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 Corp. (NASDAQ:SKYX) has appointed Al Weiss, former President of Worldwide Operations at Walt Disney Parks and Resorts, as a senior business development advisor. With a career spanning 39 years at Disney, Weiss will assist SKYX in forging strategic partnerships and business introductions globally. His expertise is expected to enhance the company's efforts in promoting its innovative technologies aimed at making homes and buildings safer and smarter. This appointment reflects SKYX's commitment to advancing its business objectives and expanding its market presence.
SKYX Platforms Corp (NASDAQ:SKYX) has signed an acquisition agreement with Belami, a lighting and home décor eCommerce company generating $86 million in revenue across 64 websites. This strategic move is designed to enhance SKYY's cash flow, market distribution, and accelerate the introduction of its innovative products. The acquisition is primarily funded through equity payments, with cash fully secured by two leading investors. Financial results for 2022 show a $27 million net loss, driven by increased operational costs, while the company's cash reserves improved to $16.8 million from $10.4 million in 2021. Additionally, SKYX won five awards at CES 2023 for its smart ceiling products.
SKYX Platforms Corp. (NASDAQ:SKYX) has acquired a 50% stake in Bailey Street Home, an e-commerce lighting website generating $5 million in annual revenue. The acquisition cost was $225,000 in cash. This move complements SKYX's previous agreement to acquire Belami, a company with $86 million in revenues, aimed at enhancing distribution channels for SKYX's innovative lighting technologies. The acquisition strengthens SKYX's market presence and aligns with its mission to advance smart and safe technology in homes.
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.
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