SKYX Platforms Corp. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, the company generated revenue of $22.2 million, a 3% increase from $21.6 million in the same period of 2023. The nine-month revenue surged by 71% to $62.6 million, up from $36.6 million, primarily driven by contributions from products marketed by Belami, which was acquired in April 2023. Gross profit for the third quarter rose to $6.8 million, a 2% increase from $6.7 million, while gross profit for the nine months increased by 67% to $19.0 million.

Despite the revenue growth, SKYX reported a net loss of $8.6 million for the third quarter, compared to a loss of $7.2 million in the prior year, marking a 20% increase in losses. However, the nine-month net loss improved slightly to $25.8 million from $27.4 million in 2023. The company’s net loss per share remained consistent at $(0.08) for the third quarter, while it improved from $(0.31) to $(0.25) for the nine-month period.

Total current assets decreased to $19.0 million as of September 30, 2024, from $27.3 million at the end of 2023, while total assets fell to $65.0 million from $76.3 million. Current liabilities increased significantly to $30.8 million from $24.2 million, contributing to a working capital deficit of $11.7 million. Total stockholders’ equity also declined sharply to $3.8 million from $16.2 million.

The company’s cash and cash equivalents decreased to $10.2 million from $16.8 million at the end of 2023, with net cash used in operating activities rising to $13.0 million from $10.1 million. Financing activities provided $4.1 million, a significant drop from $19.6 million in the previous year.

Strategically, SKYX has focused on expanding its product offerings, including second-generation technologies with smart features. The company has also entered into a licensing agreement with General Electric, which is expected to enhance its market presence. Additionally, the company has initiated an at-the-market offering to raise capital, with $5.9 million remaining available under this program.

Overall, while SKYX Platforms Corp. has experienced revenue growth and strategic advancements, it continues to face challenges in profitability and liquidity, necessitating ongoing efforts to improve operational efficiency and financial stability.