SKYX Pre-Announces Record Second Quarter 2025 Revenues of $23.1 Million Compared to First Quarter Revenues of $20.1 Million, as it Continues to Grow Market Penetration
Company Expects Its Products to Be in 40,000 Units/Homes by The End of Q2 2025 in the U.S and Canada Through Retail and Pro Segments
SKYX Continues to Leverage its Cash Position Through its E-Commerce Platform of 60 Websites among Other Methods Including Support from Strategic Investors and Insiders
SKYX Management Expects Upcoming Product Launches, Including Smart Heater Fans, to Drive Path to Cash Flow Positivity in 2025
As The Company Continues to Grow Market Penetration Through the Razor and the Blades Model, SKYX's Technologies Provide Additional Opportunities for Future Recurring Revenues Through Interchangeability, Upgrades, Monitoring and Subscriptions
MIAMI, July 31, 2025 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) ('SKYX' or the 'Company'), a highly disruptive smart home platform technology company with over 97 issued and pending patents globally and a growing portfolio of over 60 lighting and home décor websites, with a mission to make homes and buildings become smart, safe, and advanced as the new standard, today announced record pre-audited financial results for the second quarter ended June 30, 2025, with revenues of $23.1 million, compared to $20.1 million in the first quarter of 2025.
SKYX achieved 6 consistent quarters with revenue growth from first quarter 2024 through second quarter 2025, reporting:
$19 million in the first quarter 2024
$21.4 million in the second quarter 2024
$22.2 million in the third quarter 2024
$23.7 million in the fourth quarter 2024
$20.1 million in the first quarter 2025
$23.1 million in the second quarter 2025
Rani Kohen, Founder/Inventor and Executive Chairman of SKYX Platforms, said: 'We are extremely proud to report record second-quarter revenues as we continue to build on six straight quarters of growth. Our expanding presence across retail and pro channels, supported by our e-commerce platform and innovative technologies, positions us to redefine the smart home standard. We remain focused on scaling our footprint and unlocking long-term value through recurring revenue opportunities.'
To view SKYX's technologies in action, click here: Link to video.
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as 'aim,' 'anticipate,' 'believe,' 'can,' 'could,' 'continue,' 'estimate,' 'expect,' 'evaluate,' 'forecast,' 'guidance,' 'intend,' 'likely,' 'may,' 'might,' 'objective,' 'ongoing,' 'outlook,' 'plan,' 'potential,' 'predict,' 'probable,' 'project,' 'seek,' 'should,' 'target' 'view,' 'will,' or 'would,' or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company's efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company's ability to capture market share; the Company's estimates of its potential addressable market and demand for its products and technologies; the Company's ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company's ability to continue as a going concern; the Company's ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company's products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company's ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company's actual operating results; the potential impact of unstable market and economic conditions on the Company's business, financial condition, and stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
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By leveraging our productionized underwriting model—combining segmentation, analytics-driven pricing, and automation—we were able to deliver strong, profitable growth.' _______________ 1 See the definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures in the section titled 'Non-GAAP Financial Measures' below. Summary of Operating Results The following table summarizes the Company's results of operations for the three and six months ended June 30, 2025 and 2024: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Gross written premiums $ 167,502 $ 126,614 $ 283,645 $ 208,219 Ceded written premiums (50,231 ) (41,838 ) (76,503 ) (61,187 ) Net written premiums 117,271 84,776 207,142 147,032 Net premiums earned 86,928 72,638 165,229 140,917 Fee income 1,524 191 2,084 316 Losses and loss adjustment expenses 50,412 44,128 97,274 85,174 Underwriting, acquisition and insurance expenses 28,430 24,315 53,315 47,705 Underwriting income (1) 9,610 4,386 16,724 8,354 Net investment income 11,891 5,728 19,786 10,981 Net realized and unrealized gains (losses) on investments 1,409 (4,215 ) (3,190 ) (1,828 ) Interest expense (447 ) (544 ) (894 ) (1,094 ) Other income 28 24 993 48 Other expenses (161 ) (56 ) (399 ) (110 ) Income before income taxes 22,330 5,323 33,020 16,351 Income tax expense 4,713 1,207 6,953 3,277 Net income $ 17,617 $ 4,116 $ 26,067 $ 13,074 Less: Net (loss) income attributable to non-controlling interest - General Partner (5 ) (828 ) (16 ) 374 Net income attributable to stockholders $ 17,622 $ 4,944 $ 26,083 $ 12,700 Key Metrics Adjusted net income attributable to stockholders (1) $ 17,857 $ 4,944 $ 26,400 $ 12,700 Loss ratio 58.0 % 60.8 % 58.9 % 60.4 % Expense ratio 31.0 % 33.2 % 31.0 % 33.6 % Combined ratio (3) 88.9 % 94.0 % 89.9 % 94.1 % Return on stockholders' equity (2) 14.3 % 5.9 % 10.9 % 7.7 % Adjusted return on stockholders' equity (1)(2) 14.5 % 5.9 % 11.0 % 7.7 % Diluted earnings per share $ 0.39 $ 0.14 $ 0.60 $ 0.35 Adjusted diluted earnings per share (1) $ 0.41 $ 0.14 $ 0.62 $ 0.35 (1) Each of these metrics is a non-GAAP financial measure. 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We use adjusted net income attributable to stockholders as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income attributable to stockholders should not be viewed as a substitute for net income attributable to stockholders calculated in accordance with GAAP, and other companies may define adjusted net income differently. Adjusted net income attributable to stockholders for the three and six months ended June 30, 2025 and 2024 reconciles to net income attributable to stockholders as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Net income attributable to stockholders $ 17,622 $ 4,944 $ 26,083 $ 12,700 Adjustments: Other non-operating expenses (1) 298 — 401 — Tax impact (63 ) — (84 ) — Adjusted net income attributable to stockholders $ 17,857 $ 4,944 $ 26,400 $ 12,700 (1) In the three and six months ended June 30, 2025, other non-operating expenses includes share-based compensation expenses recorded by us related to our initial public offering. Adjusted return on stockholders' equity (previously referred to as adjusted return on members' equity) We define adjusted return on stockholders' equity as adjusted net income attributable to stockholders, expressed as a percentage of average beginning and ending stockholders' equity during the period. Adjusted net income attributable to stockholders excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted return on stockholders' equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on stockholders' equity should not be viewed as a substitute for return on stockholders' equity calculated in accordance with GAAP, and other companies may define adjusted return on stockholders' equity and adjusted net income attributable to stockholders differently. Adjusted return on stockholders' equity for the three and six months ended June 30, 2025 and 2024 reconciles to return on stockholders' equity as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except percentages) 2025 2024 2025 2024 Numerator: Adjusted net income attributable to stockholders, annualized (1) $ 71,428 $ 19,776 $ 52,800 $ 25,400 Denominator: Average stockholders' equity 493,253 334,977 478,998 329,803 Adjusted return on stockholders' equity 14.5 % 5.9 % 11.0 % 7.7 % (1) For the three and six months ended June 30, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on stockholders' equity and adjusted return on stockholders' equity. Adjusted diluted earnings per share We define adjusted diluted earnings per share as adjusted net income available to stockholders, divided by weighted average common shares outstanding - diluted for the period. We use adjusted diluted earnings per share as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted diluted earnings per share should not be viewed as a substitute for diluted earnings per share calculated in accordance with GAAP, and other companies may define adjusted diluted earnings per share differently. Adjusted diluted earnings per share for the three and six months ended June 30, 2025 and 2024 reconciles to diluted earnings per share as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except share and per share data) 2025 2024 2025 2024 Numerator: Adjusted net income attributable to stockholders $ 17,857 $ 4,944 $ 26,400 $ 12,700 Denominator: Weighted-average shares outstanding - diluted 43,584,999 36,243,959 42,246,997 36,235,950 Adjusted diluted earnings per share $ 0.41 $ 0.14 $ 0.62 $ 0.35 Conference Call Ategrity will hold a conference call to discuss this press release today, August 11, at 5:00 p.m. Eastern Time. Interested parties may access the conference call via a live webcast, which can be accessed at or by visiting the Company's Investor Relations website. Please join the webcast at least 10 minutes before the scheduled start time. A replay of the event webcast will be available on the Company's Investor Relations website approximately two hours following the call, for a period of at least 30 days. About Ategrity Specialty Insurance Company Holdings Ategrity Specialty Insurance Company Holdings is a profitable and growing specialty insurance company dedicated to providing excess and surplus ('E&S') products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized business market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements in this press release by the use of words such as 'anticipates,' 'estimates,' 'expects,' 'intends,' 'plans,' and 'believes,' and similar expressions or future or conditional verbs such as 'will,' 'should,' 'would,' 'may,' and 'could.' These forward-looking statements include, among others, statements relating to our investments in automation and analytics and their expected impact and expected profitable growth. These forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, including, among others: the risks and uncertainties discussed under the caption 'Risk Factors' in our Prospectus filed pursuant to Rule 424(b)(4) filed with the Securities and Exchange Commission, (the 'SEC') on June 11, 2025 and our other filings with the SEC. Accordingly, you should read this press release completely and with the understanding that our actual future results may be materially different from what we expect. Forward-looking statements speak only as of the date of this press release. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not have any obligation, and do not undertake, to update any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events, or otherwise. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. June 30, 2025 (Unaudited) December 31, 2024 (in thousands, except shares and par value data) Assets: Fixed maturity securities available-for-sale, at fair value (amortized cost: $415,406 in 2025 and $434,965 in 2024) $ 419,247 $ 438,752 Utility & Infrastructure Investments, at fair value (cost of $172,753 in 2025 and $216,075 in 2024) 176,332 270,242 Short-term investments 251,906 52,612 Loans to affiliates 107,501 13,501 Other invested assets 280 280 Total invested assets 955,266 775,387 Cash and cash equivalents 23,529 26,573 Due from broker 2,035 — Investment income due and accrued 6,539 5,642 Premiums receivable, net of allowance for credit losses of $6,091 in 2025 and $5,907 in 2024 89,156 53,500 Deferred policy acquisition costs, net of ceding commissions 27,583 21,552 Prepaid reinsurance premiums 6,679 3,905 Deferred income tax asset, net 10,322 9,670 Reinsurance recoverable, net of allowance for credit losses of $0 in 2025 and $0 in 2024 155,432 133,616 Receivable from affiliates, net 744 16,857 Ceded unearned premiums 73,163 68,205 Other assets 12,704 8,531 Total assets $ 1,363,152 $ 1,123,438 Liabilities, stockholders' equity and non-controlling interest: Liabilities: Reserves for unpaid losses and loss adjustment expenses 451,466 403,576 Unearned premiums 259,700 212,828 Securities sold, not yet purchased, at fair value (cost of $0 in 2025 and $932 in 2024) — 930 Payable to reinsurers 38,124 27,160 Due to broker — 9,189 Accounts payable and accrued expenses 31,067 38,061 Funds held under reinsurance treaties 1,982 2,092 Income tax payable 17,249 26,488 Other liabilities 3,391 4,307 Total liabilities 802,979 724,631 Stockholders' equity: Preferred stock, $0.001 par value, 100,000,000 shares authorized and none issued or outstanding. — — Common stock, $0.001 par value, 500,000,000 shares authorized, 48,066,674 and 38,386,433 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. 48 38 Additional paid-in capital 495,954 360,703 Retained earnings 60,652 34,569 Accumulated other comprehensive income 3,035 2,997 Total stockholders' equity 559,689 398,307 Non-controlling interest - General Partner 484 500 Total stockholders' equity and non-controlling interest 560,173 398,807 Total liabilities, stockholders' equity and non-controlling interest $ 1,363,152 $ 1,123,438 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands, except per share amounts) Revenues Gross written premiums $ 167,502 $ 126,614 $ 283,645 $ 208,219 Ceded written premiums (50,231 ) (41,838 ) (76,503 ) (61,187 ) Net written premiums 117,271 84,776 207,142 147,032 Change in unearned premiums (30,343 ) (12,138 ) (41,913 ) (6,115 ) Net premiums earned 86,928 72,638 165,229 140,917 Fee income 1,524 191 2,084 316 Net investment income 11,891 5,728 19,786 10,981 Net realized and unrealized gains (losses) on investments 1,409 (4,215 ) (3,190 ) (1,828 ) Other income 28 24 993 48 Total revenues 101,780 74,366 184,902 150,434 Expenses Losses and loss adjustment expenses 50,412 44,128 97,274 85,174 Underwriting, acquisition and insurance expenses 28,430 24,315 53,315 47,705 Interest expense 447 544 894 1,094 Other expenses 161 56 399 110 Total expenses 79,450 69,043 151,882 134,083 Income before income taxes 22,330 5,323 33,020 16,351 Income tax expense 4,713 1,207 6,953 3,277 Net income 17,617 4,116 26,067 13,074 Less: Net income (loss) attributable to non-controlling interest - General Partner (5 ) (828 ) (16 ) 374 Net income attributable to stockholders 17,622 4,944 26,083 12,700 Other comprehensive income: Unrealized gains (losses), net of taxes 152 840 38 3,349 Total comprehensive income attributable to stockholders $ 17,774 $ 5,784 $ 26,121 $ 16,049 Earnings per share: Basic $ 0.40 $ 0.14 $ 0.61 $ 0.35 Diluted $ 0.39 $ 0.14 $ 0.60 $ 0.35 Weighted-average shares outstanding: Basic 42,084,982 36,242,682 41,191,609 36,235,158
