SKYX Reports Record Q1 Revenue, Signs Major European Hotel Partnership
SKYX Platforms Corp. reported a 10% year-over-year revenue increase to $22 million in Q1 2026, marking nine consecutive quarters of growth, while entering a strategic partnership with European developer Group OTT to deploy its smart home technologies across hundreds of hotels.
SKYX Platforms Corp. (NASDAQ: SKYX), a smart home and AI platform technology company, announced record first-quarter revenues of $22 million for the period ended March 31, 2026, a 10% increase from $20 million in the same period last year. This marks the company's ninth consecutive quarter of year-over-year growth, as it continues to penetrate the builder, hotel, and retail markets.
The company reported a 16% increase in gross profit to $7.0 million, with gross margin improving to 30% from 28% in Q1 2025. SKYX also strengthened its balance sheet, reporting $32 million in cash and cash equivalents as of March 31, up from $10 million at the end of 2025. Management believes the company has sufficient cash to achieve its goals, including becoming cash flow positive by the end of 2026.
A key driver of future growth is SKYX's strategic partnership with Group OTT, a prominent European hotel and real estate developer founded by Jean-François Ott. Over the past 35 years, Group OTT has developed more than 250 hospitality, residential, and commercial buildings valued at over $4 billion across Europe. Under the agreement, SKYX will deploy its advanced smart and AI platform technologies as a brand standard throughout Group OTT's hotels and buildings. In May 2026, SKYX announced it will deploy its technologies at the Grand Hotel du Parc (formerly The Grand Medicis Hotel) in La Bourboule, France, during a master renovation of the historic property.
Additionally, SKYX signed an agreement with OTT Heritage Hospitality Group to market and deploy its technologies to the European hotel market, which includes over 132,000 hotels. With approximately 124,000 hotel rooms projected to open in Europe in 2026 and more than 250,000 additional rooms in the development pipeline, the partnership positions SKYX to capture significant market share.
SKYX's technologies reduce up to 90% of the time and cost associated with building and hotel renovations or new builds, a value proposition that is attracting interest from other hotel groups and developers. The company is expected to supply its advanced smart home technologies to upcoming projects in the U.S. and globally, including Pittsford, New York; North Carolina; Austin, Texas; San Antonio, Texas; South Florida (including Miami's new $4 billion smart city); Europe; Saudi Arabia; and Egypt. SKYX expects to deploy over 1 million units of its plug-and-play technologies across these projects and over 100,000 units into homes by the end of 2026 through its pro and retail segments.
On the technology front, SKYX announced a collaboration with the NVIDIA AI Ecosystem Connect Program, expecting to grow this partnership in future smart home projects. The company's technology expansion also creates opportunities for recurring revenues through interchangeability, upgrades, AI services, monitoring, and subscriptions.
Despite warmer weather, sales of SKYX's patented Turbo Heater fan continue to grow, and the company is expanding the "All-Season Ceiling Fan" category with new designs and larger sizes. The Turbo Heater fan is now available at major U.S. retailers including Target, Walmart, Lowe's, and Home Depot.
SKYX's safety code standardization team, led by former National Electrical Code head Mark Earley and former American Lighting Association CEO Eric Jacobson, continues progress toward making its ceiling outlet/receptacle technology a safety-mandated standard in homes and buildings. The company believes its products can save insurance companies billions of dollars annually by reducing fires, ladder fall injuries, and electrocutions.
Investor relations contacts for SKYX include Jeff Ramson at PCG Advisory and Ronald A. Both at Encore Investor Relations. More information is available at SKYX's SEC filings page and the company's newsroom at https://tinyurl.com/skyxnewsroom.