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MIAMI - SKYX Platforms Corp. (NASDAQ: SKYX), a technology company specializing in advanced and smart home platforms, has reported a consistent increase in quarterly revenues throughout 2024, culminating in a pre-audited $23.7 million for the fourth quarter ended December 31, 2024. This marks a steady climb from $19 million in the first quarter, with subsequent rises to $21.4 million and $22.2 million in the second and third quarters, respectively. According to InvestingPro data, the company has achieved an impressive year-over-year revenue growth of 131.47%, with analysts anticipating continued sales growth in the current year.
In addition to its financial growth, SKYX recently announced an additional $1 million in preferred funding, which, together with the $11 million secured in October 2024, totals $12 million. The Shaner Group, a prominent owner of over 70 Marriott hotels, led this funding round. With a current market capitalization of $116.85 million and trading at $1.19 per share, InvestingPro analysis suggests the stock is slightly undervalued, though it operates with moderate debt levels.
The company anticipates its smart plug & play products to be installed in 20,000 homes and units across the U.S. and Canada by the end of the first quarter of 2025. These products are aimed at both retail and professional market segments and offer opportunities for recurring revenue through features like interchangeability, upgrades, monitoring, and subscriptions.
SKYX’s market expansion has been supported by strategic partnerships and leadership enhancements. Huey Long, formerly of Amazon and Walmart, has been appointed to head SKYX’s e-commerce platform. A collaboration with Cavco Homes will see the integration of smart technologies into prefabricated homes, and three luxury developments by Forte Developments in Florida will feature SKYX’s technology across more than 400 units.
The fourth quarter also saw a $11 million strategic investment in preferred stock at $2.00 per share by Lance Shaner of the Shaner Hotel Group. This investment is aimed at bolstering SKYX’s growth strategy and achieving cash flow positivity in 2025. High-level insider investments and a partnership with Wayfair for the distribution of smart lighting and ceiling fan products further demonstrate confidence in SKYX’s vision.
Rani Kohen, Founder/Inventor and Executive Chairman of SKYX Platforms, emphasized the company’s commitment to making homes and buildings smarter, safer, and more advanced. With strong financial backing and increasing market adoption of its technologies, SKYX aims to continue its expansion across various channels. The company’s financial health score from InvestingPro indicates challenges ahead, with a current ratio of 0.62, though revenue is forecast to grow by 47% this year.
The information provided in this article is based on a press release statement from SKYX Platforms Corp.
In other recent news, SKYX Platforms Corp. has announced the appointment of Steven Schmidt as its new President, effective through a three-year employment agreement until December 31, 2027. The agreement includes a compensation package with both salary and equity-based incentives, granting Mr. Schmidt 250,000 restricted stock units (RSUs) and options to purchase an additional 250,000 shares of common stock. Furthermore, Mr. Schmidt will receive additional RSUs and options vesting in two equal annual installments beginning in 2025. In another development, SKYX Platforms Corp. has entered into a collaboration with JIT Electrical Supply to supply smart home technology starting in early 2025. This partnership will introduce SKYX’s advanced plug & play products to the U.S. homebuilding and professional sectors, enhancing JIT’s offerings with smart lighting and home décor technologies. The collaboration aims to improve safety, efficiency, and cost savings in homebuilding projects. These recent developments highlight SKYX’s strategic moves in expanding its market reach and enhancing its leadership team.
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