SKYX Platforms Stock Price, News & Analysis

SKYX Platforms Corp. (NASDAQ:SKYX) reported third-quarter results for 2022, citing significant advancements in its technology and brand awareness. The company received generic name approval from the NEC for its weight-supporting outlets and achieved standardization approval from ANSI/NEMA. SKYX secured 10-year roof rights for branding in Miami and plans to start presales of its SkyPlug products in Q4. However, operational cash usage rose to $9.7 million, resulting in a net loss of $5.7 million for the quarter, up from $1.6 million in Q3 2021. Cash reserves totaled $20.9 million at quarter's end.

SKYX Platforms Corp. has secured a 10-year roof right lease for signage on a prominent building in downtown Miami, significantly boosting brand visibility. The building, located across from the Miami Heat FTX Arena, is anticipated to reach tens of millions of viewers, enhancing brand awareness through various media. Additionally, the company is set to open its corporate headquarters and sales offices in this strategic location by 2023, benefiting from a $2.25 million improvement allowance for office space development and no rent payment until January 2024.

SKYX Platforms Corp. (NASDAQ:SKYX) announced the National Electrical Code's approval of its acronyms WSCR (Weight-Supporting Ceiling Receptacle) and WSAF (Weight-Supporting Attachment Fitting) for its innovative ceiling outlet and plug products. This milestone supports SKYX's standardization process, significantly enhancing safety during the installation of ceiling fixtures. With a vast market potential, the company aims to replicate the success of GFI outlets in U.S. households, promoting safer installation practices that reduce risks of electrocution, injuries, and fire hazards.

SKYX Platforms Corp. (NASDAQ:SKYX) announced a significant milestone with the historical approval of its Gen-1 plug & play ceiling outlet/receptacle by ANSI/NEMA. This innovative technology aims to enhance safety and simplify the installation of lighting and ceiling fans, reducing risks associated with electrical work. The demo video showcases the product's benefits, including time and cost savings along with a decrease in hazardous incidents. While the approval represents progress, potential risks regarding broader regulatory acceptance remain, underscoring the need for cautious optimism in market expectations.

SKYX Platforms Corp. (NASDAQ:SKYX) achieved a historic U.S. standardization approval vote by ANSI/NEMA for its safe plug & play ceiling outlet/receptacle. This important milestone enhances safety in residential and commercial buildings. In the second quarter of 2022, SKYX reported net losses of $4.6 million, a significant increase from $1.1 million year-over-year. Selling, general and administrative expenses rose to $4.6 million, mainly due to $2.3 million in non-cash stock-based compensation. Adjusted SG&A was $2.1 million, down from $3.2 million in the previous quarter.

SKYX Platforms Corp. (NASDAQ:SKYX) has officially changed its corporate name from SQL Technologies Corp. to better reflect its business model, specifically focusing on enhancing safety and smart lifestyle solutions for homes and buildings. The name change, approved by stockholders on June 14, 2022, aligns with the company's mission to revolutionize the smart home and lighting industries with patented technologies. The ticker symbol and CUSIP number remain the same, ensuring continuity for investors as the company prepares for initial commercialization in the second half of 2022.

Sky Technologies (NASDAQ:SKYX) is set to launch its safe smart home products after placing initial production orders for hundreds of thousands of its SkyPlug devices. This commercialization effort is slated for the second half of 2022, facilitated through GE approved factories. The company, having completed its IPO in February, is poised for pre-sales and a public relations campaign to highlight the safety and efficiency benefits of its innovations. Executive leadership emphasizes the goal of establishing new global electrical safety standards and delivering long-term shareholder value.

SQL Technologies Corp. (NASDAQ:SKYX) announced participation in several investor conferences. Management will present at the Benzinga All-Access Show on June 3, 2022, at 11:20 a.m. Eastern time, and at the LD Micro Invitational XII on June 7-8, 2022. Additionally, a presentation is scheduled for the Diamond Equity Research Virtual Emerging Growth Invitational on June 23, 2022, at 3:30 p.m. Eastern. These events aim to enhance investor engagement and showcase the company’s innovative technologies, which focus on safety and smart solutions for homes and buildings.

SQL Technologies Corp. (NASDAQ:SKYX) has announced that renowned hotel entrepreneur Lance T. Shaner will chair its new Hotel Advisory Board. Shaner, CEO of Shaner Hotel Group, aims to drive the adoption of Sky's Plug & Play Smart Platform Technology in hotels, resorts, and apartments. He believes this technology can enhance safety and efficiency in just minutes. Rani Kohen, Executive Chairman of Sky Technologies, highlights this collaboration as a means to accelerate commercialization and market acceptance of their innovations, which are backed by over 60 patents.