SKYX Platforms Q3 revenue rises 7.4% but misses estimates
SKYX•SKYX Platforms' third-quarter revenue rose 7.4% to $25.7 million, below the $27.45 million consensus estimate. Gross profit increased 11% to a record $8.1 million, and the company expects more than $6 million in annual cash expense savings from its Deako merger.
1. Quarterly results
SKYX Platforms reported third-quarter revenue of $25.7 million, up 7.4% but below the $27.45 million analyst consensus. Gross profit rose 11% to a record $8.1 million. The company said growth was driven by expanded market penetration across builder, professional, commercial, hospitality and retail channels.
2. Merger and outlook
The company completed its Deako merger after the quarter ended and expects annual cash expense savings of more than $6 million. SKYX targets cash flow positivity, supported by merger savings and sales channel expansion. It estimates its builder channel pipeline at about 4 million units, with an average selling price of $50 per product.
