SKYX Platforms Corp. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $86.3 million, a 47% rise from $58.8 million in 2023. This growth is attributed primarily to the integration of Belami, an online retailer specializing in home lighting and furnishings, which was acquired in April 2023. Despite the revenue increase, the company continues to face challenges, posting a net loss of $35.8 million, slightly improved from a loss of $39.7 million the previous year. The company’s accumulated deficit now stands at $181.8 million.
Operating expenses also rose, totaling $118.4 million, up from $96.6 million in 2023, driven by increased costs associated with the Belami acquisition. Cost of revenues surged by 51% to $61.7 million, reflecting the higher sales volume. Selling and marketing expenses increased by 35% to $25.4 million, while general and administrative expenses decreased by 15% to $31.4 million, largely due to reduced share-based payments and non-recurring expenditures from the previous year.
In terms of operational developments, SKYX has expanded its product offerings, including the launch of smart products that integrate with its proprietary SkyHome App, allowing users to control lighting and ceiling fans via Wi-Fi and Bluetooth. The company anticipates that the introduction of its Smart Sky Platform will further enhance its market position, with plans for a commercial launch in 2025. As of December 31, 2024, the company employed 78 individuals, reflecting its commitment to expanding its workforce to support growth initiatives.
Looking ahead, SKYX aims to increase revenues in 2025, driven by the anticipated sales of its advanced products. However, the company acknowledges the need for additional financing to support its operations and growth strategy, particularly as it integrates Belami's operations and continues to develop its product lines. The company has raised approximately $15.5 million in cash and cash equivalents as of the end of 2024, but management has expressed concerns about its ability to continue as a going concern without securing further funding. The ongoing geopolitical tensions and economic conditions may also pose risks to its operational stability and market performance.
About SKYX Platforms Corp.
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