SKYX Platforms Corp., a Florida-based manufacturer in the electric lighting and wiring equipment sector with a market capitalization of approximately $106 million, has announced the appointment of Steven Schmidt as President through a new employment agreement effective as of Monday.
According to InvestingPro data, the company has shown strong revenue growth of over 130% in the last twelve months, though analysts note the company faces near-term profitability challenges. The agreement, which spans a three-year term until December 31, 2027, includes a comprehensive compensation package with both salary and equity-based incentives.
Under the terms of the employment agreement, Mr. Schmidt has been granted 250,000 restricted stock units (RSUs) and options to purchase an additional 250,000 shares of common stock. These awards will vest incrementally, with an initial 10,000 RSUs and options vesting on the day of the agreement, and the remaining 240,000 RSUs and options to vest in equal quarterly installments starting December 31.
Additionally, Mr. Schmidt will receive 100,000 RSUs and options to purchase up to 100,000 shares of common stock, vesting in two equal annual installments on January 1, 2025, and January 1, 2026.
The newly appointed President may be eligible for further equity grants, bonuses, or other incentive compensation as deemed appropriate by the company. The agreement also entitles Mr. Schmidt to up to four weeks of vacation annually and reimbursement for reasonable expenses incurred during the performance of his duties, subject to prior written approval from the company.
The employment agreement includes standard confidentiality, intellectual property provisions, and post-employment non-solicitation and non-competition covenants. While the agreement provides for a set term, it allows for termination by either party at any time, with 30 days' written notice.
InvestingPro subscribers have access to detailed financial analysis showing the company's current challenges, including a weak financial health score and rapid cash burn rate. The platform offers comprehensive insights through its Pro Research Report, available for over 1,400 US stocks.
SKYX Platforms Corp., formerly known as SQL Technologies Corp. and Safety Quick Lighting & Fans Corp., is listed on The Nasdaq Stock Market LLC under the trading symbol SKYX. The company's executive offices are located at 2855 W. McNab Road, Pompano Beach, Florida.
In other recent news, SKYX Platforms Corp. has made significant strides in its revenue and partnerships. The company reported a rise in Q3 2024 revenues to $22.2 million, an increase from the previous year. Gross profit also improved, and the company has set a goal to become cash flow positive by 2025.
SKYX has also announced a collaboration with JIT Electrical Supply, a major supplier in the electrical, lighting, and ceiling fan markets. This partnership is expected to introduce SKYX's advanced plug & play products to the U.S. homebuilding and professional sectors. Furthermore, the company has formed partnerships with GE and Home Depot (NYSE:HD), aiming to have its products installed in 15,000 homes across the U.S. and Canada by the end of 2024.
These recent developments underscore SKYX's continued commitment to growth and innovation. Despite concerns about potential tariffs on imports from China, the company has confirmed contingency plans with manufacturers in Vietnam and Taiwan.
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