MIAMI - SKYX Platforms Corp. (NASDAQ: SKYX), a technology company specializing in smart platform technologies, has announced the commencement of production for its patented smart, plug & play recessed lights. The announcement comes as SKYX aims to expand its presence in the multi-billion-unit global recessed light market.
The company's new recessed light solution is designed for ease of installation, aiming to save time, costs, and improve safety by eliminating hazardous electrical wiring. These advanced lights can be controlled through SKYX's proprietary application, voice control, and phone, and are compatible with major smart home systems like Apple (NASDAQ:AAPL)'s Siri, Amazon (NASDAQ:AMZN) Alexa, Google (NASDAQ:GOOGL) Home, and Samsung (KS:005930).
With a total addressable market (TAM) estimated at over $500 billion, SKYX's portfolio includes more than 94 issued and pending patents. Of these, 36 are issued patents that cover the company's plug and play and smart home platform technologies, which span across safety, smart home, artificial intelligence, electrical, lighting, and ceiling fan industries.
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, expressed enthusiasm about the production launch, emphasizing the company's robust intellectual property portfolio and its strategic position in providing advanced smart home solutions.
SKYX Platforms Corp., with its mission to standardize safe, smart homes and buildings, holds a significant patent portfolio and operates over 60 lighting and home decor websites. The company's focus on high-quality, user-friendly products aims to enhance safety and lifestyle in homes and buildings worldwide.
This move by SKYX is based on a press release statement and reflects the company's strategic direction and product development efforts. As the company prepares to introduce its new recessed lights to the market, it does not guarantee market acceptance or the integration of its products with third-party platforms. The forward-looking statements in the press release are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially.
Investors and industry watchers will be observing the market's response to SKYX's new smart lighting solutions as the company moves forward with production.
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 the previous year, but also a net loss of $9.7 million.
The Florida-based company announced the approval of an expanded stock incentive plan and the re-election of seven directors at its recent Annual Meeting. Shareholders also ratified the appointment of M&K CPAS, PLLC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
In addition to these developments, SKYX has secured six new patents related to its smart Plug & Play Ceiling Fan & Heater, bringing its total patent portfolio to over 94 globally. The company's strategic collaborations with Ruee Appliances and General Electric (NYSE:GE) are part of its ongoing efforts towards global licensing and industry standardization. Analysts have noted SKYX's efforts and the company's Total Addressable Market is estimated to be over $500 billion.
These recent developments underline SKYX's confidence in market penetration and the potential impact of future partnerships. The company anticipates becoming cash flow positive by 2025 and expects to announce additional major collaborations in 2024.
InvestingPro Insights
SKYX Platforms Corp. has embarked on a new venture with its smart, plug & play recessed lights, targeting the lucrative global recessed light market. As investors and industry enthusiasts monitor the company's progress, recent data from InvestingPro provides a deeper understanding of SKYX's financial landscape and market performance.
InvestingPro Data indicates a remarkable revenue growth for SKYX in the last twelve months as of Q1 2024, boasting an increase of 221,571.68%. This surge underscores the company's expanding footprint in the smart home technology sector.
Despite the impressive revenue upswing, the company's P/E ratio stands at -1.89, reflecting challenges in reaching profitability. Moreover, with an operating income margin at -50.77%, it's clear that SKYX is currently prioritizing growth and market penetration over immediate profits.
InvestingPro Tips suggest caution, as analysts do not expect the company to be profitable this year, and the stock has exhibited significant price volatility. The stock has also taken notable hits over various time frames, with a 69.24% decline over the last year as of a recent 2024 date. Moreover, the company's valuation implies a poor free cash flow yield, which may be of concern to investors seeking tangible returns.
For investors intrigued by SKYX's innovative approach to smart home technology and willing to navigate the associated risks, additional InvestingPro Tips are available. There are 12 more tips that could provide valuable insights into SKYX's performance and potential. To explore these further, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
The company's strategic direction, coupled with its substantial intellectual property portfolio, positions it as a potentially disruptive force in the smart home industry. As SKYX moves into production, the market's reception of its new smart lighting solutions will be pivotal in shaping its future trajectory.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.