MIAMI, Oct. 09, 2025 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the "Company" or "SKYX"), a highly disruptive platform technology company with over 100 pending and issued patents 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 provided the following corporate updated on its progress.
Market Acceptance, Progress and Recent Events:
-- After reporting 15.7 million in cash and cash equivalents as of June 30,
2025, SKYX has raised an additional $3.25 million in September from an
existing lead investor.
-- SKYX has successfully demonstrated its technology during a Marriott Hotel
renovation, incorporating its advanced and smart plug & play technologies,
including ceiling lighting, recessed lights, downlights, wall lights,
EXIT, and EMERGENCY lights, plug-in LED backlight mirrors among others.
For Marriott video demo CLICK HERE.
-- SKYX will supply more than 10,000 of its advanced smart plug-and-play
technologies to a 278-apartment project in Austin, Texas, being developed
by Landmark Companies -- a prominent developer with 27 years of
experience and a track record of building tens of thousands of modern
homes and buildings across Texas, Florida, Colorado, and other locations.
For information about Landmark Companies projects Click Here.
-- SKYX is expected to deploy over 500,000 units of its advanced Plug & Play
smart home technologies to Miami's $3 billion mixed-use Urban Smart Home
City project, located in the heart of the city. The Plug & Play smart
home technologies will include SKYX's AI-powered ecosystem, its
all-in-one smart home platform technology, as well as ceiling lighting,
recessed lights, downlights, wall lights, EXIT, and EMERGENCY lights,
plug-in LED backlight mirrors among others. SKYX's full suite of smart
platform products will be utilized throughout the entire project.
-- The groundbreaking Smart Home Mixed-Use Major Urban Development Will
Redefine Miami's Urban Landscape
-- The architecture and design of the Miami Smart Home City is led by
world-renowned architectural firm Arquitectonica. The $3 billion
development is led by SG Holdings, a distinguished joint venture
comprised of Swerdlow Group, SJM Partners, and Alben Duffie--each
renowned for transformative urban projects.
-- SKYX has financial backing from U.S. and global manufacturers to support
its massive product deployment.
-- SKYX's Safety Code Standardization Team has gained the support of a
prominent new leader who is actively engaging with key government safety
organizations -- marking a significant step forward in the Company's
efforts to establish mandatory safety standardization for its advanced
safe ceiling technologies.
-- SKYX is progressing toward a winter launch of its turbo heater & ceiling
fan to support its path to cash-flow positivity in 2025. The ceiling fan
and space heater category represents a multi-billion-dollar market with
tens of millions of units sold annually in the U.S.
-- Management is expecting to secure additional significant business
opportunities.
-- Company expects its products to be in 50,000 U.S. and Canadian units-home
Management expects to achieve its goal of being cash flow positive by the
end of 2025.
-- SKYX revenues increased for 6 comparable quarters from Q1 2024 through Q2
2025 with $19M in Q1/24, 21.4M in Q2/24, $22.2M in Q3/24, $23.7M in
Q4/24, $20.1M in Q1/25, and $23.1M in Q2/25
-- Net cash used in operating activities for the Second quarter ending June
30, 2025, decreased sequentially by 54% to $2.0 million compared to
$4.3 million in the First quarter of 2025.
-- The gross profit for the Second quarter ending June 30, 2025, increased
sequentially by 23% to $7.0 million, compared to the First quarter ending
March 31, 2025.
-- The gross margin for the Second quarter ending June 30, 2025, increased
sequentially by 7% to 30.3%, compared to the First quarter ending March
31, 2025.
-- s by the end of 2025.
-- Management expects to achieve its goal of being cash flow positive by the
end of 2025.
-- SKYX revenues increased for 6 comparable quarters from Q1 2024 through Q2
2025 with $19M in Q1/24, $21.4M in Q2/24, $22.2M in Q3/24, $23.7M in
Q4/24, $20.1M in Q1/25, and $23.1M in Q2/25
-- Net cash used in operating activities for the Second quarter ending June
30, 2025, decreased sequentially by 54% to $2.0 million compared to
$4.3 million in the First quarter of 2025.
-- The gross profit for the Second quarter ending June 30, 2025, increased
sequentially by 23% to $7.0 million, compared to the First quarter ending
March 31, 2025.
-- The gross margin for the Second quarter ending June 30, 2025, increased
sequentially by 7% to 30.3%, compared to the First quarter ending March
31, 2025.
-- Over the past year, SKYX has secured a total of $15 million in
investments from strategic investors, led by global Marriott Hotel chain
owner. The round also included significant participation from company
insiders -- including SKYX President Steve Schmidt, CEO Lenny Sokolow and
former CEO John Campi -- underscoring their continued confidence in
SKYX's strategic vision and growth trajectory.
-- As common with companies such as ours when sales are converted into cash
rapidly, often referred to as the "Dell Working Capital Model", the
Company leverages its trades payable to finance its operations, to
enhance its cash position and to lower its cost of capital.
-- The Company announced a U.S. strategic manufacturing partnership with
Profab Electronics, a premier electronics contract manufacturer based in
Pompano Beach, Florida. This collaboration marks a significant step
forward in SKYX's commitment to building a resilient, efficient, and
localized supply chain for its innovative product lines. This is in
addition to manufacturing collaborations in Vietnam, Taiwan, China and
Cambodia.
-- The Company strongly believes its products have the potential to save
insurance companies billions of dollars annually by reducing the risks of
fires, ladder falls, electrocutions, and other related incidents.
Management expects that once the full range and variations of its safe
plug-and-play products are completed, they will begin to be recommended
by insurance companies.
-- SKYX's technologies provide opportunities for recurring revenues through
interchangeability, upgrades, monitoring, and subscriptions. Company is
focused on the "Razor & Blades" model and its product range includes its
advanced ceiling electrical outlet (Razor) and its advance and smart home
plug & play products (Blades) including its advance and smart home plug &
play platform products, lighting, recessed lights, down lights, EXIT
signs, emergency lights, ceiling fans, chandeliers/pendants,
holiday/kids/themes lights, indoor/outdoor wall lights among other.
Company's plug & play technology enables an installation of lighting,
fans, and smart home products in high-rise buildings and hotels within
days rather than months.
-- Company's total addressable market (TAM) in the U.S. is roughly $500
billion with over 4.2 billion ceiling applications in the U.S. alone.
Expected revenue streams from retail and professional segments include
product sales, royalties, licensing, subscription, monitoring, and sale
of global country rights.
-- Company continues to utilize its e-commerce platform of over 60 websites
for lighting and home décor to educate and enhance its market
penetration to both retail and professional segments.
-- Company is collaborating with Home Depot and Wayfair for Its Advanced and
Smart Plug & Play products for both retail and professional segments.
SKYX's product offering will include a variety of its advanced and Smart
Plug & Play products including Retrofit Kits, Smart Light Fixtures, Smart
Ceiling Fans, Ceiling Outlet Receptacles, Recessed Lights and more.
-- SKYX collaborates with U.S. and world leading lighting companies
including Kichler Quoizel, European leading company, EGLO, and worlding
lighting manufacturer Ruee.
-- Collaborated with Cavco Homes, a leading U.S. prefabricated home
manufacturer, for integrating our advanced and smart plug & play
technologies into Cavco's high-end premium homes shown at the builder
show. Cavco is a public company that has sold nearly one million homes
and continues to deliver close to 20,000 annually.
-- Three luxury developments by Forte Developments, including an 80-story
high-rise in Miami's Brickell District and projects in Clearwater Beach
and Jupiter, Florida, will feature SKYX's technology. More than 12,000
smart plug & play products, including ceiling outlets, lighting, fans,
and emergency fixtures, will be supplied across 400+ units. A 1,000-unit
mixed-use development by Jeremiah Baron Companies will incorporate smart
plug & play technologies, with 140 units receiving initial product
supply. This product rollout will include ceiling outlets, lighting, fans,
and emergency fixtures, with deliveries continuing throughout
construction.
-- A strategic partnership with JIT Electrical Supply, a leading builder
supplier, will expand SKYX's footprint in electrical, lighting, and
ceiling fan markets. JIT, which has supplied over 100,000 U.S. homes,
will distribute SKYX's lighting solutions, ceiling fans, recessed lights,
emergency lights, exit signs, and indoor/outdoor wall lights beginning
early 2025.
-- Huey Long, former Amazon E-Commerce Director and executive at Walmart and
Ashley Furniture, has joined as head of SKYX's e-commerce platform. He
will collaborate with the existing team to expand market penetration
across 60 lighting and home décor websites and other key e-commerce
channels in the U.S. and Canada.
Safety Standardization Mandatory Code / Insurance Specification and Recommendation
-- SKYX's Safety Code Standardization Team is receiving support from a new
significant prominent leader with its government safety agency's process
for a safety mandatory standardization of its electrical ceiling
outlet/receptacle technology.
-- 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). Company's safety Code
Standardization team believes it will achieve assistance from additional
safety organizations with its code mandatory safety standardization
efforts based on the product's significant safety aspects. Mr. Earley and
Mr. Jacobson were instrumental in numerous code and safety changes in
both the electrical and lighting industries. Both strongly believe that,
considering the Company's standardization progress including its product
specification approval voting for by ANSI / NEMA (American National
Standardization Institute / National Electrical Manufacturers
Association) and being voted into 10 segments in the NEC Code Book, it
has met the necessary safety conditions for becoming a ceiling safety
standardization requirement for homes and buildings.
-- With respect to insurance companies, the Company strongly believes its
products can save insurance companies many billions of dollars annually
by reducing fires, ladder falls, and electrocutions among other things.
Management expects that once it completes an entire range and variations
of its safe advanced plug & play products it will start being recommended
by insurance companies.
To view SKYX's Technologies demo video Click Here
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 100 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.
Investor Relations Contact:
Jeff Ramson
PCG Advisory
jramson@pcgadvisory.com
(END) Dow Jones Newswires
October 09, 2025 11:00 ET (15:00 GMT)