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MIAMI - SKYX Platforms Corp. (NASDAQ:SKYX), a smart home technology company with a market capitalization of $146 million and showing strong momentum with a 21.5% gain in the past week, has secured $3.25 million in additional funding from an existing lead investor in September, the company announced Thursday in a corporate update. According to InvestingPro analysis, the company currently appears undervalued based on its Fair Value assessment.
The smart home technology firm, which reported $15.7 million in cash and cash equivalents as of June 30 and operates with a current ratio of 0.7, highlighted several major project wins for its plug-and-play electrical products. InvestingPro data reveals the company faces some liquidity challenges, with short-term obligations exceeding liquid assets.
SKYX will supply over 10,000 units of its smart plug-and-play technologies to a 278-apartment project in Austin, Texas, being developed by Landmark Companies. The company is also expected to deploy more than 500,000 units to a $3 billion mixed-use development in Miami.
The Miami project, described as a Smart Home City development, is led by SG Holdings, a joint venture of Swerdlow Group, SJM Partners, and Alben Duffie, with architecture by Arquitectonica.
SKYX reported six consecutive quarters of revenue growth from Q1 2024 through Q2 2025, with the most recent quarter reaching $23.1 million and maintaining a gross profit margin of 28.25%. The company noted that net cash used in operating activities decreased by 54% to $2.0 million in Q2 2025 compared to Q1, while gross profit increased 23% to $7.0 million. Discover more detailed financial metrics and 7 additional key insights with a subscription to InvestingPro.
The company also announced a U.S. manufacturing partnership with Profab Electronics in Florida, adding to its existing manufacturing collaborations in Vietnam, Taiwan, China, and Cambodia.
SKYX’s product line includes ceiling electrical outlets, lighting fixtures, recessed lights, and smart home products that can be installed without traditional wiring methods. The company stated it expects to achieve cash flow positivity by the end of 2025.
The information in this article is based on a press release statement from SKYX Platforms Corp.
In other recent news, SKYX Platforms Corp reported its Q2 2025 earnings, revealing steady revenue growth with revenues slightly exceeding forecasts. The company achieved a revenue of $23.1 million, surpassing the expected $22.94 million, while earnings per share (EPS) stood at -$0.08, aligning with analyst projections. Additionally, SKYX Platforms announced that John Campi retired as Co-Chief Executive Officer, with Leonard Sokolow continuing as the sole CEO. In a strategic move, SKYX Platforms will supply over 10,000 units of its smart plug-and-play technologies for a 278-apartment development in Austin Manor, Texas, led by Landmark Companies. Furthermore, the company successfully showcased its advanced technologies during a renovation at a Marriott SpringHill Suites Hotel owned by the Shaner Group. These developments highlight SKYX’s ongoing efforts to expand its market presence and technological offerings.
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