Form 8-K

8-K — SKYX Platforms Corp.

Accession: 0001493152-26-022225

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001598981

SIC: 3640 (ELECTRIC LIGHTING & WIRING EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): May 11, 2026

SKYX

PLATFORMS CORP.

(Exact

name of Registrant as Specified in its Charter)

Florida

001-41276

46-3645414

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

2855

W. McNab Road

Pompano

Beach, Florida 33069

(Address

of principal executive offices, including zip code)

Registrant’s

telephone number, including area code: (855) 759-7584

Not

Applicable

(Former

Name or Former Address, if Changed Since Last Report)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

☐

Written communications

pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

symbol(s)

Name

of each exchange on which registered

Common Stock, no par

value per share

SKYX

The Nasdaq Stock Market

LLC

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging

growth company ☐

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item

2.02 Results of Operations and Financial Condition

May 11, 2026, SKYX Platforms Corp. (d/b/a Sky Technologies) (the “Company”) issued a press release announcing its financial

results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form

8-K and is incorporated herein by reference.

Pursuant

to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this

Item 2.02 have been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of

1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section nor shall they be deemed incorporated

by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth

by specific reference in such filing regardless of any general incorporation language.

Item

9.01 Financial Statements and Exhibits

Exhibit

Number

Description

99.1

Earnings Press Release, dated May 11, 2026.

104

Cover Page Interactive

Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

SKYX PLATFORMS CORP.

Date: May 11,

2026

By:

/s/

Leonard J. Sokolow

Name:

Leonard J. Sokolow

Title:

Chief Executive Officer

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

Exhibit

99.1 Earnings Press Release, dated May 11, 2026

SKYX

Reports 9 Consecutive Quarters of Growth YoY with 10% Increase and Record Revenues in Q-1 2026 with $22 Million Compared to $20 Million

in Q-1 2025 as It Continues to Grow Its Market Penetration

SKYX

Reports over $32 Million in Cash and Cash Equivalents as of March 31, 2026, Management Believes It Has Sufficient Cash to Achieve Its

Goals Including Becoming Cash Flow Positive in 2026

Gross

Profit Continues to Improve with 16% Increase to $7.0 Million in Q-1 of 2026 Compared to $6 Million in Q-1 2025

Gross

Margin Continues to Improve to 30% in Q-1 2026 from 28% in Q-1 2025

SKYX

Entered into a Strategic Partnership Agreement with Prominent European Hotel and Real Estate Developer Group OTT, to Deploy Its Advanced

Smart and AI Platform Technologies as a Brand Standard Throughout Its Hotels and Buildings. Group OTT Has Developed Over 250 Hotels and

Buildings Across Europe

May 2026 SKYX Announced It Will Deploy Its Advanced and Smart Technologies to Its First European Hotel During a Master Renovation of

an Historical Architectural Preservation Hotel, The Grand Hotel du Parc (formerly The Grand Medicis Hotel), in La Bourboule, France

SKYX

Signed Additional Agreement with Group OTT Heritage Hospitality Group to Deploy and Market Its Technologies to Vast European Hotel Market

of Over 132,000 Hotels

SKYX

Technologies Reduces Up to 90% Tima and Costs of Buildings and Hotel Renovation/Installations or New Build and is Continuing Discussions

with Additional Hotel Groups and Owners Regarding Utilization of its Game-Changing Advanced and Smart Platform Technologies

SKYX

Is Expected to Supply Its Advanced Smart Home Technologies to Upcoming and Future Key Projects in the U.S. and Globally, Including New

York, North Carolina, Austin, San Antonio, South Florida (Including Miami’s New $4 Billion Smart City), Europe, Saudi Arabia, and

Egypt

SKYX

Is Expected to Deploy Over 1-Million Units of Its Products including Its Advanced Smart Home Plug-and-Play Technologies During These

Projects and to Over 100,000 Units/Homes by the End of 2026 Through Its Pro and Retail Segments

Despite

Warmer Weather, SKYX’s Sales of Its Patented Turbo Heater Fan are Continuing to Grow and Company Will Be Expanding the Category

of the “All-Season Ceiling Fan” — Heat in Winter and Cool in Summer — to Provide Additional Products in New Designs

and Larger Sizes

Q-1 SKYX Announced Beginning of Its Collaboration with NVIDIA AI Ecosystem Connect Program, Expecting to Grow Its Collaboration with

NVIDIA into Future Smart Home Projects

SKYX’s

Technology Expansion Provides Additional Opportunities for Future Recurring Revenues Through Interchangeability, Upgrades, AI Services,

Monitoring, Subscriptions, and More

SKYX’s

Enhanced Safety Code Standardization Team Continues Its Progress Toward Its Goal of a Safety-Mandated Standardization in Homes/Buildings

of Its Life-Saving Ceiling Outlet/Receptacle Technology

MIAMI,

FL – May 11, 2026 – SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”),

a highly disruptive advanced smart home and AI platform technology company with over 100 pending and issued patents globally and 60 lighting

and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today reported

its financial and operational results for the first quarter ended March 31, 2026.

● SKYX

will hold a conference call today, May 11, 2026, at 4:30 pm, Eastern Time, to discuss the

results. See below for dial-in information.

First

Quarter 2026 Highlights and Recent Events

● Generated

its greatest increase in YoY revenues of 10% with record $22 million in revenues in first

quarter of 2026 compared to $20 million for the first quarter of 2025.

● Reporting

9 consecutive YoY quarters of growth.

● As

of March 31, 2026, Company reported $32 million in total cash, cash equivalents, and restricted

cash compared to $10 million as of December 31, 2025.

● SKYX’s

continues to leverage the rapid conversion of its e-commerce sales into cash, advancing it

cash position often referred to as the “Dell Working Capital Model”, lowering

its cost of capital.

● Management

believes it has sufficient cash to achieve its goals including becoming cash flow positive

exiting 2026.

● The

gross profit for the first quarter ending March 31, 2026, increased comparatively by 16%

to $7 million, compared to the first quarter ending March 31, 2025.

● The

gross margin for the first quarter ending March 31, 2026, increased comparatively by 2% to

30%, compared to 28% in the first quarter ending March 31, 2025.

● Net

loss per share decreased by $0.02 to $0.07 per share in the first quarter of 2026 compared

to $0.09 in the first quarter of 2025. Adjusted EBITDA loss per share, a non-GAAP measure,

decreased to $0.03 per share in the first quarter of 2026, as compared to $0.04 per share,

in the first quarter of 2025.

Builder

/ Hotel Segments and General Market Acceptance

● SKYX

is continuing its significant progress with the hotel and builder segments.

●

SKYX

technologies reduces up to 90% time and cost of buildings and hotel renovations/ installations

or new build and is continuing discussions with additional developers, hotel groups and owners

regarding utilization of its game-changing advanced and smart platform technologies.

● Company

entered into a strategic partnership agreement with prominent European hotel and real estate

developer, Jean-François Ott, Founder of Group OTT, to deploy Its advanced and smart

electrical technologies as a brand standard throughout its hotels and buildings.

● Over

the past 35 years Group OTT have developed more than 250 hospitality, residential, and commercial

buildings valued at over $4 billion throughout Europe.

● In

May 2026 SKYX announced it will deploy its advanced and smart technologies to its first European

hotel during a master renovation of an historical architectural preservation hotel, The Grand

Hotel du Parc (formerly The Grand Medicis Hotel), in La Bourboule, France.

● SKYX

has signed an additional agreement with OTT Heritage Hospitality group to deploy and market

its technologies to the vast European hospitality market of more than 132,000 hotels.

● During

the course of this additional agreement, OTT Heritage Hospitality expects to market and deploy

SKYX’s disruptive technologies into hundreds of European hotels, buildings, and developments.

Approximately 124,000 hotel rooms are projected to open in Europe in 2026, with over 250,000

additional rooms in the industry-wide development pipeline.

● SKYX

has successfully demonstrated its technology during a Marriott Hotel renovation and expects

to grow its hotel segment during 2026.

● Marriott

Hotel chain owner, The Shaner Group, led a $16.5 million investment round. The Shaner Group

is an owner and developer of more than 70 hotels worldwide.

● SKYX

is expected to supply its advanced smart home technologies to upcoming and future key projects

in the U.S. and globally, including projects in Pittsford, New York; North Carolina; Austin,

Texas; San Antonio, Texas; South Florida including the new $4 billion smart city in Miami,

Florida; Europe; Saudi Arabia; and Egypt; among others.

● SKYX

is expected to deploy over 1 million units of its advanced smart home plug-and-play technologies

during these projects.

● SKYX

continues its growth and expects to deploy over 100,000 of its products into homes/units

during 2026 through retail and pro segments.

● SKYX

announced the launch of its patented advanced SKYFAN and Turbo Heater to the leading U.S.

retailer Home Depot, including a new SkyPlug branding page on HomeDepot.com.

● SKYX

recently announced the launch of its Turbo Heater fan at leading U.S. retailers Target, Walmart,

and Lowe’s, and on its e-commerce platform across 60 websites.

● Based

on the Growing Sales of Its Patented Turbo Heater Fan, SKYX Is Expanding the Category of

the “All-Season Ceiling Fan” — Heat in Winter and Cool in Summer —

to Provide Additional Products in New Designs and Larger Sizes.

Technology

Roadmap

● SKYX

announced a collaboration with the NVIDIA AI Ecosystem Connect Program. SKYX expects to grow

its collaboration with NVIDIA through its existing and future smart home projects.

● SKYX’s

technologies expansion provides additional opportunities for future recurring revenues through

interchangeability, upgrades, AI services, monitoring, subscriptions, and more.

● SKYX

will be launching a new AI-driven system and infrastructure for its e-commerce platform of

60 websites, expected to increase its conversion rate and sales up to 30%.

● The

Company secured U.S. and global strategic manufacturing partnerships with premier manufacturers

including in the U.S., Vietnam, Taiwan, China, and Cambodia.

Financing

Highlights

● SKYX

cash, cash equivalents and restricted cash increased to $32 million as of March 31, 2026,

as compared to $10 million as of December 31, 2025, as we raised $29 million in straight

equity, with no warrants during January 2026 through two fundamental institutional investors,

$25 million at $2.50 per share with $4 million at $2.00 per share.

● In

2025 we extended and converted $13.5 million in notes coming due with maturity out to 5 years

until 2030.

Safety

Standardization Mandatory Code and Insurance Exposure

● SKYX’s

Safety Code Standardization Team is receiving support from a new significant prominent leader

with its government safety agency’s process for a safety mandatory standardization

of its electrical ceiling outlet/receptacle technology.

● SKYX’s

code team is led by industry veterans Mark Earley, former head of the National Electrical

Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association

(ALA). The Company’s safety Code Standardization team believes it will garner assistance

from additional safety organizations with its code mandatory safety standardization efforts

based on the product’s significant safety aspects. Mr. Earley and Mr. Jacobson were

instrumental in numerous code and safety changes in both the electrical and lighting industries.

Both strongly believe that, considering the Company’s standardization progress including

its product specification approval voting for by ANSI / NEMA (American National Standardization

Institute / National Electrical Manufacturers Association) and being voted into 10 segments

in the NEC Code Book, it has met the necessary safety conditions for becoming a ceiling safety

standardization requirement for homes and buildings.

● The

Company strongly believes its products can save insurance companies many billions of dollars

annually by minimizing risks (e.g., reducing fires, ladder fall injuries, and electrocutions).

Management expects that insurance companies will use the Company’s range and variations

of its safe advanced plug & play products to reduce its exposure and minimize its risks.

First

Quarter 2026 Financial Results

The

Company’s financial statements for the quarter ended March 31, 2026, is filed with the SEC and are available on the Company’s

investor relations website. https://ir.skyplug.com/sec-filings/

Management

Commentary

Company’s

Management, Board members, and Senior Advisors include former CEO’s and executives from Fortune 100 companies including Nielsen,

Microsoft, Disney, GE, Home Depot, Office Depot, Chrysler, among others.

The

Company is trending positively generating record first quarter 2026 revenues of $22 million as compared to $20 million for the first

quarter of 2025, a gross profit for the first quarter ending March 31, 2026, increasing comparatively by 16% to $7 million, compared

to the first quarter ending March 31, 2025 and a gross margin for the first quarter ending March 31, 2026, increasing comparatively by

2% to 30%, compared to 28% in the first quarter ending March 31, 2025. We believe our positive trends will accelerate going into 2026

as we build out and execute on our channel strategy.

are encouraged by the recently announced initiatives where we could supply hundreds of thousands of units in Europe, the Middle East

including Saudi Arabia and Egypt, the $4 billion mixed-use smart city development in the Little River District in the heart of Miami,

and projects in Pittsford, New York; North Carolina; Austin, Texas; and San Antonio, Texas. We continue to address the builder/commercial

segments, large online and brick-and-mortar retail partners as well as our future potential to realize incremental licensing, subscription,

and AI/data aggregation revenues.

Furthermore,

our e-commerce website platform with 60 websites enhances the acceleration of marketing and distribution channels, collaborations, licensing,

and sales to both professional and retail segments. Our websites include banners, videos, and educational materials regarding the simplicity,

cost savings, timesaving, and lifesaving aspects of the Company’s patented technologies.

believe we have accelerated our pace of sales and strategic initiatives with a robust gross margin profile, notably reducing the adjusted

EBITDA loss of SKYX on a comparative quarterly basis. Our e-commerce platform with 60 websites is expected to continue to provide additional

cash flow to the Company.

About

SKYX Platforms Corp.

electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the

new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents

and patent pending applications. Additionally, the Company owns 60 lighting and home decor websites for both retail and commercial segments.

Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes

and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally.

For more information, please visit our website at https://www.skyx.com/ or follow us on LinkedIn.

Forward-Looking

Statements

Certain

statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be

identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,”

“could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,”

“guidance,” “intend,” “likely,” “may,” “might,” “objective,”

“ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,”

“project,” “seek,” “should,” “target” “view,” “will,” or “would,”

or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these

words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties

and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or

outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating

to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its

products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s

ability to achieve positive cash flows; the Company’s efforts and ability to drive the adoption of its products and technologies

as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market

share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s

ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the

Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic

opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise

code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by

any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures

and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided

by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic

conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the

Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There

can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release,

and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information,

future events or otherwise, except as required by U.S. federal securities laws.

Non-GAAP

Financial Measures

Management

considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating

the Company’s business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as

adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary

measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and

potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company’s core

operations, such as interest expense, amortization expense, and impairment charges associated with intangible assets, or items that do

not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should

be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating

activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company’s

financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure

to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company’s business.

Investor

Relations Contact:

Jeff

Ramson

PCG

Advisory

jramson@pcgadvisory.com

SKYX

PLATFORMS CORP.

CONSOLIDATED

BALANCE SHEETS

(Unaudited)

(Audited)

March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$ 30,263,740

$ 8,052,621

Accounts receivable

1,933,752

1,891,488

Inventory

3,298,281

4,250,168

Prepaid expenses and other assets

1,282,481

1,206,639

Total current assets

36,778,254

15,400,916

Long-term assets:

Property and equipment, net

1,251,244

1,347,640

Restricted cash

2,050,000

Right of use assets

16,905,311

17,502,685

Intangibles, definite life

4,599,427

5,051,949

Goodwill

16,157,000

Other assets

205,040

205,044

Total long-term assets

41,168,022

42,314,318

Total assets

$ 77,946,276

$ 57,715,234

Liabilities and Stockholders’ Equity (Deficit)

Current liabilities

Accounts payable and accrued expenses

$ 14,595,473

$ 16,014,585

Notes payable

221,611

356,474

Operating lease liabilities

2,560,152

2,589,994

Royalty obligations

1,175,000

1,300,000

Deferred revenues

1,561,154

2,082,622

Convertible notes related parties

350,000

Convertible notes

1,119,601

1,884,347

Total current liabilities

21,582,991

24,578,022

Long term liabilities

Long term accounts payable

687,680

552,354

Notes payable

145,022

Operating lease liabilities

17,192,003

17,791,453

Convertible notes

14,515,268

14,236,769

Total long-term liabilities

32,539,973

32,725,598

Total liabilities

54,122,964

57,303,620

Mezzanine equity

Series A Preferred Stock-shares authorized 400,000, outstanding 200,000 and 200,000

5,000,000

Stockholders’ Equity (deficit)

Series A-1 Preferred Stock-shares authorized 480,000, outstanding 253,000 and 292,000

6,149,167

7,124,167

Series A-2 Preferred Stock-shares authorized 160,000, outstanding 60,000 and 60,000

1,500,000

Common stock and additional paid-in-capital: shares authorized 500,000,000 outstanding 133,487,783 and 117,666,800

236,957,871

203,046,051

Accumulated deficit

(225,783,726 )

(216,258,604 )

Total stockholders’ equity (deficit)

18,823,312

(4,588,386 )

Total Liabilities and Stockholders’ Equity (deficit)

$ 77,946,276

$ 57,715,234

The

accompanying notes are an integral part of the unaudited consolidated financial statements.

SKYX

PLATFORMS CORP.

CONSOLIDATED

STATEMENTS OF OPERATIONS

(UNAUDITED)

(Unaudited)

For the three months ended March 31,

2026

2025

Revenue

$ 22,094,389

$ 20,113,938

Operating expenses

Cost of revenues

15,468,946

14,402,488

Selling and marketing expenses

7,067,829

6,827,420

General and administrative expenses

7,719,774

6,597,055

Total expenses, net

30,256,549

27,826,963

Loss from operations

(8,162,160 )

(7,713,025 )

Other expenses

Interest expense - related party

8,750

17,750

Interest expense, net

1,104,667

1,321,353

Total other expenses, net

1,113,417

1,339,103

Net loss

(9,275,577 )

(9,052,128 )

Preferred dividends - related party

15,000

10,000

Preferred dividends

234,545

209,148

Net loss attributed to common stockholders

$ (9,525,122 )

$ (9,271,276 )

Net loss per share - basic and diluted

$ (0.07 )

$ (0.09 )

Weighted average number of common shares outstanding – basic and diluted

129,441,468

103,548,494

The

accompanying notes are an integral part of the unaudited consolidated financial statements.

SKYX

PLATFORMS CORP.

CONSOLIDATED

STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(UNAUDITED)

(Unaudited)

For the three months ended March 31,

2026

2025

Shares of preferred stock ( Series A-1)

Balance, beginning of period

292,000

240,000

Preferred stock Conversion to common

(39,000 )

(20,000 )

Preferred stock issued pursuant to offerings

40,000

Balance, end of period

253,000

260,000

Preferred stock ( Series A-1)

Balance, beginning of period

$ 7,124,167

$ 6,000,000

Preferred stock Conversion to common

(975,000 )

(500,000 )

Preferred stock issued pursuant to offerings

1,000,000

Balance, end of period

$ 6,149,167

$ 6,500,000

Shares of preferred stock ( Series A-2)

Balance, beginning of period

60,000

Preferred stock Conversion to common

Preferred stock issued pursuant to offerings

Balance, end of period

60,000

Preferred stock ( Series A-2)

Balance, beginning of period

$ 1,500,000

$ -

Preferred stock Conversion to common

Preferred stock issued pursuant to offerings

Balance, end of period

$ 1,500,000

$ -

Shares of common stock

Balance, beginning of period

117,666,800

103,358,975

Common stock issued pursuant to offerings

12,000,000

223,756

Common stock issued pursuant to conversion of preferred stock

812,501

251,935

Common stock issued pursuant to preferred dividends

5,526

Common stock issued pursuant to conversion of notes and accrued interest

240,648

Common stock issued pursuant to exercise of options and warrants

1,301,667

Common stock issued pursuant to services

1,460,641

1,117,964

Balance, end of period

133,487,783

104,952,630

Common stock and paid-in capital

Balance, beginning of period

$ 203,046,051

$ 179,837,253

Common stock issued pursuant to offerings

27,392,004

450,428

Common stock issued pursuant to conversion of preferred stock

975,000

500,000

Common stock issued pursuant to preferred dividends

8,044

3,869

Common stock issued pursuant to conversion of notes and accrued interest

527,786

Common stock issued pursuant to exercise of options and warrants

1,911,101

Common stock issued pursuant to services

3,097,885

3,041,157

Balance, end of period

$ 236,957,871

$ 183,832,707

Accumulated Deficit

Balance, beginning of period

$ (216,258,604 )

$ (181,783,825 )

Preferred dividends

(249,545 )

(219,148 )

Net loss

(9,275,577 )

(9,052,128 )

Balance, end of period

$ (225,783,726 )

$ (191,055,101 )

Total Stockholders’ Equity (deficit)

$ 18,823,312

$ (722,394 )

The

accompanying notes are an integral part of the unaudited consolidated financial statements.

SKYX

PLATFORMS CORP.

CONSOLIDATED

STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Unaudited)

For the three months ended March 31,

2026

2025

Operations:

Net loss

(9,275,577 )

$ (9,052,128 )

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

1,240,273

1,007,817

Amortization of debt discount

278,499

Non-cash equity-based compensation expense

3,097,885

3,041,157

Equity-based payment of interest

363,039

Change in operating assets and liabilities

Inventory

951,887

105,050

Accounts receivable

(42,264 )

(396,008 )

Prepaid expenses and other assets

(75,838 )

(782,169 )

Deferred revenues

(521,468 )

398,599

Operating lease liabilities

(629,292 )

(564,922 )

Royalty obligation

(125,000 )

Accounts payable and accrued expenses

(1,276,176 )

1,639,430

Net cash used in operating activities

(6,014,032 )

(4,324,675 )

Investing:

Purchase of property and equipment

(93,979 )

(413,365 )

Net cash used in investing activities

(93,979 )

(413,365 )

Financing:

Proceeds from issuance of common stock - offerings

27,423,760

459,634

Placement cost

(31,756 )

(9,206 )

Dividends paid

(249,111 )

(212,668 )

Proceeds from issuance of preferred stocks

1,425,000

Proceeds from exercise of warrants and options

1,911,101

Principal repayments of notes payable

(734,864 )

(121,908 )

Net cash provided by financing activities

28,319,130

1,540,852

Change in cash and cash equivalents, and restricted cash

22,211,119

(3,197,188 )

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

32,313,740

$ 12,303,307

Supplementary disclosure of non-cash financing activities:

Fair value of shares to satisfy obligations under convertible notes

363,039

Accrued dividends payable

8,044

Cash paid during the period for:

Interest

1,113,417

$ 1,378,223

Taxes

Non-GAAP

Financial Measures

Management

considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating

our business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables

our management to monitor and evaluate our business on a consistent basis. We use EBITDA, as adjusted, as a primary measure, among others,

to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions.

We believe that EBITDA, as adjusted, eliminates items that are not part of our core operations, such as interest expense and amortization

and impairment expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and

non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute

for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant

expenses that are required by GAAP to be recorded in our financial statements and is subject to inherent limitations. Investors should

review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure included below. Investors should

not rely on any single financial measure to evaluate our business.

For the three months ended March 31,

2026

2025

Net loss

$ (9,275,577 )

$ (9,052,128 )

Share-based payments

3,097,885

3,041,157

Interest expense

1,113,417

1,378,223

Depreciation, amortization

1,179,223

1,007,817

EBITDA, as adjusted

$ (3,885,052 )

$ (3,624,931 )

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