Funding Announcement - SKYX Technologies has secured approximately $4 million in recent funding from strategic investors through the purchase of preferred stock at $2.00 per share [1] - This investment is part of a broader financing round totaling approximately $15 million to date, led by The Shaner Group, which owns and develops over 70 hotels worldwide [1][2] - The funding round also saw substantial participation from company insiders, including SKYX President Steve Schmidt and Co-CEOs Lenny Sokolow and John Campi, indicating their confidence in the company's strategic vision and growth trajectory [2] Company Overview - SKYX Technologies is focused on creating advanced and smart home platform technologies, holding over 97 issued and pending patents globally [3] - The company owns more than 60 lighting and home décor websites, catering to both retail and commercial segments [3] - SKYX aims to enhance safety and lifestyle in homes and buildings, positioning its products as essential in every room [3]

Core Insights - SKYX Technologies will host a Corporate Update call on May 14, 2025, to present its first quarter 2025 overview and financial results [1] - The company has over 97 issued and pending patents globally and owns more than 60 lighting and home décor websites [3] Company Overview - SKYX is positioned as a highly disruptive advanced and smart home platform technology company, aiming to enhance safety and lifestyle in homes and buildings [3] - The company emphasizes high quality and ease of use in its technologies, which are considered essential in every room of homes and buildings [3] Conference Call Details - The conference call is scheduled for May 14, 2025, at 4:30 PM Eastern Time, with dial-in options provided for U.S./Canada and international participants [2] - A playback of the call will be available until June 14, 2025, with specific instructions for accessing the replay [3]

Core Insights - SKYX Technologies has announced a strategic manufacturing partnership with Profab Electronics to enhance its supply chain capabilities and production efficiency [1][4] - The partnership aims to establish U.S.-based production capabilities, ensuring better control over manufacturing processes and maintaining high standards of quality and safety [4][3] - Profab Electronics specializes in high-quality electronic contract manufacturing, offering services such as new product introduction, production assembly, and integrated supply chain services [2] Company Overview - SKYX Technologies focuses on advanced and smart home platform technologies, holding over 97 patents globally and managing a portfolio of more than 60 lighting and home décor websites [1][6] - The company emphasizes high quality and ease of use in its products, which are designed to enhance safety and lifestyle in homes and buildings [6] - Profab Electronics has over four decades of experience in the electronic manufacturing sector, with a strong focus on advanced automation and scalable manufacturing solutions [2]

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]

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] - A record revenue of $23.7 million was achieved 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] - Total liabilities decreased by $3.3 million from 2023 to 2024, and net loss was reduced by approximately $3.9 million [9][20] - Adjusted EBITDA loss per share improved to $0.13 in 2024 from $0.17 in 2023, with a 14% decrease in total loss to $13.1 million [21] Business Line Data and Key Metrics Changes - Net sales of advanced and smart home-related products surged over 1,000%, with expectations to reach 20,000 units in homes by Q1 2025 [5][11] - The company continues to focus on a razor and blade model, with a product range that includes advanced ceiling and electrical outlets, smart home products, and various lighting solutions [12][26] Market Data and Key Metrics Changes - The company anticipates significant growth in market penetration, with products expected to be in tens of thousands of additional homes in 2025 [11][70] - Collaborations with major retailers like Home Depot and Wayfair are expected to enhance market presence and product availability [12][54] Company Strategy and Development Direction - The company is focused on becoming cash flow positive in the second half of 2025, driven by significant projects and order growth [10][20] - Strategic partnerships with builders and collaborations with leading lighting companies are aimed at expanding market reach and enhancing product offerings [13][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing safety standardization process and the potential for mandatory adoption of their technology [7][23] - The company is encouraged by quarter-to-quarter revenue growth and the positive feedback from builders and hotel owners regarding their products [25][70] Other Important Information - The company secured $1.45 million in additional funding through a strategic investor [8] - New appointments in the management team, including a former Amazon E-commerce Director, are expected to enhance e-commerce strategies and market penetration [16][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 [35][36] Question: Organizations aiding in the mandatory approval process - Management mentioned that they are collaborating with high-level individuals and organizations to expedite the safety standardization process, expressing confidence in meeting all necessary criteria [39][42] 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 the coming quarters [47][49] Question: Update on Home Depot and Wayfair collaborations - Management provided an update on the ongoing product rollout in Home Depot and Wayfair, indicating that more products are being introduced and that in-store programs are being developed [52][54] Question: Strategy changes with the new e-commerce director - Management highlighted that the new e-commerce director will enhance competitive pricing and conversion rates, aiming to grow the B2B segment significantly [60][67] Question: Expansion into the residential homebuilder channel - Management confirmed expectations to reach 20,000 homes by the end of Q1 2025, with additional tens of thousands anticipated in 2025, supported by positive builder feedback [70][72] Question: Path to cash flow positive - Management outlined that achieving cash flow positivity will depend on increasing product orders and collaborations, with a focus on enhancing gross margins [74][75]

Financial Position - As of December 31, 2024, the company had approximately $15.5 million in cash and cash equivalents, including restricted cash[112]. - As of March 13, 2025, the company has $15.6 million in convertible notes outstanding, which could lead to significant dilution of existing shareholders if converted[195]. - The company does not anticipate paying cash dividends on common stock in the foreseeable future, with capital appreciation being the sole source of gain for stockholders[205]. Financing and Capital Raising - The company raised aggregate net proceeds of $4.3 million from at-the-market offerings of common stock and total gross proceeds of $11.0 million from the sale of newly authorized preferred stock during 2024[112]. - The company may face significant risks if it fails to obtain additional financing, which could adversely affect its business and future prospects[113]. Operational Risks - The company relies on a limited number of third-party manufacturers, which could impact its growth and profitability objectives if relationships deteriorate[118]. - The company experienced shortages in obtaining necessary integrated circuit chips but was able to find additional suppliers[117]. - The company is subject to risks associated with shipping products across borders, including potential tariffs and trade restrictions[121]. - The company relies on less than 10 major vendors that accounted for a majority of its cost of sales during 2024[120]. - The company may face challenges in hiring and training a significant workforce for its planned commercial production of smart products[119]. - The company may face significant risks related to competitive bidding processes for contracts, which could impact a substantial portion of its product revenues[128]. - Failure to consistently win new contract awards could materially and adversely affect the company's growth strategy and financial condition[129]. Acquisitions and Strategic Alliances - The company acquired Belami, an e-commerce platform, in 2023 as part of its business strategy[126]. - The company issued convertible notes and warrants and common stock as consideration for the acquisition of Belami during 2023[127]. - The company may incur significant expenses from acquisitions or strategic alliances, which could negatively affect profitability[126]. Intellectual Property and Compliance - The company relies on a combination of patent, trademark, copyright, and trade secret laws to protect its intellectual property, which if not adequately protected, could adversely affect its business[131]. - The company does not own all intellectual property used in its products and technologies, which could materially affect its ability to manufacture and sell[132]. - The expiration or loss of patent protection may negatively impact future revenues and operating income[137]. - The company is subject to substantial regulation related to quality and safety standards, and failure to comply could adversely affect its business[138]. Taxation and Legal Risks - Changes to tax laws or exposure to additional tax liabilities may negatively impact the company's operating results[148]. - The company may face tax audits that could materially affect its operating results and cash flows[149]. - There is a risk of additional state and local income taxation, which could adversely impact the company's financial condition[150]. - The company has significant U.S. net operating loss (NOL) carryforwards, but their use may be limited due to ownership changes[152]. - Under the Tax Cuts and Jobs Act, NOLs from tax years beginning after December 31, 2017 can offset no more than 80% of current taxable income annually[154]. - The company incurs significant legal and compliance costs as a public entity, which could adversely affect its financial condition[158]. Market and Economic Conditions - The company faces risks from unstable market conditions, including high inflation and interest rates, which may adversely affect operating results and capital raising efforts[168]. - Economic downturns or recessions could hinder the company's growth strategy and financial performance, making financing more difficult and costly[168]. - Ongoing geopolitical tensions, particularly in Israel, could disrupt operations and negatively impact revenues and cash flows[171]. - Economic instability due to inflation, high interest rates, and geopolitical issues may adversely affect the company's financial condition and share price[204]. Regulatory and Compliance Challenges - Increased regulatory focus on environmental, social, and governance practices may raise compliance costs and impact the company's reputation[160]. - The company must maintain effective internal controls over financial reporting, and any deficiencies could affect investor confidence[164]. - Failure to comply with Sarbanes-Oxley Act requirements could lead to a decline in stock price and regulatory sanctions[166]. - The legal and regulatory landscape surrounding AI technologies is rapidly evolving, which may impose significant operational costs and compliance challenges for the company[179]. - The company faces potential costs related to compliance with evolving data privacy and cybersecurity regulations, which may increase operational expenses[185]. Cybersecurity and Technology Risks - Security breaches or failures in information technology systems could lead to significant legal and financial exposure, damaging the company's reputation and financial condition[173]. - The company may face challenges in maintaining adequate cybersecurity measures, especially with evolving threats and reliance on third-party vendors[176]. - The reliance on third-party cloud-based infrastructure, such as Amazon Web Services, poses risks of service disruptions that could adversely affect business operations and customer access[182]. - The company relies on AWS for cloud computing infrastructure, and any disruption could negatively impact operations and customer access to the platform[183]. Shareholder and Stock Market Considerations - Approximately 30.1% of the company's common stock is owned by executive officers, directors, and principal stockholders, which may limit other shareholders' influence on corporate matters[197]. - The company is subject to Nasdaq continued listing requirements, and failure to meet these could adversely affect stock liquidity and price[192]. - The stock price has been volatile, influenced by various factors, including market conditions and analyst evaluations, which could lead to significant fluctuations[193]. - Sales of a substantial number of shares by stockholders could depress the market price of the company's common stock[202]. - The company qualifies as a "smaller reporting company," which may make its stock less attractive to investors due to reduced disclosure requirements[203]. - Anti-takeover provisions in the company's charter and Florida law may discourage or delay changes in control, potentially affecting the trading price of common stock[206]. - As a "smaller reporting company," the company is not required to provide detailed market risk disclosures[283].

Financial Results - SKYX Platforms Corp. announced preliminary selected unaudited financial results for Q4 2024, with specific figures to be disclosed in the final report[5] - The financial results are subject to adjustments due to ongoing internal and external audit reviews, indicating potential material differences from preliminary estimates[6] Company Classification - The company is classified as an emerging growth company under SEC regulations, which may affect its financial reporting and compliance[4]

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, 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]