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MIAMI - SKYX Platforms Corp. (NASDAQ: SKYX), a company specializing in advanced smart home technologies with impressive revenue growth of 46.76% in the last twelve months, has announced a strategic manufacturing partnership with Profab Electronics, a Florida-based electronic contract manufacturer. This partnership aims to enhance SKYX’s supply chain resilience and efficiency by establishing localized production capabilities in the United States. According to InvestingPro analysis, the company currently has a market capitalization of $122.23 million.
Profab Electronics, operating from Pompano Beach, brings over 40 years of experience in electronic manufacturing services, including new product introduction, production assembly, and integrated supply chain solutions. Their expertise in high-quality, scalable manufacturing is expected to support SKYX’s commitment to maintaining high standards of quality and safety for its customers. InvestingPro data reveals that while SKYX shows strong top-line growth, the company faces challenges with cash burn and operational efficiency.
Rani Kohen, Founder and Executive Chairman of SKYX Platforms Corp., emphasized the significance of this collaboration in strengthening the company’s U.S.-based production and ensuring greater control over manufacturing processes. Kohen expressed pride in supporting American manufacturing and the company’s investment in robust domestic operations.
SKYX, with a portfolio of over 60 lighting and home décor websites and more than 97 issued and pending patents globally, focuses on making homes and buildings safe, advanced, and smart. The company’s products are designed to enhance safety and lifestyle quality in residential and commercial spaces.
The partnership with Profab Electronics is part of SKYX’s strategic efforts to drive the adoption of its technologies as a standard feature in homes, hotels, offices, and cruise ships. However, as with any forward-looking statements, there are risks and uncertainties involved, including the company’s ability to successfully commercialize and gain market acceptance for its products.
This announcement is based on a press release statement and does not constitute an endorsement of SKYX’s claims. The company’s future developments will be closely monitored by investors and industry observers for their potential impact on the market. InvestingPro analysis suggests the stock is currently undervalued, though investors should note that analysts don’t expect profitability this year. For deeper insights into SKYX’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Skyx Platforms Corp. reported its fourth-quarter earnings for 2024, revealing a revenue of $23.7 million, which fell short of the projected $26.42 million. Despite this miss, the company experienced a 48% increase in annual revenue, reaching $86.3 million for the year, alongside a 36% increase in gross profit. Skyx also managed to reduce its general and administrative expenses by $5.7 million. The company remains optimistic about becoming cash flow positive by the second half of 2025, as it plans to expand its product offerings and focus on higher-margin product lines. Additionally, Skyx is collaborating with major retailers like Home Depot and Wayfair to enhance its market presence. Analysts from firms such as Noble and Maxim have shown interest in the company’s strategic moves and collaborations. Skyx’s efforts to mitigate tariff risks and improve operational efficiency are also noteworthy as it continues to pursue growth in the smart home sector.
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