SKYX Platforms (SKYX) Saves Lives. Saves Costs. Saves Time. Provides Simplicity.
Last week SKYX Platforms (SKYX) announced their Q2 financial results that included an impressive $15M in sales for approximately 60% of the quarter. Following the announcement, the company’s management team hosted an investor update call with Q&A. The call discussed their successful second quarter that included some additional notable investment highlights such as its $23M cash position that they expect will be sufficient for at least 18 months of operation. In addition to its positive financials, the company, which recently joined the Russell 2000 and 3000, has been consistently achieving milestones which will set the stage for additional future successes.
Investors can be on the lookout for SKYX’s next upcoming milestone as they spoke on the call about their intention to apply for a building safety standardization requirement with the National Electrical Code, NEC, for its sealing outlet receptacle. They expect to file the application within the next few weeks.
Management believes that after over 12 years of its standardization process, including its product specification approval, voting by ANSI and NEMA, American National Standardization Institute and the National Electrical Manufacturing Association, it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings.
It would be an extremely significant win for SKYX if it were to achieve becoming a ceiling safety standard requirement. In the past 12 years, the Company’s product was voted into 10 segments in the NEC Code Book, whose voting decisions are completely at the discretion of NEC voting members. SKYX touts an impressive leadership team, with Mark Earley, former head of the National Electrical Code and Eric Jacobson, former President and CEO of the American Lighting Association leading this effort.
Growth Potential and Other Future Objectives
SKYX successfully acquired Belami E-commerce, a profitable conglomerate with 64 websites for lighting and home décor. The acquisition was primarily funded using the Company’s stock, while the cash portion was funded by two major Sky investors. The E-commerce acquisition is expected to enhance the Company’s cash-flows, speed up time to market for Sky ceiling safe plug & play smart and standard products, as well as expand distribution across professional and retail segments, while concurrently serving as a marketing and educational platform.
During the Q&A, the Company expressed its anticipation to expand beyond its websites noting that they are in discussion other websites and big box retail. First, they intend to integrate their 64 websites with all its products. Dave Palmer, the former head of Sales for Kichler, one of the largest lighting companies in the world, will be spearheading this objective as they speak with major builders, distributors, retailers, and others. Dave was also CEO of Elk Lighting, a significant player in the lighting industry. They expect in the next coming months to have a significant portion of those websites integrated.
Additionally, Eric Jacobson is focusing on standardization, as well as licensing with other companies. In the coming months, the company hopes to update investors with more information on this progress.
In addition to the impressive leadership driving these accomplishments, SKYX has been building its network of global partnerships with well-established companies such as General Electric. This opens more doors outside of the US, providing global opportunities for expansion. Additionally, the company has presented in various shows over the past year and most notably, won 5 awards at the CES (Consumer Electronics Show). SKYX has positioned themselves well through obtaining patents for their proprietary products, services and technology as they plan to revolutionize multiple segments within the lighting industry.
Investors seem to be pleased with the recent announcement as the company traded up ~8% over the past 5 days upon its release. The SKYX team has been hard at work to help keep the lights on in homes and commercial buildings implementing its safe, smart, elegantly simple and cost-effective bright ideas.
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 Platforms Corp. (NASDAQ:SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications. 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. The company owns 64 lighting and home décor websites For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.