SKYX to launch AI-driven software for e-commerce platform

MIAMI - SKYX Platforms Corp. (NASDAQ:SKYX) announced Wednesday it will launch new AI-driven software for its e-commerce platform of 60 websites specializing in lighting, home décor, and smart technologies. The small-cap company, with a market capitalization of approximately $173 million, has seen its stock price decline 12% over the past week.

The company expects the AI-native software, when fully integrated, to increase website conversion rates and sales by 30%. SKYX plans to utilize the software to enhance support for its growing builder and professional segments while expanding both B2B and B2C sales channels. This initiative comes as the company reported annual revenue of $89 million with 5.7% growth in the last twelve months. According to InvestingPro analysis, SKYX appears slightly undervalued at its current price of $1.51.

SKYX’s e-commerce platform Belami is led by CEO Huey Long, formerly Director of Amazon E-Commerce and Senior Vice President at Walmart, and Executive Chairman Todd Johnson.

"The next decade of retail growth will be driven by eCommerce and AI-powered innovation," said Long in the press release. "By unifying our platform and data architecture, we can significantly accelerate revenue across more than 60 high-intent specialty sites and marketplaces while expanding into new B2B and professional segments."

SKYX Platforms Corp. describes itself as a platform technology company with over 100 pending and issued patents globally. The company operates more than 60 lighting and home décor websites and focuses on smart and safe home technologies.

Rani Kohen, Founder and Executive Chairman of SKYX, stated the new software reflects the company’s "commitment to continuous innovation and growth" and will help create "an intelligent ecosystem that supports our vision of making smart and safe living the global standard."

The announcement comes as e-commerce continues to be one of the fastest-growing sales channels for businesses worldwide, according to the company statement. Investors should note SKYX is scheduled to report earnings on November 18, with analysts maintaining a Strong Buy consensus. For comprehensive analysis and additional insights, including 8 more ProTips and a detailed Fair Value assessment, visit InvestingPro, where a full Pro Research Report is available for SKYX and 1,400+ other US equities.

In other recent news, SKYX Platforms Corp. announced a significant agreement with Global Ventures Group to expand its smart home and building technologies into the Middle East. This deal will see SKYX supplying hundreds of thousands of units for residential, commercial, and hotel projects across Saudi Arabia and Egypt. The company also secured $3.25 million in additional funding from an existing investor, highlighting several major project wins for its plug-and-play electrical products. Analyst firm Litchfield Hills Research initiated coverage of SKYX with a Buy rating, citing the company’s potential to become a standard in the smart home industry. The research firm set a price target of $5.00, noting the company’s undervaluation and the approval of its technology in the National Electrical Code. Additionally, SKYX announced the retirement of Co-Chief Executive Officer John Campi, with Leonard Sokolow continuing as the sole CEO. Campi will remain a shareholder and may assist the company as needed. These developments underscore SKYX’s strategic moves in expanding its market presence and leadership transition.

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