SKYX Reports Record First Quarter Sales of $19.0 Million Compared to $18.6 Million for First Quarter 2023 as it Continues to Grow its Market Penetration in the U.S and Canada of its Advanced and Smart Platform Products

SKYX Platforms Corp.

MIAMI, May 14, 2024 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive platform technology company with over 90 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 reported its financial and operational results for the first quarter ended March 31, 2024.

First Quarter 2024 and Recent Subsequent Achievements

• Generated record first quarter 2024 sales of $19.0 million in revenue compared to $18.6 million for the first quarter of 2023, including sales of its advanced and smart platform plug and play products.
• Reported $19.8 million in cash, cash equivalents, restricted cash, available cash, and investments available for sale as of December 31, 2023, as compared to $22.4 million as of December 31, 2023.
• New Global Smart Home and AI Related Patents. SKYX’s new and existing patents enable and enhance performance of smart home and AI sensors in addition to home safety sensors. SKYX recently received 8 additional patent issuances bringing the Company’s intellectual property portfolio to a total of over 90 issued and pending patents, 30 of which are issued patents covering SKYX’s advanced plug and play and smart home platform technologies for the smart home, AI, electrical, and lighting industries in the U.S. and internationally including China, Europe and 2 patents in India.
• The Company continues to grow its market penetration of its advanced and smart platform technologies product to both retail and commercial segments, through its e-commerce platform of over 60 websites for lighting and home décor.
• Collaboration with a world-leading Chinese Lighting supplier and manufacturer, Ruee Appliances. The collaboration with Ruee will include SKYX’s advanced and smart products to both professional and retail Markets and provide SKYX substantial backing in several areas including financial, mass production manufacturing capabilities, and distribution to global markets including China and Europe. The collaboration is expected to substantially enhance gross margins on SKYX’s product sales.
• 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.
• SKYX continues to deliver its products to thousands of homes in the U.S. and Canada and expects its products to be in tens of thousands of homes within a year.
• 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.
• 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.
• SKYX won 7 CES (Consumer Electronics Show) Awards including most recently two awards for its All-In-One Smart Home Platform.
• 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.