MIAMI - SKYX Platforms Corp. (NASDAQ: SKYX), known for its smart platform technology and a portfolio of patents, has announced a collaboration with JIT Electrical Supply, a major supplier in the electrical, lighting, and ceiling fan markets. The announcement comes as SKYX demonstrates strong revenue growth, with sales increasing by 131% in the last twelve months according to InvestingPro data. This partnership, set to commence early 2025, aims to introduce SKYX's advanced plug & play products to the U.S. homebuilding and professional sectors.
JIT Electrical Supply, with a history of serving over 100,000 U.S. homes, is expected to enhance its product offerings with SKYX's range of smart and advanced lighting and home décor technologies. The collaboration will include a variety of SKYX products such as lighting, ceiling fans, recessed lights, EXIT signs, emergency lights, and indoor and outdoor wall lights. According to InvestingPro analysis, SKYX currently trades below its Fair Value, with analysts maintaining a strong buy consensus and setting price targets significantly above current levels.
Bob Hill, CEO of JIT Electrical Supply, expressed enthusiasm about integrating SKYX's technologies into their projects, citing the potential for safety and efficiency improvements as well as cost savings. Rani Kohen, Founder and Executive Chairman of SKYX, highlighted the partnership as a significant step towards expanding the reach of their technology into builder and professional markets.
SKYX, with over 97 issued and pending patents globally, emphasizes the quality and ease of use of its products, aiming to enhance safety and lifestyle in homes and buildings. The company's mission is to establish advanced and smart homes as the new standard, akin to how electricity is a staple in modern infrastructure. While the company has shown impressive revenue growth, InvestingPro data reveals it operates with a moderate level of debt and currently faces short-term liquidity challenges with a current ratio of 0.62.
The press release includes forward-looking statements regarding the potential impact of the collaboration on market penetration, the anticipated benefits of the technology, and SKYX's plans to innovate within the smart home and lighting sectors. However, it's important to note that forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Recent market performance shows a strong 26.86% return over the past six months, though InvestingPro indicates the stock typically trades with high price volatility. For deeper insights into SKYX's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
This report is based on a press release statement from SKYX Platforms Corp. and does not include any speculative insights or broader industry trends. The focus is on the factual announcement of the collaboration between SKYX and JIT Electrical Supply and its expected commencement in early 2025.
In other recent news, SKYX Platforms Corp. reported a rise in Q3 2024 revenues to $22.2 million, marking an increase from the previous year. The company has also made notable strides in its product line and strategic partnerships, setting the stage for expected growth in the year ahead. Despite a minor dip in cash and equivalents, SKYX Platforms Corp. has seen improvements in its gross profit and margin and aims to become cash flow positive by 2025.
In addition to its financial performance, the company has formed significant partnerships with GE and Home Depot (NYSE:HD), expanding its market presence. SKYX Platforms Corp. plans to have its products installed in 15,000 homes across the U.S. and Canada by the end of 2024. The company's recent developments also include a licensing agreement with GE and collaborations with major retailers, which are anticipated to increase product availability.
While there have been concerns about potential tariffs on imports from China, the company has confirmed that contingency plans are in place with manufacturers in Vietnam and Taiwan. SKYX Platforms Corp. remains optimistic about the rollout of its Generation 3 smart products and ongoing licensing discussions with GE. These recent developments underscore the company's continued commitment to growth and innovation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.