$SKYA

SkyAI, Inc.

CIK:0001737995|SEC Filings

Condensed 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]
Net Revenue		$ 136,080	$ 192,780	$ 136,080
Cost of goods sold		148,620	202,578	148,620
Cost of goods – inventory reserve	284,228		284,228
Total cost of goods sold	284,228	148,620	486,806	148,620
Gross Margin (Loss)	(284,228)	(12,540)	(294,026)	(12,540)
Staking Revenue, net	2,323,547		5,457,656
Operating expenses:
Consulting fees – related party	2,500,000		5,000,000
Research and development	283,158		420,255
Selling, general and administrative	5,163,257	1,411,161	10,216,580	2,775,456
Unrealized loss on digital commodities	13,490,351		84,336,553
Realized loss on digital commodities	3,926,958		14,716,799
Digital commodity transaction expenses	64,686		128,508
Total Operating Expenses	25,428,410	1,411,161	114,818,695	2,775,456
Loss from Operations	(23,389,091)	(1,423,701)	(109,655,065)	(2,787,996)
Other income (expense)
Interest income (expense), net	76,746	96,953	86,784	(530,038)
Fair market value adjustment on warrants	31,211	6,468,811	47,919	11,087,700
Other expense	336	(12)	329	(12)
Other Income, net	108,293	6,565,752	135,032	10,557,650
Income (Loss) Before Provision for Taxes	(23,280,798)	5,142,051	(109,520,033)	7,769,654
Tax Provision
Income (Loss) from Continuing Operations	(23,280,798)	5,142,051	(109,520,033)	7,769,654
Discontinued Operations:
Loss from discontinued operations		(1,582,744)		(2,413,513)
Income tax benefit				132,000
Loss from Discontinued Operations		(1,582,744)		(2,281,513)
Net Income (Loss)	$ (23,280,798)	$ 3,559,307	$ (109,520,033)	$ 5,488,141
Income (loss) per share from Continuing Operations, basic	$ (0.32)	$ 5.17	$ (1.51)	$ 14.79
Income (loss) per share from Continuing Operations, diluted	(0.32)	5.17	(1.51)	14.79
Loss per share from Discontinued Operations, basic		(1.59)		(4.34)
Loss per share from Discontinued Operations, diluted		(1.59)		(4.34)
Net income (loss) per share, basic	(0.32)	3.58	(1.51)	10.45
Net income (loss) per share, diluted	$ (0.32)	$ 3.58	$ (1.51)	$ 10.45
Weighted average shares used to compute net income (loss) per share, basic	72,093,332	995,212	72,335,495	525,185
Weighted average shares used to compute net income (loss) per share, diluted	72,093,332	995,212	72,335,495	525,185

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (109,520,033)	$ 5,488,141
Less: Loss from discontinued operations		(2,281,513)
Income (loss) from continuing operations	(109,520,033)	7,769,654
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	45,333	110,206
Stock-based compensation	4,430,463	332,492
Accretion of debt discount		708,390
Inventory reserve adjustment	284,228
Fair market value adjustment for warrants	(47,919)	(11,087,700)
Non-cash operating lease right of use assets	57,117
Amortization of related party prepaid	5,000,000
Digital commodities received as staking revenues, net	(5,457,656)
Validator operating fees	31,491
Realized loss on digital commodities	14,716,799
Unrealized loss on digital commodities	84,336,553
Changes in operating assets:
Accounts receivable - trade	(192,780)	31,475
Prepaid expenses and other	(507,337)	(184,427)
Operating lease right of use liabilities	(40,439)
Inventory	187,559	408,087
Other assets	(202,846)	(1)
Accounts payable and accrued liabilities	1,207,098	(365,115)
Net cash used in operating activities	(5,672,369)	(2,276,939)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of and deposits paid for fixed assets	(11,938)
Sale of digital commodities	12,469,465
Net cash provided by investing activities	12,457,527
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds (repayment) from offerings and warrant exercises	(391)	18,175,043
Share repurchase program	(2,011,573)
Repayment of debt financing		(4,222,012)
Repayment of margin loan	(3,084,931)
Net cash provided by (used in) financing activities	(5,096,895)	13,953,031
NET INCREASE IN CASH - CONTINUING OPERATIONS	1,688,263	11,676,091
CASH FLOWS FROM DISCONTINUED OPERATIONS
Net cash used in operating activities - discontinued operations		(2,258,183)
Net cash used in investing activities - discontinued operations		(1,959,758)
NET DECREASE IN CASH - DISCONTINUED OPERATIONS		(4,217,940)
CASH — BEGINNING OF PERIOD	10,382,745	864,041
CASH — END OF PERIOD	12,071,008	8,322,192
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Right of use assets obtained in exchange for lease liabilities	343,123
OID interest		$ 875,000

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash	$ 12,071,008	$ 10,382,745
Prepaid expenses – related party	1,666,667	6,666,667
Prepaid expenses and other current assets	983,206	475,869
Inventories, net	173,481	645,268
Total Current Assets	15,531,383	18,882,511
Digital commodities, at fair value	144,282,193	250,111,125
Fixed assets, net	47,774	81,167
Right of use assets	286,006
Other assets	203,219	370
Total Assets	160,350,575	269,075,173
Current Liabilities
Accounts payable	1,086,540	590,692
Accrued expenses and other	1,631,685	921,954
Margin loan		3,084,931
Warrant liability	49,531	97,450
Current portion of right of use liabilities	135,685
Total Current Liabilities	2,903,441	4,695,027
Right of use liabilities	166,999
Total Liabilities	3,070,440	4,695,027
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding (2025: 0)
Common stock, $0.0001 par value; 500,000,000 shares authorized; 44,196,175 issued, 42,982,506 outstanding at June 30, 2026 and 28,995,403 issued and outstanding at December 31, 2025	4,419	2,899
Additional paid-in capital	585,754,651	581,324,579
Treasury stock, at cost, 1,213,669 and 0 shares, respectively at June 30, 2026 and December 31, 2025	(2,011,573)
Accumulated deficit	(426,467,362)	(316,947,332)
Total Stockholders’ Equity	157,280,135	264,380,146
Total Liabilities and Stockholders’ Equity	160,350,575	269,075,173
Product Trade [Member]
Current Assets
Accounts receivable	396,900	204,120
Digital Currency [Member]
Current Assets
Accounts receivable	$ 240,121	$ 507,842