MIAMI - SKYX Platforms Corp. (NASDAQ: SKYX), a technology firm specializing in smart home and AI sensor technologies, has expanded its intellectual property portfolio with the issuance of six additional patents. These new patents, which are part of a larger collection of over 94 issued and pending patents globally, relate to SKYX's advanced smart Plug & Play Ceiling Fan & Heater.
The company, which operates over 60 lighting and home décor websites, is focused on transforming homes and buildings into smart, safe, and advanced environments. The newly issued patents cover innovations in the company's plug-and-play smart ceiling fan and heater, an all-season product that provides both cool and warm air.
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, expressed pride in the company's growing patent portfolio, which strengthens its position in the smart home, electrical, lighting, and ceiling fan industries. The additional patents are expected to enhance the company's market value and contribute to its mission of making advanced safety and smart technology a standard feature in homes and buildings.
SKYX's Total Addressable Market is estimated to be over $500 billion, reflecting the broad potential application of its technologies. With its emphasis on high quality and user-friendly products, the company aims to make a significant impact on the safety and lifestyle of home and building occupants in the U.S. and worldwide.
This announcement is based on a press release statement and should be considered in the context of the risks and uncertainties outlined in the company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. It's important to note that forward-looking statements in the press release are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those anticipated.
In other recent news, SKYX Platforms Corp. reported a slight increase in Q1 2024 sales to $19 million, up from $18.6 million in the same quarter of the previous year. However, the company also recorded a net loss of $9.7 million. SKYX has been establishing strategic collaborations with companies such as Ruee Appliances and General Electric (NYSE:GE), aiming for global licensing and industry standardization. The company's patent portfolio, boasting over 90 patents in the US and globally, supports its focus on plug and play ceiling products and an all-in-one smart platform. Analysts have noted SKYX's efforts to comply with the National Electric Code (NEC) and its pursuit of mandatory safety standardization. The company anticipates becoming cash flow positive by 2025 and expects to announce additional major collaborations in 2024. These recent developments underscore SKYX's confidence in market penetration and the impact of future partnerships.
InvestingPro Insights
In light of SKYX Platforms Corp.'s recent expansion of its intellectual property portfolio, InvestingPro data indicates a strong revenue growth for the company, with an impressive increase of over 221,000% in the last twelve months as of Q1 2024. This exceptional growth is a testament to the company's innovative approach and its potential to capitalize on the substantial Total Addressable Market in the smart home sector. With a market capitalization of $100.17 million, SKYX is positioning itself as a significant player in the industry.
However, InvestingPro Tips highlight some challenges that investors should consider. Despite the company's sales growth, analysts have concerns about its profitability, noting that SKYX is not expected to be profitable this year and has been quickly burning through cash. Additionally, the stock has experienced high price volatility and a notable decline in price over the last year, with a 60.78% drop in the one-year total return as of mid-2024. These factors underscore the importance of careful investment analysis and risk assessment.
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