MeritValue

SKYX Platforms Corp.

SKYXdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

SKYX Platforms Corp. earns about -490% on equity, but has diluted owners by 67% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$43,1091$32,0222$58.8M3$86.3M4$92M4
Net income−$5.73M5−$27M6−$39.7M7−$35.8M8−$33.4M8
Operating cash flow−$4.63M9−$13.8M10−$13M11−$18.3M12−$13.3M12
Capital expenditure—$312,68913———
Free cash flow (derived)—−$14.2M10———
Total debt$7.2M14$6.57M15$18.3M16$20.1M17$19.3M17
Cash & equivalents$10.4M18$6.72M19$16.8M20$12.6M21$8.05M21
Diluted shares64.9M79.5M88.4M99.8M108.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.42
your share of equity
Profit it earned you last year
−$3.07
Free cash flow it threw off
—
Debt you’d be carrying
$1.78

10 shares is a claim on −$0.42 of net worth that earned you −$3.07 last year, against $1.78 of debt.

iii. Is this a good business?
Moat signal · return on equity
-490% avg · 5y
FY21 —FY22 -342%FY23 -245%FY24 -882%FY25 —

It earned an average -490% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+67% shares · 5y

Share count is up 67% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 169% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-010336 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012456 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000290 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013293 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010336 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012456 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000290 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013293 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010336 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012456 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000290 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013293 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-23-010336 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-010336 (LongTermDebt)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-012456 (LongTermDebt)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-000290 (LongTermDebt)
  17. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013293 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-010336 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-012456 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-000290 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-013293 (CashAndCashEquivalentsAtCarryingValue)