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) announced the National Electrical Code's approval of its acronyms WSCR (Weight-Supporting Ceiling Receptacle) and WSAF (Weight-Supporting Attachment Fitting) for its innovative ceiling outlet and plug products. This milestone supports SKYX's standardization process, significantly enhancing safety during the installation of ceiling fixtures. With a vast market potential, the company aims to replicate the success of GFI outlets in U.S. households, promoting safer installation practices that reduce risks of electrocution, injuries, and fire hazards.
SKYX Platforms Corp. (NASDAQ:SKYX) announced a significant milestone with the historical approval of its Gen-1 plug & play ceiling outlet/receptacle by ANSI/NEMA. This innovative technology aims to enhance safety and simplify the installation of lighting and ceiling fans, reducing risks associated with electrical work. The demo video showcases the product's benefits, including time and cost savings along with a decrease in hazardous incidents. While the approval represents progress, potential risks regarding broader regulatory acceptance remain, underscoring the need for cautious optimism in market expectations.
SKYX Platforms Corp. (NASDAQ:SKYX) achieved a historic U.S. standardization approval vote by ANSI/NEMA for its safe plug & play ceiling outlet/receptacle. This important milestone enhances safety in residential and commercial buildings. In the second quarter of 2022, SKYX reported net losses of $4.6 million, a significant increase from $1.1 million year-over-year. Selling, general and administrative expenses rose to $4.6 million, mainly due to $2.3 million in non-cash stock-based compensation. Adjusted SG&A was $2.1 million, down from $3.2 million in the previous quarter.
SKYX Platforms Corp. (NASDAQ:SKYX) has officially changed its corporate name from SQL Technologies Corp. to better reflect its business model, specifically focusing on enhancing safety and smart lifestyle solutions for homes and buildings. The name change, approved by stockholders on June 14, 2022, aligns with the company's mission to revolutionize the smart home and lighting industries with patented technologies. The ticker symbol and CUSIP number remain the same, ensuring continuity for investors as the company prepares for initial commercialization in the second half of 2022.
Sky Technologies (NASDAQ:SKYX) is set to launch its safe smart home products after placing initial production orders for hundreds of thousands of its SkyPlug devices. This commercialization effort is slated for the second half of 2022, facilitated through GE approved factories. The company, having completed its IPO in February, is poised for pre-sales and a public relations campaign to highlight the safety and efficiency benefits of its innovations. Executive leadership emphasizes the goal of establishing new global electrical safety standards and delivering long-term shareholder value.
SQL Technologies Corp. (NASDAQ:SKYX) announced participation in several investor conferences. Management will present at the Benzinga All-Access Show on June 3, 2022, at 11:20 a.m. Eastern time, and at the LD Micro Invitational XII on June 7-8, 2022. Additionally, a presentation is scheduled for the Diamond Equity Research Virtual Emerging Growth Invitational on June 23, 2022, at 3:30 p.m. Eastern. These events aim to enhance investor engagement and showcase the company’s innovative technologies, which focus on safety and smart solutions for homes and buildings.
SQL Technologies Corp. (NASDAQ:SKYX) has announced that renowned hotel entrepreneur Lance T. Shaner will chair its new Hotel Advisory Board. Shaner, CEO of Shaner Hotel Group, aims to drive the adoption of Sky's Plug & Play Smart Platform Technology in hotels, resorts, and apartments. He believes this technology can enhance safety and efficiency in just minutes. Rani Kohen, Executive Chairman of Sky Technologies, highlights this collaboration as a means to accelerate commercialization and market acceptance of their innovations, which are backed by over 60 patents.
Sky Technologies (SKYX) reported a financial net loss of $11.9 million for Q1 2022, up from a loss of $1.0 million in the previous year, primarily due to stock-based compensation of $8.8 million. The company's cash and equivalents rose to $27.6 million compared to $2.4 million a year prior. Anticipating a 2022 product launch, Sky plans to start presales for its smart SkyPlug and SkyHome App in the latter half of the year, backed by a $23.1 million IPO. The company is positioning itself for a significant market opportunity, estimating a total addressable market exceeding $500 billion.
Sky Technologies (NASDAQ:SKYX) announced its participation in two significant investor conferences: NobleCon18 on April 21, 2022, in Hollywood, Florida, and Taglich Brothers 18th Annual Investment Conference on May 2, 2022, in New York City. Key executives, including Executive Chairman Rani Kohen and CEO John Campi, will present at both events. A live audio webcast will be available for each presentation. Sky Technologies focuses on enhancing safety in homes with over 60 patents globally, targeting a smart home lifestyle.
SQL Technologies Corp. (NASDAQ:SKYX) has appointed renowned architect Bernard Zyscovich as the Chair of its newly formed Architectural and Real Estate Advisory Board. This board aims to promote the adoption of Sky's Plug Smart Platforms within multi-family residential buildings. Zyscovich, recognized for his transformative urban designs, emphasizes the significant impact of Sky's technology on modern living. Preliminary discussions with real estate developers are underway, signaling potential market expansion and increased industry standardization for smart safety solutions.
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