SKYX Platforms Corp. reported its financial and operational results for the fourth quarter and fiscal year ended December 31, 2024, on March 24, 2025. The company achieved a record annual revenue of $86.3 million, marking a 48% increase from $58.8 million in 2023.
Fourth quarter 2024 revenue reached a record $23.7 million, contributing to four consecutive quarters of growth. Sales of advanced and smart home-related products surged over 1,000% in 2024. Gross profit for the year increased to $24.6 million, representing 28% of revenue.
The net loss per share decreased by $0.09 to $0.36 in 2024, and the Adjusted EBITDA loss per share improved to $(0.13) from $(0.17) in 2023. Cash, cash equivalents, and restricted cash stood at $15.5 million as of December 31, 2024.
Cash used in operating activities for 2024 was $18.3 million, compared to $13.0 million in 2023. Management anticipates the company will become cash flow positive during the second half of 2025, driven by continued revenue growth and project execution.
SKYX expects its products to be in 20,000 units/homes by the end of Q1 2025, with tens of thousands of additional units anticipated throughout 2025. The company's safety code standardization team is working towards mandatory standardization of its ceiling technology.
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