SKYX - SKYX Reports Record Sales of $58.8 Million for 2023 and Fourth Quarter Record Sales of $22.2 Million as it Continues to Enhance its Market Penetration for Both Retail and Pro Segments | Benzinga
MIAMI, April 01, 2024 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive platform technology company with 77 pending and issued patents IN THE US and globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today reported its financial and operational results for the Fourth Quarter and Fiscal Year ended December 31, 2023.
SKYX will hold a conference call at 4:30 pm. Eastern time today, April 1, 2024, to discuss the results. See below for dial-in information.
Fourth Quarter 2023 and Subsequent Highlights
- Generated a record $58.8 million in revenue in 2023, including E-commerce sales, smart home products and advanced plug & play products, as compared to $32,022 in 2022. Generated a record $22.2 million in revenue in the fourth quarter of 2023.
- Reported $22.4 million in cash, cash equivalents, restricted cash, available cash, and investments available for sale as of December 31, 2023, as compared to $16.8 million as of December 31, 2022.
- Management anticipates the Company will become cash flow positive during 2025.
Enhancing Market Penetration to Both Retail and Pro Segments
- SKYX has started sales to the builder and pro segments and opened over 100 builder and pro accounts during the International Builders' Show (IBS - NAHB) in Las Vegas.
- In 2023 SKYX successfully delivered its range of advanced and smart home plug & play products to thousands of U.S. homes, with many orders including multiple units.
- SKYX expects its product to be in tens of thousands of homes during this calendar year.
- SKYX has begun selling to the Canadian market.
- Company continues to enhance market penetration of its advanced and smart platform technology product to both retail and pro segments through its e-commerce platform of over 60 websites for lighting and home décor.
- The Company entered into an agreement to supply approximately 1,000 homes with its advanced smart home platform technologies and is expected to deliver approximately 30,000 units representing a variety of its advanced and smart platform technology products to the developer's upcoming projects.
- The Company won 7 CES (Consumer Electronics Show) Awards including most recently two awards for its "All-In-One" Third Generation SKYX Platform.
Key Collaborations with U.S. and World Leading Companies
- SKYX and General Electric (GE) signed a 5-year global licensing partnership agreement to license SKYX's patented advanced and smart home platform technologies, including its ceiling outlet/receptacle related products as well as its all-in-one smart home platform technology.
- Announced a collaboration with world leading lighting Company Kichler, which will include SKYX's advanced smart and standard products for online, retail, and professional channels.
- Announced a collaboration with Quoizel, a premier U.S. lighting manufacturer for nearly 100 years, to integrate SKYX's advanced smart and standard products for online, retail, and professional channels.
- Announced a collaboration with Golden Lighting, a leading provider of elegant lighting solutions in the U.S., which will feature SKYX advanced smart and standard products for online, retail, and professional channels.
- The Company is in the process of working on additional collaborations with leading U.S. companies and expects to announce them in the coming months.
Safety Mandatory Filing
- The Company has filed for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle designed for use in residential and commercial buildings. This effort is spearheaded by SKYX's code team, led by industry veterans Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both ...