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SKYX Platforms Corp. (SKYX-8.97%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, reporting total revenue of $86,276,876, a 47% increase from the previous year. This increase was primarily due to revenues from products marketed by Belami, which was acquired on April 28, 2023.
The company reported a net loss of $35,768,144 for the year, compared to a net loss of $39,732,656 in the previous year. The decrease in net loss is attributed to a reduction in general and administrative expenses.
Cost of revenues increased by 51% to $61,682,934, reflecting the increased sales volume. Selling and marketing expenses also rose by 35% to $25,353,172, primarily due to expenses following the acquisition of Belami.
General and administrative expenses decreased by 15% to $31,353,009, mainly due to decreased share-based payments and non-recurring expenditures related to inventory and royalties payable in the previous year.
The company raised $15.4 million through the issuance of common and preferred stock during 2024 and an additional $1.0 million in March 2025 through the issuance of Series A-1 Preferred Stock.
SKYX Platforms Corp. ended the year with $15.5 million in cash and cash equivalents, including restricted cash. The company acknowledges the need for additional financing to support operations and meet obligations.
The report details the company's strategic focus on smart products and technologies, including the anticipated launch of the Smart Sky Platform in 2025.
The filing also discusses the company's acquisition of Belami, an online retailer and e-commerce provider, to serve as a marketing and growth platform for its smart products.
The company continues to face risks related to its ability to generate sustainable revenue, manage its operations, and secure additional financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SKYX Platforms Corp. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.