SKYX Platforms Corp. reported its financial and operational results for the third quarter ended September 30, 2024, on November 12, 2024. The company achieved a record revenue of $22.2 million, representing a 3% sequential increase from the second quarter of 2024 and an increase from $21.6 million in Q3 2023.
Gross profit for the third quarter increased sequentially by 4% to $6.8 million. Net cash used in operating activities decreased by 39% sequentially to $2.6 million, compared to $4.2 million in the second quarter of 2024, indicating improved operational efficiency.
As of September 30, 2024, prior to the $11 million equity raise in October 2024, cash, cash equivalents, and restricted cash stood at $13.0 million. Management reiterated its expectation to become cash flow positive during 2025, driven by market penetration and strategic partnerships.
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