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].

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 ...