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 ...

Core Insights - SKYX Technologies is set to begin production of its new patented advanced smart Plug & Play recessed lights, which are expected to significantly contribute to the company's growth in the multi-billion-unit global recessed light market [1][2][5] - The company holds a robust patent portfolio with over 94 issued and pending patents globally, including key markets such as the U.S., China, Canada, Hong Kong, and Mexico [1][4] - The total addressable market (TAM) for SKYX is estimated to exceed $500 billion, highlighting the substantial potential for growth and value creation within the smart home and lighting industries [4] Product Features and Technology - SKYX's Plug & Play recessed lights can be controlled via an app, voice control, and are compatible with major platforms such as Apple's Siri, Amazon Alexa, Google Home, and Samsung [3] - The recessed light solution addresses safety concerns associated with hazardous electrical wiring by enabling a simple installation process that saves time and costs [2] Company Vision and Market Position - The founder and executive chairman of SKYX emphasized the company's mission to make homes and buildings safer, smarter, and more advanced, positioning it as a leading technology provider in the smart home and lighting sectors [5] - The company also operates over 60 lighting and home décor websites, catering to both retail and commercial segments, further enhancing its market presence [5][9]

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 ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41276 SKYX PLATFORMS CORP. (Exact name of registrant as specified in its charter) Florida 46-3645414 (State or other jurisdiction of incor ...

Financial Performance - First quarter 2024 revenue reached a record $19.0 million, up from $18.6 million in the first quarter of 2023, reflecting a growth of approximately 2.1%[2] - Total revenue for Q1 2024 was $18,977,821, a significant increase from $10,025 in Q1 2023, representing a growth of approximately 188,000%[19] - Gross profit for Q1 2024 was $5,578,050, compared to a gross profit of $8,557 in Q1 2023, indicating a substantial increase in revenue generation despite higher costs[19] - Net loss for Q1 2024 was $9,676,201, compared to a net loss of $7,970,269 in Q1 2023, reflecting a year-over-year increase in losses of approximately 21.4%[19] - EBITDA, as adjusted, for Q1 2024 was $(4,532,747), compared to $(3,778,573) in Q1 2023, indicating a worsening of approximately 19.9%[25] Cash and Assets - As of March 31, 2024, cash, cash equivalents, and restricted cash totaled $19.8 million, a decrease from $22.4 million as of December 31, 2023[6] - Cash and cash equivalents at the end of Q1 2024 were $19,789,663, down from $22,430,253 at the beginning of the period, a decrease of about 11.6%[23] - Total current assets decreased to $25,482,328 as of March 31, 2024, down from $27,317,855 as of December 31, 2023, a decline of about 6.7%[17] Liabilities and Equity - Total liabilities increased to $60,688,463 as of March 31, 2024, compared to $60,119,193 as of December 31, 2023, representing an increase of approximately 0.9%[17] - Total stockholders' equity decreased to $13,496,593 as of March 31, 2024, down from $16,222,010 as of December 31, 2023, a decline of about 16.8%[17] - Operating lease liabilities increased to $24,322,762 as of March 31, 2024, compared to $24,165,986 as of December 31, 2023, reflecting a rise of approximately 0.65%[17] Expenses - Sales and marketing expenses increased to $6.5 million in the first quarter of 2024, compared to $5.7 million in the same period of 2023[7] - Adjusted EBITDA for the first quarter of 2024 was a net loss of $5.1 million, compared to a net cash loss of $4.4 million in the first quarter of 2023[8] Strategic Initiatives - The company has over 90 issued and pending patents, with 30 patents specifically covering advanced plug and play and smart home platform technologies[2] - Collaboration with Ruee Appliances aims to enhance gross margins and expand market reach in China and Europe[2] - A five-year global licensing partnership with General Electric (GE) was established to license SKYX's patented technologies[2] - The company has opened over 100 builder and pro accounts during the International Builders' Show, targeting the builder and pro segments[2] - SKYX expects to deliver approximately 30,000 units of its advanced smart home platform technologies to a developer's upcoming projects[2] - The company anticipates becoming cash flow positive during 2025, supported by its e-commerce platform and strategic collaborations[9] Shareholder Information - The company issued 2,733,361 shares of common stock during Q1 2024, increasing the total shares outstanding to 97,096,897[21]