New York, August 13, 2024 - PRISM MarketView - The smart platform technology and lighting company, SKYX Platforms Corp (SKYX) announced its second quarter earnings that generated a record $21.4M in revenues compared to the same period last year of $15M. Additionally, its second quarter cash position was reported at $15.6M. This quarter the company collaborated with Home Depot, a global retail leader in home improvement, who will offer a variety of SKYX’s Advanced and Smart Plug & Play products for purchase on both its website and in some retail stores. SKYX market penetration continues to improve as its products are now in nearly 10K U.S. and Canadian homes and are expected to be in tens of thousands of homes in 2025. This penetration is further supported by the company’s e-commerce platform of over 60 websites for lighting and home décor.
Additional Q2 financial results included a $2.5M reduction in net cash loss reporting adjusted EBITDA of $2.1M as compared to $4.6M from the previous quarter and EPS of $(0.08) compared to ($0.14) for the same period last year. Further commentary from management included positivity around their cadence of sales, management of their cash burn and success on their e-commerce business. The company anticipates being cash flow positive during 2025.
SKYX and General Electric’s 5-year licensing partnership continues its goal to make SKYX’s game-changing ceiling outlet/receptacle the standard for homes and buildings by licensing it and its related products. Additionally, the Company filed for a mandatory safety standardization with the National Electrical Code (NEC) for its ceiling outlet receptacle for ceilings in homes and buildings in 2023. The Company’s code team is led by Mark Earley – former head of the National Electrical Code (NEC) and former Chief Electrical Engineer of the National Fire Protection Association (NFPA) – as well as 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 the electrical and lighting industries.
About SKYX Platforms Corp.
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 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com or follow us on LinkedIn.
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