Published on 1 Apr 2024 on GuruFocus.com via Yahoo Finance
SKYX Platforms Corp. Posts Record 2023 Sales, Surpassing Estimates Amid Market Penetration Efforts
Revenue: Achieved a record $58.8 million in 2023, with Q4 sales hitting $22.2 million, significantly surpassing the estimated $27.835 million.Net Income: Reported a net loss of $39.7 million or $(0.45) per share in 2023, compared to a net loss of $27.0 million or $(0.40) per share in 2022.Gross Profit: Increased to $18.0 million in 2023, representing 31% of revenue, bolstered by the Belami E-commerce platform acquisition.Cash Position: Improved cash and equivalents to $22.4 million as of December 31, 2023, up from $16.8 million the previous year.Operating Cash Flow: Cash used in operating activities amounted to $12.9 million in 2023, a slight improvement from $13.8 million in 2022.
Warning! GuruFocus has detected 4 Warning Signs with SKYX.
