Core Insights - SKYX Platforms Corp. has secured a strategic investment of $11 million at a conversion price of $2.00 per share, led by Lance Shaner, a prominent hotel developer [1] - The investment includes participation from leading builders and hotel developers, enhancing SKYX's cash position to support growth and collaborations [1] - Management emphasizes that the company has sufficient cash to achieve its goals, including being cash flow positive during 2025 [1] Company Overview - SKYX Platforms Corp. is a technology company focused on creating advanced, safe, and smart platform technologies, holding over 97 patents globally [3] - The company operates more than 60 lighting and home décor websites, targeting 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] Investor Insights - Lance Shaner, as a strategic lead investor, recognizes the significant global growth opportunity for SKYX's technologies in the hospitality and building sectors [1] - The involvement of Shaner, who has extensive experience in community and hospitality developments, provides validation of SKYX's value proposition [1] - The investment is seen as a confirmation of SKYX's potential to revolutionize the smart technology landscape in hotels, buildings, and homes [1]

Collaboration Overview - SKYX Platforms Corp. has announced a collaboration with EGLO, a leading designer and manufacturer of decorative lighting and ceiling fans, to explore product development opportunities for European and international markets [1] - The collaboration aims to leverage SKYX's technology and manufacturing expertise to meet the product needs of EGLO's international customer base [1] Market Penetration - This partnership is expected to enhance SKYX's market penetration in the U.S. and globally through various segments including online, retail, and builders [1] - SKYX's advanced technologies are designed to make homes and buildings smarter and safer, while also providing cost and time savings for property developers and homeowners [1] Company Background - SKYX holds over 97 issued and pending patents globally and operates more than 60 lighting and home décor websites targeting both retail and commercial segments [2] - The company's mission is to establish advanced and smart technologies as the new standard in homes and buildings, emphasizing safety and lifestyle enhancement [2]

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]

Financial Performance - Revenue for Q2 2024 reached $21,446,148, a 43% increase compared to $14,984,055 in Q2 2023[6] - Gross profit for the six months ended June 30, 2024, was $12,154,677, compared to $4,703,969 for the same period in 2023, indicating a significant improvement[6] - The net loss for Q2 2024 was $(7,462,949), an improvement from $(12,263,562) in Q2 2023[6] - For the six months ended June 30, 2024, the net loss was $17,139,150, an improvement from a net loss of $20,228,484 for the same period in 2023, representing a 15% reduction in losses[9] - The company reported a basic and diluted net loss per share of $0.08 for Q2 2024, compared to $0.14 for Q2 2023[6] Assets and Liabilities - Total assets decreased from $76,341,203 on December 31, 2023, to $69,164,575 on June 30, 2024, representing a decline of approximately 9.4%[5] - Current liabilities increased from $24,192,550 to $28,089,313, an increase of about 16.5%[5] - Total liabilities decreased slightly from $60,119,193 to $59,680,485, a reduction of approximately 0.7%[5] - Cash and cash equivalents decreased from $16,810,983 to $10,684,989, a decline of about 36.5%[5] - Total stockholders' equity decreased to $9,484,090 as of June 30, 2024, down from $20,983,627 a year earlier[7] Inventory and Deferred Revenues - Inventory increased from $3,425,734 to $4,220,575, an increase of approximately 23.2%[5] - Deferred revenues increased from $1,475,519 to $2,072,123, an increase of approximately 40.4%[5] - Total inventory increased to $4,220,575 as of June 30, 2024, from $3,425,734 as of December 31, 2023[26] Cash Flow and Financing Activities - Net cash used in operating activities increased to $10,397,019 for the six months ended June 30, 2024, compared to $6,644,075 in the same period of 2023, indicating a 56% increase in cash outflow[9] - The company generated net cash provided by financing activities of $3,847,710 for the six months ended June 30, 2024, a significant decrease of 78% compared to $17,648,373 in the same period of 2023[13] - Cash paid for operating lease liabilities increased significantly to $1,021,684 in 2024 from $207,130 in 2023, representing a growth of approximately 392%[43] Stock and Equity - The company issued 801,706 shares of common stock in Q2 2024, compared to 2,984,308 shares in Q2 2023[7] - The weighted average number of common shares outstanding increased to 99,445,289 in Q2 2024 from 86,621,015 in Q2 2023[6] - The company issued 2,387,779 shares of common stock for services provided, valued at $6,070,935, during the six months ended June 30, 2024[47] Strategic Initiatives - The company is focusing on expanding its operations and integrating new lines of business, particularly in smart products and technologies[4] - The company has expanded its product offerings to include home lighting and furnishings from third parties since April 2023[12] - The company plans to mitigate liquidity issues by increasing revenues and margins from products sold to large retailers and through online channels[14] Debt and Obligations - The company has convertible notes totaling $15,592,408 as of June 30, 2024, compared to $11,525,000 as of December 31, 2023, reflecting a 35.5% increase[37] - The company expects future principal payments for its debt to total $21,948,854, with significant payments due in the next fiscal years[38] - The Company has a total minimum lease obligation of $14,133,630, with $2,315,810 due in the twelve months ending June 30, 2025[43] Expenses - Total expenses for Q2 2024 were $12,811,926, down from $16,946,752 in Q2 2023, reflecting a 24% reduction[6] - The company recorded depreciation expenses of $338,019 for the six months ended June 30, 2024, compared to $64,494 for the same period in 2023, indicating a significant increase in depreciation[33] - The Company recognized compensation expenses related to RSUs and RSAs of $6,070,935 for the six months ended June 30, 2024, compared to $10,638,534 for the same period in 2023, reflecting a decrease of approximately 43%[59] Risk Management - The company reported a significant reliance on a limited number of third-party manufacturers and suppliers, impacting production costs[4] - As of June 30, 2024, the allowance for doubtful accounts was $16,394, a decrease from $54,987 at the end of 2023, indicating improved credit risk management[23] - The company has deposits exceeding the amount insured by the FDIC, and it periodically evaluates the credit quality of the financial institutions holding these deposits[62]

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 ...

Core Viewpoint - SKYX Technologies has announced the production of its new globally patented advanced, smart, plug & play recessed light, aiming to enhance safety and ease of installation in homes and buildings [5][6]. Group 1: Product and Technology - The new recessed light features a Plug & Play installation that simplifies the process and reduces risks associated with hazardous electrical wiring [5]. - SKYX holds over 94 U.S. and global patents, with 36 issued patents specifically covering its advanced Plug and Play and smart home platform technologies [6]. - The recessed lights can be controlled via the SKYX app, voice control, and are compatible with major platforms like Apple's Siri, Amazon Alexa, Google Home, and Samsung [5]. Group 2: Market Potential - The global recessed light market is described as a multi-billion-unit market, indicating significant growth potential for SKYX's new product [5]. - The company's total addressable market (TAM) exceeds $500 billion, highlighting the substantial value created by its robust patent portfolio [6]. Group 3: Company Mission and Vision - SKYX's mission is to make homes and buildings smart, safe, and advanced, positioning its products as essential in every room [3]. - The company emphasizes high quality and ease of use in its technologies, aiming to enhance safety and lifestyle in residential and commercial settings [3].