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 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.
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.
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