SKYX Enters Strategic Partnership with World-Leading Lighting Supplier Opening Access to US, Chinese, and European Markets

Disruptive smart platform technology company, SKYX (Nasdaq: SKYX) has increased its access to professional and retail customers in US, Chinese and European markets after entering an important new partnership with the world-leading Chinese lighting supplier and manufacturer, Ruee Appliances. The agreement introduces operational and logistical efficiencies and is expected to substantially enhance gross margins on SKYX’s product sales. SKYX’s share price rose nearly 2.0% in intraday trading following the announcement.

Commenting on the collaboration, Rani Kohen, Founder and Executive Chairman of SKYX, said, “This partnership marks a significant milestone that will assist us to expand our technology and products to global markets, while enhancing our financial foundation. Aligning with industry leaders who support our vision for growth and innovation in smart home and lighting sectors is key to our growth strategy. We anticipate announcing additional high impact collaborations as we advance our next-generation technology solutions.”

The deal will deliver substantial benefits to SKYX in areas including mass production manufacturing capabilities, and access to global distribution channels.

Recent Highlights 

Earlier this month, SKYX reported record sales figures for 2023, surpassing estimates.

  • Revenue: Achieved a record $58.8 million in 2023, with Q4 sales hitting $22.2 million, significantly surpassing the estimated $27.835 million.
  • Net Income: Reported a net loss of $39.7 million or $(0.45) per share in 2023, compared to a net loss of $27.0 million or $(0.40) per share in 2022.
  • Gross Profit: Increased to $18.0 million in 2023, representing 31% of revenue, bolstered by the Belami E-commerce platform acquisition.
  • Cash Position: Improved cash and equivalents to $22.4 million as of December 31, 2023, up from $16.8 million the previous year.
  • Operating Cash Flow: Cash used in operating activities amounted to $12.9 million in 2023, a slight improvement from $13.8 million in 2022.
  • Collaborations: including a five-year global licensing partnership agreement with General Electric (GE), world-leading lighting company Kichler and leading US lighting manufacturer Quoizel, and began selling to the Canadian market.

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 90 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.

Disclaimer

This communication was produced by Prism MarketView, an affiliate of PCG Advisory Inc., (together “PCG”). PCG is an integrated investor relations, communications and strategic advisory firm. The information contained on this is ‘Paid Advertising’ for purposes of Section 17(b) of the Securities Act of 1933, as amended (together with the rules and regulations there under, the “Securities Act”). “PCG” and its affiliates are compensated by respective clients for publicizing information relating to its client’s securities. For more information in terms of compensation received for services provided by PCG, see the pertinent advertising materials relating to the respective client. By accessing this Site and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy…

Read Full Disclaimer

Share This Article

 

About the Author

SKYX Enters Strategic Partnership with World-Leading Lighting Supplier Opening Access to US, Chinese, and European Markets

Catie Corcoran

Biotech Editor