SKYX Platforms Corp. (NASDAQ: SKYX), a leader in advanced and smart home technology, has reported its Q4 and FY24 financial results which includes over 1,000% growth in sales. The company anticipates its smart and advanced home products will be installed in 20,000 units by the first quarter of 2025, with tens of thousands more expected throughout the year.
The company also projects significant new contracts and orders, aiming to achieve cash flow positivity in the latter half of 2025. Marking four consecutive quarters of revenue growth in 2024, SKYX reported record-breaking sales figures: $19 million in Q1, $21 million in Q2, $22.2 million in Q3, and a peak of $23.7 million in Q4.
Financial and Operational Highlights
In 2024, SKYX achieved a 48% increase in revenue, climbing from $58.8 million in 2023 to $86.3 million. The company also strengthened its financial position, reporting $15.5 million in cash and equivalents as of the end of 2024. A recent infusion of $1.45 million from a strategic investor, part of the $2.00 Series A-1 Preferred Offering, further bolstered its liquidity.
The company has implemented an operational strategy inspired by the “Dell Working Capital Model,” which emphasizes rapid conversion of sales into cash and leveraging trade payables to optimize cash flow and minimize capital costs. As a result, general and administrative expenses decreased by $5.7 million in 2024, while total liabilities dropped by $3.3 million. SKYX also reduced its net loss by $3.9 million, bringing its per-share loss down to $0.36 from $0.45 in 2023.
In a show of strong insider confidence, SKYX secured an $11 million preferred stock investment led by the Shaner Group. Company executives, including President Steve Schmidt and Co-CEOs Lenny Sokolow and John Campi, also made personal investments totaling $1 million.
Expanding Market Presence
SKYX continues to drive adoption of its smart plug-and-play products across various markets, including professional builders and retail consumers. The company expects to expand its footprint in thousands of homes across the U.S. and Canada throughout 2025. Its “Razor & Blades” business model centers around its ceiling electrical outlet (the “Razor”) and a suite of smart home products (the “Blades”) such as lighting fixtures, ceiling fans, recessed lights, emergency lights, and other connected solutions.
SKYX leverages its portfolio of over 60 e-commerce sites to strengthen market penetration, further boosted by collaborations with major retailers such as Home Depot and Wayfair. Its partnership with Cavco Homes, a leading prefabricated home manufacturer, has resulted in the integration of SKYX’s technology into high-end premium homes. Additional collaborations with luxury developers like Forte Developments and Jeremiah Baron Companies are driving adoption of SKYX’s plug-and-play smart solutions across multiple large-scale residential and mixed-use projects.
Advancing Safety Standards and Industry Recognition
As part of its broader mission, SKYX is advocating for the mandatory safety standardization of its ceiling technology. The company’s safety code standardization team, led by industry veterans Mark Earley (former head of the National Electrical Code) and Eric Jacobson (former President of the American Lighting Association), anticipates support from additional safety organizations. SKYX’s technology has already secured approval voting from ANSI/NEMA and has been incorporated into 10 segments of the NEC Code Book.
The company believes its smart plug-and-play products have the potential to save insurance companies billions annually by reducing fire risks, ladder falls, and electrocutions. Once SKYX completes a full range of its safety-enhanced product variations, management expects insurance companies to begin recommending its solutions.
Looking Ahead
With a record-breaking $86.3 million in 2024 revenue and growing industry adoption, SKYX is poised for continued success. The company’s smart home and safety-focused innovations, coupled with strategic investments and retail partnerships, set the stage for further market expansion. Management remains confident in achieving cash flow positivity in the second half of 2025, reinforcing SKYX’s position as a transformative force in the smart home industry.
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 97 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 .
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