Welcome to our dedicated page for SKYX Platforms news (Ticker: SKYX), a resource for investors and traders seeking the latest updates and insights on SKYX Platforms stock.
SKYX Platforms Corp. (NASDAQ: SKYX) is an innovative company focused on developing proprietary technology that revolutionizes the installation of electrical fixtures such as light fixtures and ceiling fans. SKYX's advanced technology features a weight-bearing, fixable socket and a revolving plug designed for quick and secure installation, enhancing safety and convenience in homes and buildings.
At the core of their technology is a nonconductive socket body housing conductive rings, which connect to an electric power supply via side terminals. This system supports easy plug-and-play installation, allowing for safe and efficient connection of electrical appliances to walls or ceilings. The plug, also nonconductive, houses corresponding conductive rings and attaches to the socket through a male post, ensuring a reliable power feed to attached devices.
SKYX Platforms Corp. is not only at the forefront of smart home technology but also an award-winning innovator. The company has garnered multiple accolades, including seven CES awards for its cutting-edge solutions in 2023 and 2024. SKYX's platform offers high-end, safe, and time-saving smart home solutions that can significantly enhance real estate value for both developers and homeowners. The smart platform includes features like scheduling, eco/energy-saving modes, smoke and carbon monoxide detection, premium smart speakers, Wi-Fi repeaters, and intercom capabilities. The technology integrates seamlessly with major smart home ecosystems such as Apple Siri, Amazon Alexa, Google Home, and Samsung SmartThings.
In recent news, SKYX is set to showcase its patented technologies at the International Builders' Show (IBS) in Las Vegas from February 27-29, 2024. This event, organized by the National Association of Home Builders (NAHB), is the largest annual construction show globally and will highlight SKYX's collaboration with leading lighting manufacturers KICHLER and QUIZEL. The company's participation at IBS underscores its commitment to enhancing market penetration and demonstrating its innovative solutions to industry leaders worldwide.
SKYX Platforms Corp.'s financial health is robust, with $22.4 million in cash, cash equivalents, and investments as of December 31, 2023, marking a notable increase from the previous year. The company continues to make strategic investments in sales and marketing to bolster its presence in both the retail and professional segments. SKYX remains dedicated to its mission of making homes and buildings smart and safe, setting new standards in the industry.
SKYX Platforms has announced a definitive agreement to acquire Belami, a profitable e-commerce conglomerate in lighting and home décor, which reported $86 million in revenues and operates 64 websites. The acquisition will involve up to 5,223,991 shares of SKYX's stock and $8 million in cash, fully funded by existing investors, with an additional $4 million deferred payment a year post-closing. This deal aims to accelerate SKYX's growth and enhance its product distribution channels. The acquisition has received board approval and is set to close soon, subject to conditions.
SKYX Platforms Corp. (NASDAQ:SKYX) announced its participation in the NAHB International Builder's Show from January 31 to February 2, 2023, in Las Vegas, showcasing its award-winning SkyPlug Smart product. The SkyPlug Smart, recognized with five awards at CES 2023, aims to enhance safety and usability in homes and buildings. The company has over 60 global patents and is focused on making smart technology a standard in every household. Management emphasizes the importance of this event for engaging with home builders and promoting the commercial adoption of its innovative products.
SKYX Platforms Corp. (NASDAQ:SKYX) has launched the SkyPlug Smart at CES 2023, a groundbreaking smart lighting solution that allows for quick and safe installation of fixtures and ceiling fans without electrical hazards.
This product features app and voice control, energy-saving modes, and is compatible with major smart home systems. Priced at $119.99, it aims to become a standard in U.S. homes following its recent standardization approval from ANSI and NEMA, ensuring safety compliance. The product is set for consumer availability in Q1 2023.
SKYX Platforms Corp. announced the initiation of pre-sales for its award-winning Smart SkyPlug product on December 19, 2022, following its recognition at CES 2023 for innovation in the smart home category. The company reported over 20,000 product inquiries and has approximately $20.9M in cash reserves to support product launch and marketing efforts. The Smart SkyPlug facilitates safe and fast installation of fixtures, aiming for shipments to commence in January 2023. Future promotional activities are planned at CES and Lightovation shows in January.
SKYX Platforms Corp. (NASDAQ:SKYX) has been approved by the American Institute of Architects (AIA) to include its course in the mandatory Continuing Education Systems for over 94,000 architects. This inclusion aligns with U.S. regulations requiring architects to complete annual education credit hours to maintain their licenses. SKYX aims to drive product adoption among leading architects while enhancing safety standards in construction. The company holds over 60 patents focused on advanced automation and safety in buildings.
MIAMI, FL / ACCESSWIRE / November 14, 2022: SKYX Platforms Corp. (NASDAQ: SKYX), known for its innovative platform technologies, will host a virtual investor event on November 17, 2022, at 11:00 a.m. Eastern time. The event aims to discuss new developments and will include a Q&A session. Interested participants can register via the provided link. With over 60 global patents, SKYX is committed to enhancing safety and automation in homes and buildings. The presentation will be accessible on the investor relations website after the event.
SKYX Platforms Corp. (NASDAQ:SKYX) reported third-quarter results for 2022, citing significant advancements in its technology and brand awareness. The company received generic name approval from the NEC for its weight-supporting outlets and achieved standardization approval from ANSI/NEMA. SKYX secured 10-year roof rights for branding in Miami and plans to start presales of its SkyPlug products in Q4. However, operational cash usage rose to $9.7 million, resulting in a net loss of $5.7 million for the quarter, up from $1.6 million in Q3 2021. Cash reserves totaled $20.9 million at quarter's end.
SKYX Platforms Corp. has secured a 10-year roof right lease for signage on a prominent building in downtown Miami, significantly boosting brand visibility. The building, located across from the Miami Heat FTX Arena, is anticipated to reach tens of millions of viewers, enhancing brand awareness through various media. Additionally, the company is set to open its corporate headquarters and sales offices in this strategic location by 2023, benefiting from a $2.25 million improvement allowance for office space development and no rent payment until January 2024.
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