29. The company has a debt-to-equity ratio of 2.60, a quick ratio of 1.28 and a current ratio of 1.46. The company has a market capitalization of $95.95 million, a price-to-earnings ratio of -2.57 and a beta of -3,623.05.

Analyst Upgrades and Downgrades

SKYX has been the subject of several recent analyst reports. Weiss Ratings restated a "sell (e+)" rating on shares of SKYX Platforms in a research note on Thursday, October 15th. Lake Street Capital decreased their price target on SKYX Platforms from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Finally, Wall Street Zen lowered SKYX Platforms from a "hold" rating to a "sell" rating in a research note on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, SKYX Platforms has an average rating of "Moderate Buy" and an average price target of $4.50.

SKYX Platforms Company Profile

SKYX Platforms Corp. develops and markets technologies and products for smart homes and buildings. Its core platform is designed to make it easier to install and connect ceiling lighting and other electrical fixtures, including through plug-and-play products intended to simplify installation. The company also offers lighting fixtures, ceiling fans and related home products through its e-commerce operations and retail brands. Its products serve residential and commercial customers, with sales focused primarily on the North American market.

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