SKYX Q2 revenue $15M (partial quarter), net loss $0.14/share; Belami acquisition closed

SKYX Platforms Corp.

2023-Q2 EPS reported -$0.24 revenue$14,994,080

Revenue of $15M in Q2 2023, reflecting partial quarter of sales including smart plug & play products.
Net loss of $12.3M ($0.14/share) vs $4.6M ($0.06) in Q2 2022, driven by Belami acquisition costs.
Cash used in ops reduced to $2.5M from $2.8M; cash balance $23.7M as of June 30, 2023.
Acquired Belami E-commerce (64 websites) primarily with stock; expected to enhance cash flow and distribution.
Appointed three strategic advisors from Microsoft, ALA, Disney; eligible for NEC standardization filing.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SKYX Platforms Corp. reported the quarter ended June 30, 2023 results: revenue $15.0 million, net income $12.3 million, EPS $(0.14) per share.

Period: the quarter ended June 30, 2023
Revenue: $15.0 million
Net income: $12.3 million
EPS: $(0.14) per share
Result: reported results

Exact text from the filing

Second Quarter 2023 Financial Results Revenue in the second quarter of 2023 increased to $15.0 million in sales that include E-commerce sales as well as our smart and standard plug and play products, reflecting partial quarter of approximately 60 days of sales. Gross profit in the second quarter of 2023 increased to $4.7 million, or 31.3% of revenue. Gross profit was positively impacted by a partial quarter of gross profit from the aforementioned acquisition of Belami E-commerce. Cash, cash equivalents, restricted cash, and investments available for sale totaled $23.7 million as of June 30, 2023, as compared to $16.8 million as of December 31, 2022. Cash used in operating activities for the three months ended June 30, 2023, totaled $2.5 million, as compared to $2.8 million in the same year-ago period. Company’s current liabilities include a 2024 non-cash payment of $5.6 million payable in shares to the Belami shareholders as part of the acquisition consideration. Operating expenses in

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Source: SEC EDGAR

accession 0001493152-23-027274

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