SKYX Platforms (SKYX) Q3 2026 Earnings Call Transcript

DATE

Thursday, Nov. 12, 2026

CALL PARTICIPANTS

• Founder and Executive Chairman - Rani Kohen
• President - Steven Schmidt
• Chief Executive Officer - Leonard Sokolow
• CEO of Deako and SKYX Growth and Builder segment - Derek Richardson

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TAKEAWAYS

• Revenue -- $25.7 million in the third quarter, representing a 7.4% increase compared to $23.9 million in the third quarter of 2025 driven by expansion across retail and builder channels.
• Gross Profit -- $8.1 million in the third quarter, an 11% increase compared to $7.3 million in the second quarter of 2026.
• Gross Margin -- 31.4% in the third quarter, compared to 28.9% in the second quarter of 2026 reflecting improved product mix and cost management.
• Cash Position -- $21 million in cash, cash equivalents, and restricted cash as of September 30, 2026, compared with $10 million on December 31, 2025.
• Operating Cash Use -- $4.2 million in the third quarter, representing a 15.5% reduction from $5.0 million in the third quarter of 2025.
• Interest-Bearing Debt -- $14.7 million as of September 30, 2026, representing a $3.6 million reduction from $18.3 million at the end of 2025 following debt repayments.
• Adjusted EBITDA Loss -- $2.9 million in the third quarter, representing an 18.7% improvement compared to the $3.5 million loss reported in the second quarter of 2026.
• Adjusted EBITDA Loss Per Share -- $0.02 in the third quarter, compared to $0.03 in the second quarter of 2026.
• Deako Merger Synergies -- expected annual cash expense savings of $6 million to $8 million resulting from the integration of SKYX and Deako operations.
• Builder Pipeline -- approximately 4 million units with an expected average selling price of $50 per product over the next 3 to 4 years.
• Combined Builder Programs -- expected supply of more than 210,000 units across more than 2,500 homes for three prominent builders, including Maronda Homes, Home Creations, and Stone Martin.
• International Expansion -- signed agreement to supply tens of thousands of units to two 65-story luxury Trump Towers in Hyderabad, India, comprising more than 2.2 million square feet.
• Product Line Expansion -- launch of four additional models of the patented turbo heat ceiling fan in 20-inch, 44-inch, 52-inch, and 60-inch sizes across major retailers in the fourth quarter.
• Revenue per Home Potential -- fivefold increase expected as the company integrates the combined SKYX and Deako product portfolio into existing builder channels.
• Historical Product Shipments -- more than 35 million units shipped by Deako over a five-year period prior to the merger.
• Merger Consideration -- issuance of 25 million shares of common stock for the Deako merger, subject to a 12-month full lock-up period followed by a quarterly leak-out schedule.
• Nine-Month Revenue -- $73.0 million for the first nine months of 2026, compared to $67.1 million in the same period in 2025.
• Nine-Month Gross Profit -- $22.0 million for the first nine months of 2026, an 8.4% increase from $20.3 million in the comparable 2025 period.
• Inventory Working Capital Model -- majority of vendor payments are made after the company receives payments from customers, utilizing a model intended to lower the cost of capital.
• E-commerce Network -- 60 specialized lighting and home decor websites supporting distribution and sales to professional and retail customers.
• Cash Burn Reduction -- approximately $1 million decrease in the quarterly operating burn rate through operational efficiencies and expense management.
• Average Selling Price -- expected average of approximately $50 per product across the combined builder channel pipeline.

SUMMARY

SKYX Platforms Corp. (NASDAQ:SKYX) reported that it completed its merger with Deako, integrating wall-based and ceiling-based plug-and-play technologies across its residential and commercial distribution channels. The company reported its 11th consecutive quarter of year-over-year revenue growth and a reduction in its quarterly adjusted EBITDA loss. Management emphasized a razor and blade strategy designed to secure base installations in the builder channel to drive future high-margin consumer upgrades. Strategic initiatives include expansion into the international hospitality market and the pursuit of mandatory safety-code standardization for its electrical outlet technologies. Distribution is supported by a network of 60 e-commerce websites and partnerships with major national retailers, builders, and hospitality providers.

• Kohen highlighted the competitive advantage of the company's comprehensive solution, stating, "We're the only company that has the A to Z solution for all of those electrical outlet boxes."
• Richardson described the recurring revenue potential of the business model, noting, "We sell the base when the home is built, and we earn again each time the homeowner upgrades for the entire life of the home."
• President Schmidt addressed the current market valuation of the company, stating, "there is a total disconnect right now between our performance as a company to our stock price."
• The company's technology has been voted into 10 segments of the National Electrical Code Book, representing progress toward management's objective of mandatory safety-code adoption.
• Richardson indicated that the combined plug-and-play platform is positioned for the integration of home-based artificial intelligence, as the connectors sit where power, control, and sensing naturally reside.
• Management confirmed that shipments have commenced for builder projects in Austin and Dallas, Texas, with an additional hotel project delivery expected in the current quarter.
• The company's technology is expected to become a brand standard for European developer Group OTT, which has developed more than 250 hotels and buildings.

INDUSTRY GLOSSARY

• ANSI/NEMA: American National Standards Institute and National Electrical Manufacturers Association, organizations that set technical standards for electrical equipment.
• Deako Connector: A wall-based electrical connector that allows for the installation of plug-and-play light switches and smart devices without traditional wiring.
• GFCI: Ground-Fault Circuit Interrupter, a safety device that quickly breaks an electrical circuit to prevent serious harm from an electric shock.
• NEC: The National Electrical Code, a standard for the safe installation of electrical wiring and equipment in the United States.
• SkyHeater fan: A patented all-in-one ceiling fan that integrates heating and cooling functions with plug-and-play installation.
• SkyPlug: A proprietary ceiling-based electrical receptacle and plug system that enables the rapid installation of light fixtures and fans.

Full Conference Call Transcript

Operator: Good afternoon, and welcome to the SKYX Platforms Corp. Third Quarter Earnings Conference Call. Before we begin, I would like to remind everyone that during today's call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. For a discussion of these risks and uncertainties, please refer to SKYX Platforms Corp.'s filings with the Securities and Exchange Commission. The company undertakes no obligations to update any forward-looking statements, except as required by law.

During today's call, management may also discuss certain non-GAAP financial measures, where applicable, reconciliations to the most directly comparable GAAP measures can be found in the company's earnings release and SEC filings. I would now like to turn the call over to Rani Kohen, Founder and Executive Chairman of SKYX Platforms. Rani, please go ahead.

Ran Kohen: Good afternoon. Welcome to our third quarter earnings call. Today, we have here our President, Steve Schmidt; our CEO, Lenny Sokolow; and Derek Richardson, CEO of Deako and SKYX Growth and Builder segment, Builder and Hotel segment. And each one of them, including myself, will have a statement. And Steve Schmidt will start the call. Thank you.

Steven Schmidt: Rani, thank you very much, and good afternoon, everyone. As you will hear today, we are significantly advancing and continuing our market penetration growth. Before I go through some growth and financial improvement highlights, I'd like to say the following. Through my business career, I was involved with many public companies, including my CEO role of Nielsen and International President of Office Depot. But I must say there is a total disconnect right now between our performance as a company to our stock price. With that said, as you will see, our growth and performance is outstanding as we have closed our merger with Deako as well as prior months. With that said, let me share some business highlights.

We're reporting record revenue of $25.7 million in Q3 2026 compared to $23.9 million in Q3 2025 and 11 consecutive quarters of growth year-on-year. Gross profit rose in Q3 by 11% to a record $8.1 million as we continue to expand our market penetration. We maintain a strong cash position with $21 million in cash, cash equivalents and restricted cash as of September 30, 2026. We believe we have sufficient cash to support our path to cash flow positive. Deako merger expands the builder channel pipeline to approximately 4 million units with an expected average selling price of $50 per product over the next 3 to 4 years.

Since the merger, SKYX and Deako have announced we expect to supply more than 210,000 units to 3 prominent builders, including: first, Maronda Homes. We announced our first major builder program with more than 80,000 units of our smart home technologies to more than 1,000 homes, including projects in Ohio, Georgia, Maryland and Pennsylvania. Second, Home Creations. We announced the second major builder program with more than 60,000 units expected for more than 700 homes in Oklahoma and Texas. Third, Stone Martin. We announced a third builder program with approximately 70,000 units expected for more than 850 homes in Alabama and Georgia.

We have also announced a signed agreement to supply our technologies to two 65-story luxury Trump Towers in Hyderabad, India, comprising more than 2.2 million square feet. The company expects to deploy tens of thousands of units in this project over the next couple of years. Lastly, on the business highlights side, our turbo heat ceiling fan. We reported that based on growing sales and winter demand of our patented all-in-one turbo heater ceiling fan, we will launch an additional 4 models in larger and smaller sizes and in 5 different colors in addition to our original 24-inch model across national retailers and our e-commerce platform comprised of multiple websites in the fourth quarter.

Retail channel includes the Home Depot, Lowe's, Target, Walmart and Amazon. So a lot of great things going on. So with that, let me turn the call over to Len Sokolow, our CEO, who will give you more clarity around our financials. Len?

Leonard Sokolow: Thank you very much, Steve. Appreciate it very much. And just again, very pleased with what we report this quarter. Our revenue increased 7.4% to $25.7 million from 23.9% (sic) [ $23.9 million ] in the third quarter of '25. Our gross profit increased 11% to $8.1 million from $7.3 million in the second quarter of 2026. Our gross margin increased 9% to 31.4% compared to 28.9% in the second quarter of 2026. We had $21 million in cash, as Steve stated, in cash, cash equivalents and restricted cash as of September 30 compared with $10 million on December 31, 2025.

A majority of our company's inventory payments to vendors are paid after the company receives payments from its customers, continuing to leverage its rapid conversion of its e-commerce sales into cash, advancing its cash position using the Dell Working Capital Model and lowering our cost of capital. Net cash used in operating activities decreased by 15.5% to $4.2 million from $5 million in the third quarter of 2025. Again, management believes it has sufficient cash to support its path to cash flow positive. Interest-bearing debt, which is after debt discounts, decreased $3.6 million to $14.7 million, which matures in 2030 from $18.3 million at year-end.

Adjusted EBITDA loss, which is a non-GAAP measure, decreased 18.7% to $2.9 million from $3.5 million in the second quarter of '26. And adjusted EBITDA loss per share, a non-GAAP measure, decreased to $0.02 compared to $0.03 in the second quarter of 2026. And with that, Rani?

Ran Kohen: Yes. We will in 1 minute, transfer it to Derek. And I would like to say that since we have closed this merge, -- we have a lot of interest for major companies, both in the tech world and in the building world that see eye to eye with us on our A to Z capability to control the electrical outlet boxes in every home. And as we said before, we're going to be the only company that has an A to Z solution for all those boxes in the home. The average boxes today in the U.S. market are around 90 outlet boxes, electrical wall outlets and ceiling outlets in a home.

There's no one company today in the world that has the complete solution for all of those 90 boxes, usually it's 3 to 4 companies. We're the only company that has the A to Z solution for all of those electrical outlet boxes. And all our competitors that need to be 3 or 4 companies have a wire solution would take them weeks to do what we can do with ours. And with that being said, we're already experiencing with Derek's leadership, a lot of interest to our products and to this A to Z solution.

And we are also working on some strategic relationships with major tech companies as well as other builders that we hope to be able to talk about sometime soon. And actually, Derek Richardson is leading one of those discussions with a major player that sees the opportunity to join what Deako and SKYX are doing in the builder market and to be part of it. So we hope we can talk about this more. With that being said, I want to give Derek a lot of credit and his ability to penetrate the builder market and show the value proposition that Deako brings to the table.

And now on the plug-and-play concept that is a platform that can grow to much more once you install the wall switches with the same concept of the ceiling, the same builders that liked his concept a lot. Derek is doing a great job introducing it to the market with our product. And we strongly believe here all of us with Derek's leadership that there's a potential of increasing a home revenue from what Deako has to up to 5x. So with that being said, I would like to please have Derek join us and give his overview on how he sees things and some background about Deako and what he's doing in the market and experiencing. Derek?

Derek Richardson: Thank you, Rani. Man, I'm so excited about this future of the combination of our 2 companies. As Rani said, I'm Derek Richardson, I'm the Founder and CEO of Deako. I started Deako about 11 years ago. And before that, I led sales, product and engineering teams at Cypress Semiconductor, and I began my career as an engineer at BlackBerry. In the next few minutes, I'd like to share what Deako does and why I'm so excited about this merger. Deako makes plug-and-play smart switches and simple light switches with matching USB GFCI and standard outlets for builders of new single-family homes.

During construction, the builder's electrician installs a Deako connector at every light switch location in the home and plugs in a smart or a simple switch. Later, the homeowner can upgrade to additional smart switches, a simple dimmer, a motion sensor or any of our other light switch products, and they can do this safely in seconds with no wiring and no electrician. We've shipped more than 32 million products in the past 11 years. And over the past year, we've extended our supply agreements with Stone Martin Builders, Maronda Homes and America's largest single-family homebuilder, D.R. Horton. Builders choose Deako because we can easily transform homes to become smart, and we make installing and selling upgrades effortless.

Every switch location is ready for an upgrade, so buyers can choose to upgrade to additional smart switches before or after they move in. And Deako and our builder partners make high margins on those upgrades. It's a classic razor and blade business model, same as SKYX. We sell the base when the home is built, and we earn again each time the homeowner upgrades for the entire life of the home. SKYX runs the same model from the ceiling. And together, we have far more to offer.

Now with SKYX, the merger complete, we're able to offer builders many more options, including the SkyPlug and outlet safety products, along with the SKYX smart lighting fixtures, fans, including the SkyHeater fan and many more products that are under development. I see a significant opportunity to bring SKYX's products to single-family builders. Together with SKYX and Deako's offerings and the new products we plan to add, we both believe there's an opportunity to grow our revenue in each home to as much as 5x what Deako is already earning. But what really excites me the most is the platform underneath. Deako's platform connector is in the wall. SKYX's platform is in the ceiling.

Together, they sit where power, control and sensing naturally live in a home. And because it's all plug and play, we can offer almost anything through them, including delivering an intelligent home because as we all know, AI is coming into the home. Today, most of us use AI in our phones and computers, but the next big move will be AI into the home itself and the home becomes more intelligent. Our vision for the intelligent home needs sensors, speakers and other devices in every room in the house. Our connectors are already at every light switch and soon every light fixture in the home. So new devices can plug in safely in seconds.

We plan to play a big role in the AI intelligent home. There's much more to this story than we can even cover at this point, but I'm confident you'll be able to see it in the near future. Thank you, Rani, for the opportunity.

Ran Kohen: Thank you, Derek, and really great job with Derek's leadership is doing for us in so many aspects. And we really not only excited about what Derek mentioned on penetrating the building, but lifetime upgrades -- with upgrades for fashion or for better lights or better smart features. And remember that we're also part of our mission here that we are very confident we will accomplish is as we have this A to Z solution, the next stage is going to be recurring revenues from AI services, monitoring subscription and security features that we are looking into down the road. So this is just the beginning. I ask everyone to stay tuned. There's a lot more to come.

And we really feel that in the past -- if you look at our press releases in the past 18 months, starting with the smart city in Miami, projects in Austin, Texas and San Antonio, and in North Carolina and New York and in many other places that those projects, we will take Deako with us to those projects as well as like Derek is taking us, and actually, Derek is going to take us to our projects, too, because that's under his leadership, including the smart city in Miami. And there's much more to come. So the model is the razor and the blade, okay?

The razor starts with Deako's wall receptacles, SKYX's ceiling receptacles, then the blades are all the products, and there's a lot of products. Derek mentioned some of them. On the SKYX side and on the Deako side, there's much more to come in plug-and-play because once it's plug-and-play and it's replaceable within seconds, a consumer can do so many things that some of them we shared, some of them we did not. But that's the next place after the razor, those are the blades and much more to come. And after the blades, we have the residuals that recurring revenues that we expect down the road to be a big factor in our business. So that's the big picture here.

We're progressing on many fronts, including with the mandatory, we're proceeding with this. We hope to get some good developments on several fronts on hotels, too. We're trying to become brand standards in more places and the mandatory and down the road, we really feel and have discussions with insurance companies that the safety aspects of everything we mentioned here, we talked about how good those features are, how easy it is to replace, okay? And everything we're doing, including Deako, is major in safety, preventing consumers to wire wall outlets and us preventing consumers to wire ceiling pictures.

The safety is big and with all the safety features to come in the smart platform that we have and other things, we again emphasize that the insurance play can be quite significant for us down the road as well. So with that being said, thank you very much, and we'll open for questions here. Thank you.

Operator: [Operator Instructions] The first question comes from Jacob Stephan with Lake Street Capital.

Jacob Stephan: Congrats on the transaction and all the recent wins. Maybe just first on the B2B side of things. In August last quarter, you guys said that first builder hotel deliveries were going to begin in Q3. Just kind of curious if you could confirm that. And maybe if you wanted to talk more specifically on which projects have begun shipping, that would be helpful.

Ran Kohen: Yes. We actually have shipped, I believe, the 2 projects already in Texas. Austin, Texas and Dallas area. And we are starting -- hopefully starting to ship to a hotel this quarter. So we're beginning to ship and that you're asking from SKYX's perspective, be aware that Deako is shipping their product consistently and every month before we acquired them and after the merger took place. So definitely, the shipment department today after this merger is actually picking up a lot. So we're very happy in our progress on these fronts.

Jacob Stephan: Okay. Great. And maybe just on Deako. I know the transaction closed after the quarter, but would you be willing to kind of just talk high level what their revenue was or maybe margin profile? As it relates to Q3 or even a run rate number?

Ran Kohen: So we're very happy with the revenues. We did not disclose them yet. We will disclose them soon, but the first 3 quarters look good, and they're in a rhythm that satisfied what we announced earlier in last year's revenues. And I think that this year, there's still the last quarter potential for some growth. We can't say, but there's some potential. It's -- again, it's a razor and the blade model. So as Derek mentioned, the razors go first and some of the smart plugs go immediately, but then Deako has the 12 and 24 packs of smart switches, and they have a whole team, an upgrade team that calls the consumers and helps them and guide them.

And it's really to see it, it's unbelievable how they ship a 12 or 24 box and you just go unplug a switch, put a new one, okay? And you can do a 12 switches or 24, then just go to your app and everything is connected and you can sit in one place and control your entire home. So that's a significant part in Deako's business plan and model that they're going to utilize with the same upgrade team to SKYX projects or to their product with SKYX products. For example, on the heater fans that Derek mentioned, there's interest, other plug-and-play ceiling fans and smart products and features that we can bring to the table.

So this upgrade division is really promising for us, and we're really starting to feel how significant it is. And also what we like about this, it's direct-to-consumer and our gross margins there are quite significant.

Jacob Stephan: Got it. Very helpful. Maybe just last one for me on the turbofan heater launch. This is kind of the first big box winter that you guys are having with several different styles and sizes. Maybe if you could kind of help us think through Q3 as it relates to any sell-in to some of these larger department stores? And how does that compare to plan versus what's actually shipping?

Ran Kohen: So for our summer plan, we did weigh over what we expected during the summer. And now we're starting the winter plan. We can tell you that 2 big boxes are very interested and trying to put something for the winter together. We can't say names yet and some people like saw video some places or other things. We can't talk about things until we don't get approvals and we don't get something that we can sign and talk about, but we're very happy. And as you know, we increased -- we added 4 models and 5 different colors. So today, we have a total of 5 models and 5 different colors as part of our assortment.

That's actually today, it's not today, today; weeks from today, it's going to be in the market, but it's already underway here, and we expect to launch it, and it's all based on demand. We added -- as we mentioned, we added the 20 inches. We added the 44 inches with a different model look and 52 inches as well as the 60 inches for big rooms. We had a lot of demand and with customer service doing a great job on our e-commerce and others, understanding what consumers are looking for and some were asking for smaller rooms. Mostly people were asking for larger rooms. So we came with a solution, and we have reservations for those solutions.

So we're quite excited about this. And I think that's going to open even more big box opportunities. So we're growing. We're happy with this, and we hope that this winter is going to be significant. And once we can, we'll talk about those things.

Operator: The next question comes from Joe Gomes with NOBLE Capital.

Joseph Gomes: Of the new -- the recently announced awards here on Deako's side, how much of that business is truly incremental versus was already in kind of Deako's backlog going into the merger?

Ran Kohen: So it's -- for this year, I think is part of Deako's backlog, if you would say. And then next year, it's mixed. And at the beginning, majority is going to be Deako. But as the year progresses, it's going to be more and more SKYX once we -- some builders have still inventory, some builders have some contracts. But those builders liked and actually loved the Deako plug-and-play solution, and they very much like our plug-and-play solution. So it's just a matter of time once it's going to be a complete package, 100% between the lighting and Deako's. But as we start, the majority is still Deako.

But as we progress with next year, we expect it to be equal. We don't know exactly timetable, but sometime next year, we think to -- it's going to be equal numbers or equal percentage, if that answers your question.

Joseph Gomes: Okay. And then if we look at the homebuilding market, there's some very weak numbers and very much cautiousness coming out of like the National Association of Homebuilders. Looking at '27, how sensitive is the plan or is the outlook to -- if we do get weaker housing activity?

Ran Kohen: Yes. it's a great question. And I'll tell you what we experienced, and Derek is mentioning it to me as well, and he's really in the builder market, they're experiencing that, that today, builders are trying to cut cost, okay? So let's say a builder wants -- I'm just giving an example, 20 smart switches, okay? He can start with 10, okay, and save a few dollars, and I'm giving examples, but then he knows we approach the consumer and we can sell the upgrade. And it's a win-win in some cases, as we sell directly to consumer, we get higher margins in some cases.

And now Derek is applying the same concept with some builders that he discussed and he tells them, listen, don't buy this cheap ceiling fan for now. Just put a receptacle there, let me sell this ceiling fan for you or maybe a heater fan. And he's -- or the chandelier. So we're actually taking advantage instead of selling basic products, okay? In some cases, we'll provide the receptacles, with no picture, or just a regular switch on the wall, but then it's easier to call consumer with their upgrade team and upgrade it.

And the same with ceiling fans, we can go to a room, have a receptacle there, especially for a ceiling fan and then we call the consumer and we show them a variety of ceiling fans, including our heater fan, and we can get a much higher dollar ticket plus a much higher gross margin. So we're actually in -- we are taking advantage of that situation. And I must say Derek is leading that.

Joseph Gomes: Okay. And one last one for me. I know goal has been to be cash flow positive exiting 2026. Is that still the goal?

Ran Kohen: Our goal is to reach cash flow positive as soon as possible. We're reaching there. You saw that we reduced our burn in $1 million, around $1 million. We also still maintain a strong cash position after paying the $2.5 million to Deako and related costs. And we think that the cutting and the savings that we have based on overlapping that we have between SKYX and Deako will result in -- we said $6 million, maybe even $8 million of savings. So that is helping us as well. And we also -- as I said, we believe we can land some big orders on the heater fan. And once we do, all of this coming together, okay?

We're planting a lot of seeds here, as you can see, all of this coming together, together with the upgrades we are in good position to reach cash flow positive. We want to be careful on exact dates, but we can -- if you look at our track record and our path, our burn will keep on going down, reducing our burn, and we need one good quarter to change the trajectory, and we feel that -- and we believe we're getting very close to that.

Joseph Gomes: Appreciate it.

Ran Kohen: Thank you very much. Great questions, team. I want to thank Steve Schmidt, our President; Lenny Sokolow, our CEO; and Derek, really a lot of credit to Derek, what he's doing in the builder field. And also, we have some discussions with tech companies. And hopefully, we can discuss it soon, but I want to give a lot of credit. He's a tremendous asset besides Deako's disruptive technology and major clientele. We really feel that Derek is really quite significant here and a big tower play for our growth here. And you heard his excitement and stay tuned. That's all we want to tell you. And hopefully, we can talk about more things very soon.

Operator: Thank you. This does conclude today's teleconference. We thank you for your participation. You may now disconnect your lines, and have a great day.

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