All right. Hello everyone, and thank you for continuing to join us throughout the day here at the Lytham Partners Spring 2026 Investor Conference. Again, my name is Robert Blum, managing partner here at Lytham. Up next, we welcome Leonard Sokolow from SKYX Platforms, who will be walking through the company's slide presentation. As a reminder, SKYX trades under the ticker symbol SKYX on the Nasdaq. Leonard , thanks so much for joining us. The floor is all yours.
Robert, thank you very much for having us. I appreciate the opportunity to present SKYX Platforms this afternoon. We are the future of smart and safe homes and buildings. We enhance just about any smart home feature that exists either now or in the future. I'll explain why and how. We've had reported since the Q1 2026, in nine consecutive quarters of year-over-year growth, most recently a 10% increase on comparable quarter of last year. We're sitting with $32 million in cash at the end of the quarter, in cash equivalents. We believe we have sufficient cash to achieve our goals, including becoming cash positive as we exit 2026. Our gross profit continues to improve. We had a 16% increase to $7 million in Q1 2026 compared to the comparable quarter last year. Our gross margin also improved in comparable quarters to 30%.
We've announced a strategic partnership with a big European hotel and real estate Group OTT, to deploy our advanced smart and AI platform technologies as a brand standard throughout its own hotels and buildings. We've announced recently an implementation and deployment in their first European hotel during a master renovation of a historical hotel in France. We also signed the Group OTT to act as our agent for the European market, to the hotel market in Europe, which has about 132,000 hotels. You'll understand why our technology is critical to new buildings, but also renovations. It saves builders and developers 90% of the time and cost. We have other future projects that we've announced in the Miami Smart City, a $4 billion project.
We've announced two projects in Texas, in San Antonio and in Austin, New York, North Carolina, a collaboration in the Middle East and Saudi and Egypt, and of course, in Europe. Again, 90% of the time and cost is saved. This is why the builders and developers are doing this. We expect based on the projects we have in hand, about 1 million of our units of our product, plug-and-play technologies, and we expect to be in over 100,000 units and homes in the U.S. through 2026. We've introduced, and you'll see in a video soon that we'll play, our all-in-one patented fan and Turbo Heater. We've created a whole new technology of an all-season fan. It's really an example of the plug-and-play nature of having products. We call it our razor and razor blade, and you'll see why.
We've announced the collaboration with NVIDIA to be part of their Connect program. Because we serve as a hub in a home or a building, any room, we're in the best location with unlimited electrical power and with a platform that could really work with any vertical using NVIDIA AI technology. We have post-sales revenues streams from interchangeability upgrades, AI services, monitoring, because we have Bluetooth, Wi-Fi, fire, CO detection, smoke, and we're already a code standard in the U.S. in the National Electrical Code, and we're one step away from being mandatory. We've made that application.
If I could, now would be a good time to play our video, which gives you an overview of our product line, and also a renovation project we did at a Marriott with one of our strategic investors that owns 80 Marriotts and Hiltons, about 80 of them, and also the turbo fan and heater. If we can, we'll play this, and then we'll be right back.
[Presentation]
Thank you very much. I think it gives you an overview of what we have. Just real quick, these are really active strategic board members and advisors. Rani Kohen's our Founder and Chief Executive Officer. He's responsible for our 100 patents and patents pending. 45 have been granted. These are global patents. Steven Schmidt, our President, former CEO of Nielsen, the data rating company, and President of Office Depot International. Because we have a whole data play and an insurance play, he's very active working with us on those projects. Bob Nardelli is our Senior Advisor, former CEO of Home Depot, Chrysler, and GE. He's worked with us to get us into Home Depot, which we've launched. Al Weiss, former President of Disney Worldwide Parks, Hotels. He understands what we have for the hotel and the commercial buildings, as well as cruise ships.
Governor Ridge, the two-time governor of Pennsylvania, first Director, head of Homeland Security. He's our lead director. I've been on the board with him for over 10 years. Lance Shaner owns and runs the Shaner Hotel Group. They're the ones that you saw the demonstration in the Marriott he owns in Pennsylvania. Probably the most important guy, at least known, is Mark Earley, who was a former head of the National Electrical Code for over 33 years and Chief Engineer of the NFPA, which is the umbrella organization to the National Electrical Code. They're responsible for the code standards nationally and impacting all 50 states.
He, along with Eric Jacobson, the former President, CEO of the American Lighting Association, signed our application to be mandatory, so that you can't build a building or get a new permit without a house, without our receptacle being in, just like a wall outlet. Khadija Mustafa, former Head of Microsoft Global AI. She understands the value of what we have from an AI perspective. The patents I discussed, our TAM is massive in the U.S. at $500 billion, our channels and our B2B, B2C builders, big box stores, and we own 60 e-commerce websites for lighting and home decor, which we launched in 2023, that we had acquired. We've educated the market, and we are already landing products that are plug-and-play ready, fixtures you could plug right in out of the box.
We understand the value we have already speaking to insurance companies, and we think they'll be providing incentives for what we do. Just like home alarms, et cetera. Our sales growth has been $58.8 million in 2023, $86.3 million in 2024, and $92 million in 2025. We've just begun only to implement and start to penetrate with our core products and longer margins. For products that we have made for us, our margins are targeted at 40%-60%. This is an example of the smart city, north of Wynwood and downtown Miami here, South Beach, 63 acres. They'll have a train station, mixed use, et cetera, and we're the key component of making it smart. There'll be about 5,700 condominiums there. The developments in Austin, Middle East, New York, North Carolina, we've discussed, and the hotel in France with a hotel group, all been announced and discussed.
You saw in the video our generation 1 plug-and-play, generation 2, which is the smart receptacle, and we have retrofit kits for existing fixtures, and generation 3, which is the All-in-One Platform, should be landing in the third quarter of this year. Our app has been working for three years with our generation 2 and will work, of course, with our generation 3. That will have all these features. Today, our generation 2, you could speak to it, Apple, Siri, Alexa, et cetera. The razor and razor blade models, we're already a code standard, so builders can put us in, get their CO or their certificate of occupancy, just like a wall outlet, and we have all these things.
We're landing and building, and we've already announced our first licensing agreement with another lighting manufacturer to install and to have a plug-and-play receptacle because they see what the market is. They supply not only retail, but also hotels and buildings. The all-in-one platform, we really use the concept of an Apple iPhone, where you had all these separate devices and things you needed, and now it's all in one device and as an app, and that was the same model we used for our generation 3 all-in-one platform. In one to three minutes, you've clicked in and your generation 3 works with all these smart features and things that could be built and invented in the future. We solved this problem of having to install in one bedroom could take you days, and the latency, et cetera.
This is the all-in-one platform with all these features. In post-sales, we have a huge data aggregation opportunity for collecting data once we have Wi-Fi and Bluetooth in the home or building. Performance of anything is better on the ceiling than plugging it into the side, even a Wi-Fi repeater. You'll lose the benefit of the Wi-Fi repeater or extender once you get through the room. When it's in the ceiling, and Wi-Fi and Bluetooth, you're going to have 2x - 3x times the performance and range, and that's why the AI and chip efficiency is better up here. Again, part of our strategy is to license the third parties. I think this is a good overview. The data opportunity post-sales we discussed is the AI subscriptions and monitoring. Again, the install into one bedroom could take you minutes.
A house, a couple of hours, and a hotel, a few days, not six months. We've done already a collaboration with Cavco, the prefabricated home builder. To install receptacles at the factory too for prefab and modular homes makes a lot of sense. They just click the fixtures in when they're ready to light up or make their project smart. We've gotten code approval, just so all these code provisions have occurred. This is the precedent. We've solved this problem of an exposed junction box. I could go into more detail if we speak, I could explain to you what we have in the code provision. We have already codified, we have essentially 10 FDA phase III approvals.
They've changed the definition of receptacle already in the code book to include our receptacle, and they've already given us a generic name, WSCR, just like the GFCI. The reason why the regulators have done this is people are dying every year and falling off ladders. They're required to address it. That's why we've gotten to where we've gotten, and our next step is we're mandatory. I could go into more detail if I have the opportunity to discuss further. Hopefully this was a good overview and look forward to having the chance to speak in more detail if there's an interest discussing further.
Fantastic. Yeah, Lenny, we'll leave it there. Thank you very much for the presentation. Thank you to everybody, of course, for watching. As Lenny just mentioned, if you would like to schedule a meeting with SKYX, shoot me an email. That's Blum, B-L-U-M @Lytham Partners. We'll look to either get you scheduled here during the conference, or in the days to come here as well. Again, learn more about Lytham. Make sure you visit our website, follow us on LinkedIn. We hope everyone has a great conference. Lenny, thank you so much again for your participation.
It's my pleasure, Robert. Thanks for the opportunity. Take care