$SKYX

SKYX Platforms Corp.

CIK:0001598981|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 25,270,500	$ 23,061,655	$ 47,364,889	$ 43,175,593
Operating expenses
Cost of revenues	17,977,665	16,064,486	33,446,611	30,466,974
Selling and marketing expenses	6,785,963	6,185,017	13,853,792	13,012,437
General and administrative expenses	7,578,762	8,333,265	15,298,536	14,930,320
Total expenses, net	32,342,390	30,582,768	62,598,939	58,409,731
Loss from operations	(7,071,890)	(7,521,113)	(15,234,050)	(15,234,138)
Other expenses
Interest expense - related party	8,847	17,946	17,597	35,696
Interest expense, net	1,143,347	1,287,870	2,248,014	2,609,223
Total other expenses, net	1,152,194	1,305,816	2,265,611	2,644,919
Net loss	(8,224,084)	(8,826,929)	(17,499,661)	(17,879,057)
Preferred dividends - related party	15,000	10,000	30,000	20,000
Preferred dividends	241,500	259,226	476,045	468,374
Net loss attributed to common stockholders	$ (8,480,584)	$ (9,096,155)	$ (18,005,706)	$ (18,367,431)
Net loss per share - basic	$ (0.06)	$ (0.08)	$ (0.14)	$ (0.17)
Net loss per share - diluted	$ (0.06)	$ (0.08)	$ (0.14)	$ (0.17)
Weighted average number of common shares outstanding-basic	134,536,560	107,117,216	132,022,211	105,776,714
Weighted average number of common shares outstanding- diluted	134,536,560	107,117,216	132,022,211	105,776,714

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operations:
Net loss	$ (17,499,661)	$ (17,879,057)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	2,268,397	2,280,154
Amortization of debt discount	556,998	556,998
Non-cash equity-based compensation expense	5,634,494	6,653,522
Equity-based payment of interest	699,998
Change in operating assets and liabilities
Inventory	(78,889)	680,904
Accounts receivable	(500,041)	84,663
Prepaid expenses and other assets	(376,074)	(615,235)
Deferred revenues	284,476	906,280
Operating lease liabilities	(1,271,193)	(1,141,327)
Royalty obligation	(375,000)	(200,000)
Accounts payable and accrued expenses	970,440	2,363,320
Net cash used in operating activities	(9,686,055)	(6,309,778)
Investing:
Purchase of property and equipment	(92,076)	(775,365)
Net cash used in investing activities	(92,076)	(775,365)
Financing:
Proceeds from issuance of common stock - offerings	29,000,000	4,809,138
Placement cost	(1,607,996)	(312,588)
Dividends paid	(506,045)	(484,504)
Proceeds from issuance of preferred stocks		3,850,000
Proceeds from exercise of warrants and options	1,911,101
Principal repayments of notes payable	(1,410,079)	(569,790)
Net cash provided by financing activities	27,386,981	7,292,256
Change in cash and cash equivalents, and restricted cash	17,608,850	207,113
Cash, cash equivalents and restricted cash at beginning of the period	10,102,621	15,500,495
Cash, cash equivalents and restricted cash at end of period	27,711,471	15,707,608
Cash paid during the period for:
Interest	1,139,304	1,378,223
Taxes
Supplementary disclosure of non-cash financing activities:
Fair value of shares to satisfy obligations under convertible notes	588,950
Preferred stock conversion to common stock	975,000	500,000
Accrued dividends payable	$ 23,044

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 25,661,471	$ 8,052,621
Accounts receivable	2,391,529	1,891,488
Inventory	4,329,056	4,250,168
Prepaid expenses and other assets	1,582,921	1,206,639
Total current assets	33,964,977	15,400,916
Long-term assets:
Property and equipment, net	1,174,819	1,347,640
Restricted cash	2,050,000	2,050,000
Right of use assets	16,297,093	17,502,685
Intangibles, definite life	4,254,042	5,051,949
Goodwill	16,157,000	16,157,000
Other assets	204,836	205,044
Total long-term assets	40,137,790	42,314,318
Total assets	74,102,767	57,715,234
Current liabilities
Accounts payable and accrued expenses	16,849,762	16,014,585
Notes payable	84,153	356,474
Operating lease liabilities	2,464,494	2,589,994
Royalty obligations	925,000	1,300,000
Deferred revenues	2,367,098	2,082,622
Total current liabilities	23,198,145	24,578,022
Long term liabilities
Long term accounts payable	664,573	552,354
Notes payable	145,022	145,022
Operating lease liabilities	16,645,760	17,791,453
Convertible notes	14,793,767	14,236,769
Total long-term liabilities	32,249,122	32,725,598
Total liabilities	55,447,267	57,303,620
Mezzanine equity
Series A Preferred Stock-shares authorized 400,000, outstanding 200,000 and 200,000	5,000,000	5,000,000
Stockholders’ equity (deficit)
Common stock and additional paid-in-capital: shares authorized 500,000,000 outstanding 135,228,628 and 117,666,800	240,270,643	203,046,051
Accumulated deficit	(234,264,310)	(216,258,604)
Total stockholders’ equity (deficit)	13,655,500	(4,588,386)
Total Liabilities and stockholders’ equity (deficit)	74,102,767	57,715,234
Series A-1 Preferred Stock [Member]
Stockholders’ equity (deficit)
Preferred Stock	6,149,167	7,124,167
Series A-2 Preferred Stock [Member]
Stockholders’ equity (deficit)
Preferred Stock	1,500,000	1,500,000
Related Party [Member]
Current liabilities
Convertible notes	332,639	350,000
Nonrelated Party [Member]
Current liabilities
Convertible notes	$ 174,999	$ 1,884,347