SKYX Announces Production of its New Global Patented Advanced, Smart, Plug & Play Recessed Light
SKYX Technologies (NASDAQ: SKYX) has announced the commencement of production for its new globally patented advanced, smart, plug & play recessed light. This product is expected to significantly contribute to the company's growth within the multi-billion-unit global recessed light market. The product, which holds patents in the U.S., China, Canada, Hong Kong, and Mexico, aims to simplify installation and enhance safety by eliminating hazardous electrical wiring. The lights can be controlled via SKYX’s app, voice control, and phone, compatible with Apple’s Siri, Amazon Alexa, Google Home, and Samsung. SKYX's total addressable market (TAM) exceeds $500 billion, supported by over 94 issued and pending patents. This includes 36 patents related to their advanced Plug and Play and smart home platform technologies.
- Start of production for globally patented, advanced smart recessed lights.
- Potential significant growth in the multi-billion-unit global recessed light market.
- Patents secured in key markets: U.S., China, Canada, Hong Kong, Mexico.
- Elimination of hazardous electrical wiring enhances safety.
- Compatibility with major voice control and smart home platforms (Siri, Alexa, Google Home, Samsung).
- Total addressable market (TAM) estimated over $500 billion.
- Robust intellectual property portfolio with over 94 patents.
- None.
Insights
SKYX's announcement of their new smart, plug & play recessed light marks a significant step in the evolution of smart home technology. By integrating compatibility with leading smart home ecosystems such as Apple’s Siri, Amazon Alexa, Google Home and Samsung, they are ensuring their product's relevance and broad appeal. This innovation not only simplifies installation, reducing the risk associated with traditional electrical wiring, but also enhances user convenience by offering multiple control methods.
In the long term, this venture could position SKYX as a competitive player in the smart home market, which is continuously expanding. However, they will need to ensure that their product offers robust performance and reliability to gain consumer trust and loyalty. The successful integration into existing smart home systems without issues will be critical for widespread adoption.
Despite the promising outlook, investors should watch for how well SKYX navigates the competitive landscape, as the market is filled with formidable players. The actual market penetration and user adoption rate will be key metrics to follow in the coming months.
The global recessed light market is indeed a multi-billion unit market and SKYX's entry with a patented, smart solution could significantly disrupt this space. By offering a plug & play option, SKYX addresses a major pain point in the current market—complex installations. This could lead to a substantial market share if the product meets the safety and efficiency claims.
Furthermore, with patents in key markets such as the U.S., China, Canada, Hong-Kong and Mexico, SKYX has secured a strong intellectual property position. The total addressable market (TAM) of over
However, investors should consider the process and timeline of gaining market penetration. Initial production is just the first step and the true impact will depend on consumer adoption, competitive responses and the company's ability to scale production efficiently.
From a financial perspective, SKYX’s new product offering could be a double-edged sword. On one hand, the introduction of a potentially revolutionary product could drive significant revenue growth and enhance the company’s market position. With a strong patent portfolio backing the product, SKYX is well-positioned to leverage its intellectual property for competitive advantages.
On the other hand, the financial impact will hinge on the cost of production and the pricing strategy. If the product is priced too high, it may deter adoption despite its advantages. Conversely, aggressive pricing could erode profit margins. Investors should closely monitor upcoming financial reports to see initial sales figures and margins.
Additionally, while the company projects its total addressable market (TAM) as
The Global Recessed Light Market is a Multi-Billion Unit Market
As SKYX Continues to Grow its Market Penetration it Expects its Recessed Light to Significantly Contribute to Growth
SKYX’s New Plug & Play Recessed Light Global Patents include the U.S., China, Canada, Hong-Kong and Mexico
MIAMI, July 11, 2024 (GLOBE NEWSWIRE) -- SKYX (NASDAQ: SKYX) (d/b/a "SKYX Technologies"), a highly disruptive smart platform technology company with over 94 issued and pending patents in the U.S. and globally, and which owns over 60 lighting and home décor websites with a mission to make homes and buildings become smart, safe, and advanced as the new standard announced today that it will start production of its new global patented advanced, smart, plug & play recessed light.
The global recessed light market is a multi-billion-unit market. SKYX’s new Plug & Play recessed light global patents include the U.S., China, Canada, Hong-Kong and Mexico.
As billions of recessed lights are installed globally with hazardous electrical wires, SKYX’s recessed light solution enables an advanced, simple Plug & Play installation that saves time, cost and lives.
SKYX’s Plug & Play recessed lights can be controlled through SKYX’s App, Voice Control and Phone and works with Apple’s Siri, Amazon Alexa, Google Home and Samsung.
SKYX’s Total Addressable Market (TAM) of over
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said, “We are happy to announce that we will start production of our new patented and advanced, smart, plug and play recessed lights. Our global robust intellectual property portfolio in the critical areas of our advanced safe, smart homes and sensor technologies, position SKYX as a leading technology provider of advanced smart home platform solutions for the smart home, AI, electrical, lighting and ceiling fan industries.”
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 94 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Investor Relations Contact:
Jeff Ramson
PCG Advisory
jramson@pcgadvisory.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38d19cf4-206c-442a-929e-44b6ac9a340b
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4166d320-d532-4157-8c72-ede4456a00bd
FAQ
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