MIAMI, Aug. 19, 2024 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive smart platform technology company with more than 97 issued and pending patents globally and over 60 lighting and home décor websites, announces a new collaboration with EGLO, an international market leading designer and manufacturer of decorative and functional lighting and ceiling fans. The collaboration provides for the two companies to explore and evaluate ...

Financial Data and Key Metrics Changes - The company reported record second quarter sales of $21.4 million, an increase from $15 million in the second quarter of 2023, reflecting a growth in market penetration in the US and Canada [8][15] - Cash, cash equivalents, and restricted cash decreased to $15.6 million as of June 30, 2024, down from $19.8 million as of March 31, 2024 [9][16] - Adjusted EBITDA loss decreased to $2.1 million in the second quarter, compared to a loss of $4.6 million in the first quarter of 2024 [17] Business Line Data and Key Metrics Changes - The company continues to grow its market penetration of advanced and smart plug and play products, now in nearly 10,000 homes in the US and Canada, with expectations to reach tens of thousands by 2025 [9][10] - The introduction of new products, including the advanced smart plug and play Recessed Lights, is expected to open significant market opportunities [12][20] Market Data and Key Metrics Changes - The total addressable market (TAM) is estimated to be over $500 billion, covering various sectors including homes, hotels, and offices [6] - The company is experiencing growth despite declines in the broader lighting and home decor market due to the slowdown in real estate and post-COVID renovation trends [8] Company Strategy and Development Direction - The company aims to revolutionize the lighting and smart home industries with its innovative products, focusing on safety, cost savings, and ease of installation [5][7] - Collaborations with major retailers like Home Depot and manufacturers such as Ruee Appliances are expected to enhance distribution channels and product offerings [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity by 2025, leveraging collaborations and the company's e-commerce model [10][35] - The company is actively pursuing additional retail partnerships and is optimistic about future product launches and market expansion [30][34] Other Important Information - The company has made significant progress in patent applications, with a total of 97 patents and pending applications, including 36 issued patents globally [5][14] - The company is utilizing a "razor and blade" model to enhance market penetration and product offerings [19] Q&A Session Summary Question: Comments on Home Depot relationship and Ruee Appliances - Management highlighted that collaborations with Ruee Appliances provide financial backing and production capacity, enhancing gross margins and distribution channels [28] Question: Other retailers' interest post-Home Depot announcement - Management indicated ongoing discussions with various retailers but could not disclose specifics at this time [30] Question: Developments in the builder channel since Home Depot announcement - Management confirmed active engagement in the builder channel and plans to introduce a variety of products tailored for builders [33] Question: Updates on cash burn and funding needs - Management expressed confidence in achieving cash flow positivity without needing additional funding, thanks to favorable sales terms and collaborations [35] Question: Update on Gen 3 all-in-one platform product launch timing - Management expects to start production in the second half of the year, pending final regulatory testing and quality control [39] Question: Progress with Ruee Appliances and gross margin uplift - Management noted that Ruee Appliances brings significant manufacturing capabilities and flexibility, which should positively impact gross margins in the future [41] Question: Status of the GE relationship - Management confirmed active collaboration with GE, focusing on licensing opportunities and leveraging GE's expertise in the industry [42]

Core Insights - SKYX Platforms Corp. reported record second-quarter revenues of $21.4 million, a 42.7% increase from $15.0 million in the same quarter of 2023, driven by advanced and smart platform products [1][4] - The company has $15.6 million in cash and equivalents as of June 30, 2024, down from $19.8 million as of March 31, 2024, utilizing a "Dell Working Capital Model" to enhance cash position [1][4] - Collaborations with major retailers like Home Depot and Ruee Appliances are expected to significantly boost market penetration and gross margins [1][5] Financial Performance - Revenue for Q2 2024 reached $21.4 million, compared to $15.0 million in Q2 2023, indicating strong growth [4] - Adjusted EBITDA loss improved to $2.1 million in Q2 2024 from $4.6 million in Q1 2024, while net loss was $7.5 million, or $(0.08) per share [4] - The company aims to achieve cash flow positivity by 2025, supported by its e-commerce platform and strategic partnerships [5] Product Development and Collaborations - SKYX is advancing its product offerings, including a new patented smart plug & play recessed light, targeting a multi-billion-unit market [1] - Collaborations with lighting companies like Kichler and Quoizel aim to integrate SKYX's products into retail and professional channels [2] - The company has filed for safety standardization with the National Electrical Code for its ceiling outlet receptacle, which could enhance product adoption [3] Market Strategy - The company is expanding its market presence with products in nearly 10,000 homes in the U.S. and Canada, with expectations to reach tens of thousands by 2025 [1] - SKYX's e-commerce platform, comprising over 60 websites, is utilized for marketing and distribution, enhancing cash flow and market penetration [5] - The company is focused on licensing opportunities and AI/data aggregation revenues as part of its growth strategy [5]

Core Viewpoint - SKYX Technologies is set to host a Corporate Update call on August 12, 2024, to present its second quarter 2024 financial results, highlighting its mission to make homes and buildings smart, safe, and advanced as the new standard [1][2]. Group 1: Corporate Update Call Details - The Corporate Update call will take place on August 12, 2024, at 4:30 PM Eastern Time [1]. - Key participants in the call include Rani Kohen (Founder and Executive Chairman), Steve Schmidt (President), Lenny Sokolow (Co-CEO), and Marc Boisseau (CFO) [1]. - Dial-in information for the call includes a U.S./Canada number (1-877-269-7751) and an international number (1-201-389-0908) [1]. Group 2: Company Overview - SKYX holds over 97 issued and pending patents in the U.S. and globally, focusing on advanced-safe-smart platform technologies [2]. - The company owns more than 60 lighting and home décor websites, targeting both retail and commercial segments [2]. - SKYX emphasizes high quality and ease of use in its products, aiming to enhance safety and lifestyle in homes and buildings [2].

SKYX will Offer a Variety of its Advanced and Smart Plug & Play Products including Retrofit Kits, Smart Light Fixtures, Smart Ceiling Fans, Ceiling Outlet Receptacles, Recessed Lights and More Miami, FL, July 30, 2024 – SKYX (NASDAQ: SKYX) (d/b/a "SKYX Technologies"), a highly disruptive smart platform technology company with over 94 issued and pending patents in the U.S. and globally, and which owns over 60 lighting and home décor websites with a mission to make homes and buildings become smart, safe, and ...

MIAMI, July 30, 2024 (GLOBE NEWSWIRE) -- SKYX (NASDAQ:SKYX) (d/b/a "SKYX Technologies"), a highly disruptive smart platform technology company with over 94 issued and pending patents in the U.S. and globally, and which owns over 60 lighting and home décor websites with a mission to make homes and buildings become smart, safe, and advanced as the new standard, announced today a collaboration with world leading home improvement retailer, Home Depot, for its advanced and smart plug & play products. SKYX will o ...

SKYX Announces Production of its New Global Patented Advanced, Smart, Plug & Play Recessed Light SKYX's New Plug & Play Recessed Light Global Patents include the U.S., China, Canada, Hong-Kong and Mexico 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 94 U.S. and global patents and patent pending applications. Addi ...

The Global Recessed Light Market is a Multi-Billion Unit Market As SKYX Continues to Grow its Market Penetration it Expects its Recessed Light to Significantly Contribute to Growth SKYX's New Plug & Play Recessed Light Global Patents include the U.S., China, Canada, Hong-Kong and Mexico MIAMI, July 11, 2024 (GLOBE NEWSWIRE) -- SKYX (NASDAQ:SKYX) (d/b/a "SKYX Technologies"), a highly disruptive smart platform technology company with over 94 issued and pending patents in the U.S. and globally, and which owns ...

The 6 additional patent issuances cover SKYX's advanced plug-and-play smart ceiling fan and heater, enabling an all-in-one all-season product providing cool air for summertime and hot air for wintertime. 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 94 U.S. and global patents and patent pending applications. Addi ...

SKYX Platforms Corp. (NASDAQ:SKYX) Q1 2024 Earnings Conference Call May 14, 2024 4:30 PM ET Company Participants Rani Kohen - Founder and Executive Chairman Steve Schmidt - President Len Sokolow - Co Chief Executive Officer Marc Boisseau - Chief Financial Officer Khadija Mustafa - Senior Tech Advisor Conference Call Participants Jack Aarde - Maxim Group Operator Good day and welcome to the SKYX Platforms Corp. First Quarter 2024 Investor Update Call. Today's webinar is being recorded. Before we begin the fo ...