SKYX Remains Pre-Revenue, Equity Balances Shift in Q2

TL;DR

SKYX is still burning cash with no revenue, making it a high-risk bet on future tech adoption.

AI Summary

SKYX Platforms Corp. (SKYX) reported no revenue for the three and six months ended June 30, 2025, and June 30, 2024, indicating a pre-revenue stage. The company's net loss for the three months ended June 30, 2025, was not explicitly stated with a dollar amount in the provided data, nor was the net loss for the six months ended June 30, 2025. However, the filing indicates changes in equity, with common stock and additional paid-in capital showing activity. There were no significant business changes or new product launches detailed in the provided excerpt. Key risks include the lack of revenue generation and reliance on equity financing, as evidenced by changes in preferred and common stock balances. The strategic outlook remains focused on developing its smart platform technology, though specific milestones or future plans are not detailed in this excerpt.

Why It Matters

For investors, SKYX's continued pre-revenue status means its valuation is entirely speculative, based on future potential rather than current financial performance. Employees face uncertainty without a clear path to revenue generation, potentially impacting job security and growth opportunities. Customers are not yet directly impacted as the company is still in development, but the success of its smart platform could eventually offer new solutions in the electric lighting and wiring equipment market. Competitively, SKYX is still an emerging player, far behind established companies like Legrand or Eaton, and its ability to secure market share will depend on successful product commercialization and adoption.

Risk Assessment

Risk Level: high — The risk level is high because SKYX Platforms Corp. reported no revenue for the three and six months ended June 30, 2025, and June 30, 2024, indicating a complete lack of operational income. The company's reliance on equity financing, as shown by changes in preferred and common stock balances, without corresponding revenue, points to significant financial instability and a speculative business model.

Analyst Insight

Investors should exercise extreme caution and consider SKYX a highly speculative investment. Monitor for concrete revenue generation and significant product adoption before considering a position, as the current financial state indicates a pre-commercialization phase with no clear path to profitability.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Revenue Breakdown

Key Numbers

• $0 — Revenue (for the three and six months ended June 30, 2025, and June 30, 2024, indicating pre-revenue status)

Key Players & Entities

• SKYX Platforms Corp. (company) — filer of the 10-Q
• SQL Technologies Corp. (company) — former name of SKYX Platforms Corp.
• Safety Quick Lighting & Fans Corp. (company) — former name of SKYX Platforms Corp.
• June 30, 2025 (date) — end of the reporting period
• June 30, 2024 (date) — comparative reporting period
• December 31, 2024 (date) — previous fiscal year-end
• Bloomberg (company) — publisher of the analysis
• SEC (regulator) — regulator for 10-Q filings

FAQ

Risk Factors

• Lack of Revenue Generation [high — financial]: SKYX Platforms Corp. reported $0 revenue for the three and six months ended June 30, 2025, and June 30, 2024. This pre-revenue status indicates a significant risk as the company has not yet established a commercial income stream.
• Reliance on Equity Financing [high — financial]: The company's balance sheet shows activity in common stock and additional paid-in capital, and changes in preferred stock balances. This suggests a reliance on equity financing to fund operations, which can dilute existing shareholders and is subject to market conditions.
• Product Development and Commercialization [medium — operational]: While the company's strategic outlook focuses on developing its smart platform technology, the excerpt does not detail specific milestones, timelines, or the progress of commercialization efforts. Successful development and market adoption are critical for future revenue.

Industry Context

SKYX Platforms Corp. operates in the electric lighting & wiring equipment sector (SIC 3640). This industry is characterized by innovation in smart home technology, energy efficiency, and integration with IoT platforms. Competition can be intense, with established players and emerging startups vying for market share. Trends include a growing demand for connected lighting solutions and sustainable energy products.

Regulatory Implications

As a publicly traded company, SKYX Platforms Corp. is subject to SEC regulations and reporting requirements, including the timely filing of 10-Q reports. Compliance with accounting standards (GAAP) is essential. Any future product launches may also be subject to industry-specific safety and performance regulations.

What Investors Should Do

1. Monitor product development milestones and commercialization progress.
2. Analyze future equity financing rounds and their impact on dilution.
3. Seek further details on the company's strategic plan and competitive positioning.

Key Dates

• 2025-06-30: End of Second Quarter 2025 — Reporting period for the 10-Q filing, showing $0 revenue and changes in equity.
• 2024-06-30: End of Second Quarter 2024 — Comparative period for the 10-Q filing, also showing $0 revenue.
• 2025-08-12: Filing Date of 10-Q — Indicates the latest available financial information and disclosures for investors.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance. (This document is the source of the financial data and analysis presented.)

Additional Paid-In Capital

The amount of money a company receives from selling stock above its par value. (Activity in this account indicates equity financing transactions, which are crucial for pre-revenue companies.)

Pre-revenue

A stage of a company's lifecycle where it has not yet generated any sales revenue. (SKYX Platforms Corp. is currently in this stage, highlighting its early-stage development and associated risks.)

Series A-One Preferred Stock

A specific class of preferred stock issued by SKYX Platforms Corp., likely with unique rights and preferences. (Changes in this balance reflect equity financing activities and potential capital structure shifts.)

Year-Over-Year Comparison

The provided excerpt focuses on the current reporting period and does not contain comparative data from a previous filing. However, the consistent reporting of $0 revenue for both the three and six months ended June 30, 2025, and June 30, 2024, indicates no revenue growth year-over-year. The primary focus remains on the company's pre-revenue status and its reliance on equity financing, as evidenced by changes in stock balances.

Filing Documents

• form10-q.htm (10-Q) — 895KB
• ex10-3.htm (EX-10.3) — 16KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex31-3.htm (EX-31.3) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex32-3.htm (EX-32.3) — 6KB
• 0001641172-25-023186.txt ( ) — 5657KB
• skyx-20250630.xsd (EX-101.SCH) — 41KB
• skyx-20250630_cal.xml (EX-101.CAL) — 62KB
• skyx-20250630_def.xml (EX-101.DEF) — 182KB
• skyx-20250630_lab.xml (EX-101.LAB) — 420KB
• skyx-20250630_pre.xml (EX-101.PRE) — 324KB
• form10-q_htm.xml (XML) — 785KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Cautionary Note Regarding Forward Looking Statements Item 1

Financial Statements

Financial Statements 4 Consolidated Balance Sheets (Unaudited) 4 Consolidated Statements of Operations (Unaudited) 5 Consolidated Statements of Stockholders' Equity (Unaudited) 6 Consolidated Statements of Cash Flows (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4

Controls and Procedures

Controls and Procedures 28

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 29 Item 1A

Risk Factors

Risk Factors 29 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3 Defaults Upon Senior Securities 30 Item 4 Mine Safety Disclosures 30 Item 5 Other Information 30 Item 6 Exhibits 31

Signatures

Signatures 32 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Form 10-Q") of SKYX Platforms Corp. (the "Company," "we," "us," or "our") contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, outlook, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "aim," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative of these terms or other comparable terminology, although not all forward-looking difficult to predict and may be outside our control, that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this Form 10-Q include, but are not limited to, statements about: our ability to successfully launch, develop additional features and achieve market acceptance of our smart products and technologies, access and integrate our products and technologies with third-party platforms or technologies, respond to rapidly changing technology and customer demands, and compete in our industry; our ability to successfully manage and grow the operations of Belami, Inc. ("Belami") with our business; our ability to expand, operate and successfully manage our ope

financial statements are issued

financial statements are issued. Management intends to mitigate such conditions by supporting its continued growth, decreasing its cash used in operating activities through increased revenues and increased margins from products sold to large retailers and its internet portals, and to the extent necessary, generate cash provided by financing activities through at the market ("ATM") offering or other equity or debt financing means. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial statements and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required for annual financial presentation have been included. The consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 are unaudited. The results of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The consolidated statement of financial condition at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for additional disclosures and accounting policies. 8 Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumpti

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View this 10-Q filing on SEC EDGAR