Profab Electronics is a High-Quality Manufacturer with Mass Production Capabilities and a 60,000 SQF Manufacturing Facility in FloridaMIAMI, April 03, 2025 (GLOBE NEWSWIRE) -- SKYX (NASDAQ: SKYX) (d/b/a "SKYX Technologies"), a highly disruptive advanced and smart home platform technology company for homes and buildings, with more than 97 issued and pending patents globally and a portfolio of over 60 lighting and home décor websites, today announces a strategic manufacturing partnership with Profab Electroni ...

Financial Data and Key Metrics Changes - The company reported a revenue growth of 48% in 2024, increasing from $58.8 million in 2023 to $86.3 million in 2024 [4][19] - The company achieved record revenue of $23.7 million in Q4 2024, compared to $22.2 million in Q4 2023 [6][19] - General and administrative expenses were reduced by $5.7 million to $31.4 million in 2024 from $37 million in 2023 [8][20] - The company reported a $3.3 million decrease in total liabilities from 2023 to 2024 [9][20] - Adjusted EBITDA loss per share improved to $0.13 in 2024 from $0.17 in 2023, with a 14% decrease in net loss to $13.1 million in 2024 from $15.2 million in 2023 [21][22] Business Line Data and Key Metrics Changes - Net sales of advanced and smart home-related products surged over 1,000% [5] - The company expects its products to be in 20,000 homes by Q1 2025, with additional tens of thousands of units expected in 2025 [5][11] - The company continues to focus on a razor and blade model, with a product range that includes advanced ceiling and electrical outlet technologies [12][26] Market Data and Key Metrics Changes - The company is expanding its market penetration in the U.S. and Canada, with significant collaborations with Home Depot and Wayfair [12][13] - The company anticipates significant projects and order growth, aiming to become cash flow positive in the second half of 2025 [5][10] Company Strategy and Development Direction - The company is focusing on enhancing its e-commerce platform and expanding its product offerings through collaborations with leading lighting companies [12][13][30] - The management emphasizes the importance of safety standardization for their technology, which is expected to gain support from safety organizations [6][23] - The company is optimistic about its growth strategy, particularly in the builder and pro segments, leveraging its razor and blade model [25][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity in the second half of 2025, driven by significant projects and orders [10][20][75] - The management is encouraged by the quarter-to-quarter growth in revenues and the positive feedback from builders and hotel owners [25][70] Other Important Information - The company secured $1.45 million in funding in March 2025, including from a strategic investor [8] - The company has appointed key industry veterans to enhance its e-commerce and product strategy [17][29] Q&A Session Summary Question: Impact of tariffs and partnership with Ruee - Management indicated that they have been working with factories in Vietnam, Taiwan, and Cambodia to mitigate tariff impacts, ensuring that new tariffs will not affect their business [36][38] Question: Insights on mandatory approval process - Management noted that they are receiving support from high-level industry experts to expedite the safety standardization process for their technology [42][44] Question: Fourth quarter gross margin dip - Management explained that the dip in gross margin is temporary and attributed to the integration of new products with higher margins, expecting improvements in Q2 [47][49] Question: Update on Home Depot and Wayfair collaborations - Management provided an update on the ongoing product integration and training programs with Home Depot and Wayfair, expressing optimism for future growth [52][55] Question: Impact of new e-commerce head on strategy - Management highlighted that the new e-commerce head will enhance their online presence and competitive pricing strategy, aiming to improve conversion rates [66][68] Question: Expansion into residential homebuilder channel - Management confirmed that they expect to reach 20,000 homes by the end of Q1 2025, with plans for additional tens of thousands of units in the pipeline [70][72] Question: Path to cash flow positivity - Management outlined that achieving cash flow positivity will depend on increasing product offerings and securing significant projects and orders [74][75]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 For the transition period from to Commission File Number: 001-41276 SKYX Platforms Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) Florida 46-3645414 2855 W. McNab Road Pompano Beach, Flori ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 17, 2025 SKYX PLATFORMS CORP. (Exact name of Registrant as Specified in its Charter) (Commission File Number) Florida 001-41276 46-3645414 (IRS Employer Identification No.) (State or other jurisdiction of incorporation) 2855 W. McNab Road Pompano Beach, Florida 33069 (Address of principal ...

Core Insights - SKYX Platforms Corp. reported a significant surge in sales of its advanced and smart home products, with an increase of over 1,000% expected to reach 20,000 units/homes by Q1 2025 and tens of thousands more throughout 2025 [1] - The company achieved revenue growth for four consecutive quarters in 2024, culminating in record sales of $23.7 million in Q4 2024 [1][5] - Management anticipates becoming cash flow positive in the second half of 2025, supported by significant projects and orders [1][5] Financial Performance - SKYX's revenue grew by 48% in 2024, from $58.8 million in 2023 to $86.3 million in 2024, with Q4 2024 revenue of $23.7 million compared to $22.2 million in Q4 2023 [5][7] - The company reported a gross profit of $24.6 million in 2024, representing 28% of revenue, positively impacted by the acquisition of the Belami e-commerce platform [7] - As of December 31, 2024, cash and cash equivalents amounted to $15.5 million, up from $13.0 million as of September 30, 2024 [5][8] Strategic Partnerships and Market Expansion - SKYX collaborates with major retailers such as Home Depot and Wayfair to expand its advanced and smart plug & play product offerings [7] - The company has secured partnerships with leading lighting companies and prefabricated home manufacturers to integrate its technologies into new developments [7] - A strategic partnership with JIT Electrical Supply aims to enhance SKYX's distribution in the electrical and lighting markets, targeting over 100,000 U.S. homes [7] Safety and Standardization Efforts - SKYX's safety code standardization team is working towards mandatory safety standards for its ceiling technology, with expectations of support from additional safety organizations [1][6] - The company believes its products can significantly reduce risks such as fires and electrocutions, potentially saving insurance companies billions annually [6]

Core Insights - SKYX Platforms Corp. reported consistent revenue growth throughout 2024, with revenues increasing from $19 million in Q1 to $23.7 million in Q4 [1][5] - The company secured a total of $12 million in preferred funding, including a recent $1 million announcement, led by The Shaner Group [1][10] - SKYX aims to have its smart plug & play products in 20,000 homes/units by the end of Q1 2025 across the U.S. and Canada [2][6] Financial Performance - Revenues for 2024 were as follows: $19 million in Q1, $21.4 million in Q2, $22.2 million in Q3, and $23.7 million in Q4, indicating a steady increase [1][5] - The strategic funding of $11 million was secured in October 2024, with a focus on enhancing growth strategies and achieving cash flow positivity in 2025 [10] Strategic Partnerships and Collaborations - Collaborations with Cavco Homes and Forte Developments will integrate SKYX's technologies into high-end homes and luxury developments, respectively [6][10] - A partnership with Wayfair will introduce smart plug & play lighting and ceiling fan products to the retail market [10] - JIT Electrical Supply will distribute SKYX's lighting solutions, expanding its footprint in the electrical and lighting markets [10] Leadership and Market Expansion - The appointment of industry veterans, including Huey Long and Greg St. John, aims to strengthen market penetration and expand product offerings [6][7] - The company continues to enhance its market presence and strategic partnerships to accelerate the adoption of its technologies [3][7]

Core Insights - SKYX Platforms Corp. has appointed Huey Long, a seasoned e-commerce executive with extensive experience at Amazon, Walmart, and Ashley Furniture, to lead its e-commerce platform [1][3][4] - The company aims to leverage Long's expertise to enhance sales and market penetration of its advanced and smart home plug & play technologies in the U.S. and Canadian markets [2][4] Company Overview - SKYX Platforms Corp. is a technology company focused on advanced and smart home solutions, holding over 97 issued and pending patents globally and managing a portfolio of more than 60 lighting and home décor websites [1][5] - The company's mission is to establish its technologies as a standard in homes and buildings, emphasizing safety, quality, and ease of use [5] Leadership and Strategy - Huey Long is recognized for his strategic vision and operational excellence, bringing 28 years of experience in e-commerce and omnichannel retail to SKYX [3] - Long's previous roles include Director at Amazon, where he led the development of Amazon Basics, and Senior Vice President at Walmart, showcasing his capability to drive innovation and growth [3][4] - The collaboration between Long and the existing e-commerce management team is expected to propel the next phase of growth for SKYX's technologies [4]

Core Insights - SKYX Platforms Corp. has appointed Huey Long, a seasoned e-commerce executive with extensive experience at Amazon, Walmart, and Ashley Furniture, to lead its e-commerce platform [1][3][4] - The company aims to leverage Long's expertise to enhance sales and market penetration of its advanced and smart home plug & play technologies in the U.S. and Canadian markets [2][4] Company Overview - SKYX Platforms Corp. is a technology company focused on advanced and smart home solutions, holding over 97 issued and pending patents globally and managing a portfolio of more than 60 lighting and home décor websites [1][5] - The company's mission is to establish its technologies as a standard in homes and buildings, emphasizing safety, quality, and ease of use [5] Leadership and Strategy - Huey Long is recognized for his strategic vision and operational excellence, bringing 28 years of experience in e-commerce and omnichannel retail to SKYX [3] - Long's previous roles include Director at Amazon, where he led the development of Amazon Basics, and Senior Vice President at Walmart, indicating a strong background in driving innovation and growth [3][4] - The founder of SKYX, Rani Kohen, expressed confidence in Long's ability to lead the next phase of growth for the company's technologies [4]

Core Insights - SKYX Platforms Corp. will collaborate with Cavco Industries to integrate its advanced smart plug & play technologies into Cavco's premium manufactured homes during the International Builders' Show in Las Vegas from February 25-27, 2025 [1][4] - Cavco is a leading U.S. manufacturer of prefabricated homes, having sold nearly 1 million homes since its inception, with annual sales approaching 20,000 units [3] Company Overview - SKYX Platforms Corp. focuses on making homes and buildings advanced, safe, and smart through its innovative technologies, holding over 97 patents globally [5] - Cavco Industries specializes in factory-built housing products and is recognized for its high-quality, premium designs, distributed through a wide network of retailers [3] Technology Impact - The integration of SKYX's technologies is expected to enhance safety, save time, and add significant value to both developers and homeowners [2][4] - The collaboration aims to set a new standard for construction by making homes smarter and safer instantly [4]

Core Insights - SKYX Platforms Corp. will supply over 12,000 smart and plug & play products to Forte Developments for three luxury projects, including an 80-story building in Miami and two buildings in Clearwater Beach [1][2] - The projects will total over 400 high-end luxury units, showcasing the collaboration between a leading luxury developer and a disruptive technology company [1][2] - SKYX's technologies are designed to provide recurring revenue opportunities through upgrades, interchangeability, monitoring, and subscriptions [1] Company Overview - SKYX Platforms Corp. holds more than 97 issued and pending patents globally and operates over 60 lighting and home décor websites [4] - The company's mission is to make homes and buildings advanced, safe, and smart, emphasizing high quality and ease of use [4] - SKYX's products are positioned as essential for enhancing safety and lifestyle in both residential and commercial buildings [4] Industry Context - Forte Developments is recognized for its high-end luxury condo and home developments, with notable projects in Palm Beach, Miami, and The Hamptons [2] - The collaboration with SKYX is expected to set a new standard in construction, integrating advanced smart technologies into luxury real estate [3] - The partnership reflects a growing trend in the real estate industry towards incorporating smart technologies to enhance property value and safety [3]