Key Highlights

  • Third quarter 2026 Revenue increased 7.4% to $25.7 million from $23.9 million.
  • Gross Margin was 31.4%, compared with 28.9% in the second quarter of 2026.
  • Cash, cash equivalents and restricted cash totaled $21 million, up from $10 million at December 31, 2025.
  • The Deako Merger is expected to Supply approximately 210,000 units to three builders.

SKYX Platforms Corp. (NASDAQ:SKYX) reported financial and operating results for the third quarter and nine months ended September 30, 2026, on November 12, 2026. The Miami company develops smart home and AI platform technology, including plug-and-play products sold through E-commerce and builder channels. Revenue rose modestly from a year earlier, and gross margin improved from the second quarter. The company also highlighted its merger with Deako and its builder channel pipeline.

Revenue and Gross Margin

Revenue for the third quarter was $25.7 million, an increase of 7.4% from $23.9 million in the third quarter of 2025. Gross Profit rose 11% to $8.1 million from $7.3 million in the second quarter of 2026, and gross margin increased to 31.4% from 28.9%. The release compares gross profit and margin with the second quarter of 2026, and the company did not provide a full year-over-year gross margin comparison in its headline section.

Management said a majority of its inventory payments to vendors are made after it receives payments from customers. The company said this structure supports its conversion of e-commerce sales into cash and lowers its cost of capital, which it described as part of its Cash Management approach.

Cash Flow and Balance Sheet

The company reported $21 million in cash, cash equivalents and restricted cash as of September 30, 2026, compared with $10 million at December 31, 2025. Management said it believes it has sufficient cash to support its path to Cash Flow positive operations.

Net cash used in Operating Activities decreased by 15.5% to $4.2 million from $5.0 million in the third quarter of 2025. The release describes the reduction as part of the company's efforts to lower its operating cash requirements.

Deako Merger and Builder Channel

The company said its merger with Deako expands its builder channel pipeline to approximately 4 million units, with an expected average selling price of $50 per product. Since the merger, SKYX and Deako have announced they expect to supply approximately 210,000 units to three builders.

The release does not state how much of the 4 million unit pipeline is contracted or the timing of the builder deliveries. The company also reported that it holds more than 120 U.S. and global pending and issued patents, which it cites as part of its technology position.

Final Word

The third quarter shows SKYX with modest revenue growth, a higher gross margin than in the second quarter, and cash that doubled from the start of the year, while the Deako merger expands its builder channel pipeline. Whether the approximately 210,000 units under announced builder plans convert into shipments, and at what margin, will determine how the merger affects future results. The company's cash-flow path will also be tracked in upcoming reports.