SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the
“Company” or “SKYX”), a highly disruptive platform technology
company with 77 pending and issued patents IN THE US and globally
and over 60 lighting and home décor websites, with a mission to
make homes and buildings become safe and smart as the new standard,
today reported its financial and operational results for the Fourth
Quarter and Fiscal Year ended December 31, 2023.
SKYX will hold a conference call at 4:30 pm. Eastern time today,
April 1, 2024, to discuss the results. See below for dial-in
information.
Fourth Quarter 2023 and Subsequent
Highlights
- Generated a record $58.8 million in
revenue in 2023, including E-commerce sales, smart home products
and advanced plug & play products, as compared to $32,022 in
2022. Generated a record $22.2 million in revenue in the fourth
quarter of 2023.
- Reported $22.4
million in cash, cash equivalents, restricted cash, available cash,
and investments available for sale as of December 31, 2023, as
compared to $16.8 million as of December 31, 2022.
- Management
anticipates the Company will become cash flow positive during
2025.
Enhancing Market Penetration to Both Retail and Pro
Segments
- SKYX has started sales to the
builder and pro segments and opened over 100 builder and pro
accounts during the International Builders’ Show (IBS - NAHB) in
Las Vegas.
- In 2023 SKYX successfully delivered
its range of advanced and smart home plug & play products to
thousands of U.S. homes, with many orders including multiple
units.
- SKYX expects its product to be in
tens of thousands of homes during this calendar year.
- SKYX has begun selling to the
Canadian market.
- Company continues to enhance market
penetration of its advanced and smart platform technology product
to both retail and pro segments through its e-commerce platform of
over 60 websites for lighting and home décor.
- The Company entered into an
agreement to supply approximately 1,000 homes with its advanced
smart home platform technologies and is expected to deliver
approximately 30,000 units representing a variety of its advanced
and smart platform technology products to the developer’s upcoming
projects.
- The Company won 7 CES (Consumer
Electronics Show) Awards including most recently two awards for its
“All-In-One” Third Generation SKYX Platform.
Key Collaborations with U.S. and World Leading
Companies
- SKYX and General Electric (GE)
signed a 5-year global licensing partnership agreement to license
SKYX’s patented advanced and smart home platform technologies,
including its ceiling outlet/receptacle related products as well as
its all-in-one smart home platform technology.
- Announced a collaboration with world
leading lighting Company Kichler, which will include SKYX’s
advanced smart and standard products for online, retail, and
professional channels.
- Announced a collaboration with
Quoizel, a premier U.S. lighting manufacturer for nearly 100 years,
to integrate SKYX’s advanced smart and standard products for
online, retail, and professional channels.
- Announced a collaboration with
Golden Lighting, a leading provider of elegant lighting solutions
in the U.S., which will feature SKYX advanced smart and standard
products for online, retail, and professional channels.
- The Company is
in the process of working on additional collaborations with leading
U.S. companies and expects to announce them in the coming
months.
Safety Mandatory Filing
- The Company has filed for a
mandatory safety standardization with the National Electrical Code
(NEC) for its ceiling outlet receptacle designed for use in
residential and commercial buildings. This effort is spearheaded by
SKYX’s code team, led by industry veterans Mark Earley, former head
of the National Electrical Code (NEC), and Eric Jacobson, former
President and CEO of the American Lighting Association (ALA). Mr.
Earley and Mr. Jacobson were instrumental in numerous code and
safety changes in both the electrical and lighting industries.
Safety Standardization Highlights
Management believes that after over 12 years of
its standardization process including its product specification
approval voting for by ANSI / NEMA (American National
Standardization Institute / National Electrical Manufacturing
Association), it has met the necessary safety conditions for
becoming a ceiling safety standardization requirement for homes and
buildings. Over these past 12 years, the Company’s product was
voted into 10 segments in the NEC Code Book. Voting decisions are
at the discretion of the NEC voting members.
2023 Financial Results
Revenue in 2023 increased to a record $58.8
million – including record fourth quarter sales of $22.2 million
which were realized in the fourth quarter – including E-commerce
sales, smart home products and advanced plug & play
products
Gross profit in 2023 increased to $18.0 million,
or 31% of revenue. Gross profit was positively impacted by the
gross profit from the acquisition of the Belami E-commerce
platform, which contained over 60 websites for lighting and home
décor.
Cash, cash equivalents, restricted cash,
available cash, and investments available for sale amounted to
$22.4 million, as of December 31, 2023, as compared to $16.8
million as of December 31, 2022.
Cash used in operating activities for 2023,
amounted to $12.9 million, as compared to $13.8 million in
2022.
Sales and marketing expenses amounted to $20.1 million in 2023,
compared to $18.8 million in 2022.
Net cash loss before interest, taxes,
depreciation, and amortization, as adjusted for share-based
payments (“adjusted EBITDA”), a non-GAAP measure, amounted to $15.2
million, in addition to a non-cash basis loss of $24.5 million,
amounted to a net loss of $39.7 million, or $(0.45) per share,
in 2023, as compared to adjusted EBITDA loss of $11.6 million, in
addition to a non-cash basis loss of $15.4 million, amounted to a
net loss of $27.0 million, or $(0.40) per share, in 2022.
The Company’s annual report on Form 10-K will be
filed with the SEC and will be made available on the Company’s
investor relations website:
https://ir.skyplug.com/sec-filings/.
Management Commentary
Our year ended December 31, 2023, was
highlighted by our first two full quarters of significant revenue,
including sales and rollout of our advanced ceiling smart and
standard plug & play platform products on many leading U.S. and
Canadian websites. We believe we have accelerated our cadence of
sales with a robust gross margin profile, notably managing the cash
burn of SKYX. Our e-commerce platform with over 60 websites is
expected to provide additional cash flow to the Company, which,
when combined with our existing cash, we anticipate will be
sufficient for 18 months of operations. Management anticipates that
the Company will become cash flow positive during 2025.
We are encouraged with our path to the
builder/commercial segments, large online and brick-and-mortar
retail partners, as well as to realizing incremental licensing,
subscription, and data aggregation revenue that we believe will
assist in paving the way for our standardization efforts.
Additionally, our e-commerce website platform
continues to enhance the acceleration of marketing, distribution
channels, collaborations, and sales to both professional and retail
segments. Some of our 60 websites that include the Company’s
advanced ceiling smart and standard plug and play products are:
1stoplighting.com, Lightingdesignexperts.com,
Canadalightingexperts.com, Americanlightingstore.com,
Homeclick.com, and Lunawarehouse.com among others. The websites
include banners, videos, and educational materials regarding the
simplicity, cost savings, timesaving, and lifesaving aspects of the
Company’s patented technologies.
Conference Call
SKYX management will host a conference call today, April 1,
2024, to discuss these results, followed by a question-and-answer
session.
Date: Monday, April 1, 2024Time: 4:30 p.m. Eastern
timeU.S./Canada Dial-in: 1-877-269-7751International Dial-in:
1-201-389-0908Conference ID: 13745506Webcast: SKYX Q4 2023
Webcast
SKYX Participating Members Will Include:
- Rani Kohen, Founder and Executive Chairman
- Steve Schmidt, President (Former President of Office Depot
International and former CEO of Nielsen Data Corporation)
- Lenny Sokolow, Co-CEO
- Marc Boisseau, CFO
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 77 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.
Non-GAAP Financial Measures
Management considers earnings (loss) before
interest, taxes, depreciation and amortization, or EBITDA, as
adjusted, an important indicator in evaluating the Company’s
business on a consistent basis across various periods. Due to the
significance of non-recurring items, EBITDA, as adjusted, enables
management to monitor and evaluate the business on a consistent
basis. The Company uses EBITDA, as adjusted, as a primary measure,
among others, to analyze and evaluate financial and strategic
planning decisions regarding future operating investments and
potential acquisitions. The Company believes that EBITDA, as
adjusted, eliminates items that are not part of the Company’s core
operations, such as interest expense and amortization expense
associated with intangible assets, or items that do not involve a
cash outlay, such as share-based payments and non-recurring items,
such as transaction costs. EBITDA, as adjusted, should be
considered in addition to, rather than as a substitute for, pre-tax
income (loss), net income (loss) and cash flows used in operating
activities. This non-GAAP financial measure excludes significant
expenses that are required by GAAP to be recorded in the Company’s
financial statements and is subject to inherent limitations.
Investors should review the reconciliation of this non-GAAP
financial measure to the comparable GAAP financial measure.
Investors should not rely on any single financial measure to
evaluate the Company’s business.
Investor Relations Contact:
Jeff RamsonPCG Advisoryjramson@pcgadvisory.com
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