Cardiff Oncology shares plunge after Q2 earnings miss
MIAMI - SKYX Platforms Corp. (NASDAQ:SKYX), a technology firm specializing in advanced smart home platforms, has recently raised approximately $4 million from strategic investors through preferred stock sales. This investment is part of a larger $15 million financing round, primarily led by The Shaner Group, a global hotel owner and developer. Company insiders, including President Steve Schmidt and Co-CEOs Lenny Sokolow and John Campi, also significantly contributed, showing strong support for the company’s growth plans. According to InvestingPro data, the company’s market capitalization stands at $143 million, with recent momentum showing an impressive 8.7% return over the past week.
The newly secured funds, priced at $2.00 per share, will be allocated towards general working capital and corporate purposes. SKYX, holding over 97 issued and pending patents worldwide, is known for its innovative technologies aimed at enhancing safety and lifestyle in homes and buildings. In addition to its technology portfolio, the company owns and operates over 60 lighting and home décor websites. The company has demonstrated strong revenue growth of 46.8% in the last twelve months, though InvestingPro analysis indicates current short-term obligations exceed liquid assets, with a current ratio of 0.78.
The company’s strategic vision includes making advanced-safe-smart technologies a standard in every home and building, similar to the ubiquity of electricity. SKYX’s products, which place a strong emphasis on quality and user-friendliness, are considered by the company as necessary for every room in both residential and commercial spaces across the U.S. and globally. InvestingPro analysis reveals multiple growth indicators and financial metrics for SKYX, with analysts projecting continued sales growth this year. For deeper insights, investors can access the comprehensive Pro Research Report, which provides detailed analysis of SKYX’s market position and growth potential.
This press release contains forward-looking statements, which are based on current expectations and projections about future events. These include the company’s ambitions to successfully launch and commercialize its products, integrate with third-party platforms, and drive adoption of its technologies as a standard feature in various building types. However, these statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected.
Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the company’s business and prospects, including its ability to raise additional capital, market acceptance of its products, and potential changes in economic conditions.
The information provided is based on a press release statement from SKYX Platforms Corp. and does not include any speculative content or endorsements of claims. The company’s progress and strategic investments reflect its commitment to innovation in the smart home industry.
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 forecasted $26.42 million. Despite missing the revenue forecast, the company experienced a 48% year-over-year revenue increase, reaching $86.3 million in 2024, up from $58.8 million in 2023. The company also reported a 36% increase in gross profit and a 10% reduction in net loss, attributed to a surge in smart home product sales and improved operational efficiency. In a strategic move to bolster its manufacturing capabilities, Skyx announced a partnership with Profab Electronics to establish localized production in the United States, enhancing supply chain resilience.
Additionally, Skyx Platforms is optimistic about achieving cash flow positivity in the second half of 2025, aiming to expand its product assortment and focus on higher-margin product lines. On the analyst front, firms like Noble and Maxim have shown interest in Skyx’s strategic direction and partnerships. The company has also been actively expanding its market penetration through collaborations with major retailers like Home Depot and Wayfair, aiming to enhance its product offerings and distribution network. Skyx’s strategic efforts are further supported by key personnel appointments, including Huey Long, a former Amazon and Walmart executive, to lead its e-commerce platform expansion.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.