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MIAMI - SKYX Platforms Corp. (NASDAQ:SKYX), a technology company with a market capitalization of $123 million, will introduce its patented all-in-one smart ceiling fan and heater in the third quarter of 2025, according to a company press release statement. While the company posted revenue growth of 12.4% in the last twelve months, InvestingPro data shows it has yet to achieve profitability.
The technology company plans to release two different models in 6-8 colors each, targeting both residential and commercial markets. Manufacturing has already begun through SKYX's production partners, with the launch timed to coincide with the upcoming winter season. According to InvestingPro analysis, the company currently operates with a moderate level of debt, which could support its production expansion plans.
SKYX cited "strong U.S. and international demand" for the product, which combines ceiling fan and heating functions in a single unit. The company stated that the ceiling fan and portable heater category represents a multi-billion-dollar market with tens of millions of units sold annually in the United States.
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said the company is experiencing "unprecedented interest" in the product from both domestic and global markets.
The Miami-based firm, which holds over 97 issued and pending patents globally, indicated that this product launch is expected to support its goal of achieving cash-flow positive operations in 2025.
SKYX Platforms describes itself as a smart home platform technology company with a portfolio of over 60 lighting and home décor websites. The company's stated mission is to make homes and buildings "smart, safe, and advanced as the new standard."
The announcement did not include pricing details or specific distribution channels for the new product line. Analyst price targets for SKYX range from $2 to $5 per share, suggesting potential upside from current levels. For deeper insights into SKYX's financial health and growth prospects, investors can access comprehensive analysis through InvestingPro's detailed research reports, available as part of its coverage of over 1,400 US stocks.
In other recent news, SKYX Platforms Corp reported its Q1 2025 earnings, meeting its EPS forecast of -$0.09 but falling short on revenue with $20.1 million against an expected $21.15 million. Despite the revenue miss, the company saw improvements in gross margin and cash flow efficiency, with a 6% year-over-year increase in revenue. SKYX Platforms is also set to join the Russell 2000 and 3000 indexes, which could enhance investor awareness and institutional ownership. Additionally, SKYX has partnered with SG Holdings for a $3 billion smart city development in Miami, integrating over 500,000 units of its smart home technologies. This project aims to redefine urban living with advanced technology and promises significant long-term revenue through upgrades and subscriptions. Furthermore, SKYX has entered a manufacturing partnership with Profab Electronics to bolster its supply chain, indicating strategic efforts to enhance market presence. These developments reflect SKYX's focus on innovation, strategic partnerships, and market expansion.
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