SKYX Platforms stock initiated at Buy by Litchfield Hills on smart home potential

Investing.com - SKYX Platforms Corp. (NASDAQ:SKYX), currently trading at $1.35 with a market cap of $146 million, received its first coverage from Litchfield Hills Research on Friday, with analyst Barry Sine assigning a Buy rating and a $5.00 price target. The stock has shown strong momentum, gaining over 15% in the past week.

The research firm views SKYX as undervalued with potential to become the smart home standard through its plug-and-play ceiling and wall receptacle technology, which has been approved in the National Electrical Code. InvestingPro analysis reveals additional insights about SKYX’s valuation and growth potential, with over 30 key metrics and exclusive ProTips available for subscribers.

Litchfield Hills highlights SKYX’s SkyPlug technology, which offers faster and safer installations for lights and fans while eliminating traditional wiring and ladder fall risks, with Gen 3 products integrating smart hubs, Wi-Fi, detectors, and emergency features.

The company has secured early adoption wins including Marriott hotel upgrades, Home Depot sales, and a planned $3 billion smart city in Miami requiring 500,000 units, with residential builders also beginning to incorporate the technology.

Litchfield Hills projects SKYX revenue to reach $90 million in 2025, growing to $300 million by 2030, with the firm’s business model evolving from manufacturing to high-margin licensing at 1-2% royalties, similar to Qualcomm’s approach.

In other recent news, SKYX Platforms Corp. reported its Q2 2025 earnings, with revenues of $23.1 million, slightly exceeding the forecast of $22.94 million. The company’s earnings per share were -$0.08, aligning with analyst expectations. Additionally, SKYX secured $3.25 million in funding from an existing investor and reported $15.7 million in cash and cash equivalents as of June 30. The company announced a major project in Texas, supplying over 10,000 units of smart technologies for a 278-apartment development. SKYX also showcased its technologies during a renovation at a Marriott SpringHill Suites Hotel. In leadership changes, John Campi retired as Co-CEO, and Leonard Sokolow will continue as CEO. These developments highlight SKYX’s ongoing projects and financial activities.

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