SKYX Platforms Corp. (NASDAQ: SKYX) has announced record financial results for the first quarter, showcasing significant growth in the smart home technology sector. The company reported $20.1 million in revenue, a 6% increase compared to the previous year, attributed to robust sales of its smart and standard plug & play products. This financial achievement includes a gross profit of $5.7 million and a reduced net loss per share of ($0.09), marking a positive trajectory for the company.
Further bolstering its financial position, SKYX secured $4 million in new equity as part of a $15 million financing round, led by The Shaner Group and company insiders. This influx of capital is expected to support the company's ongoing expansion and innovation efforts in the smart home technology space.
Strategic partnerships have played a pivotal role in SKYX's market expansion strategy. Collaborations with leading retailers and manufacturers such as Home Depot, Wayfair, and Cavco Homes are anticipated to significantly enhance the company's market penetration and product distribution capabilities. These alliances underscore SKYX's commitment to making its advanced-safe-smart platform technologies widely accessible.
Looking ahead, SKYX's management is optimistic about achieving positive cash flow by 2025. The company has set an ambitious goal to equip 30,000 homes with its technologies by the end of the second quarter, with plans to continue scaling operations across the United States and Canada. With a portfolio that includes over 97 U.S. and global patents and patent pending applications, SKYX is at the forefront of introducing smart, safe technological standards that aim to transform homes and buildings.
The first-quarter performance of SKYX Platforms Corp. not only highlights its potential to emerge as a key player in the smart home technology market but also reflects its strategic focus on delivering high-quality, user-friendly innovations. This progress signals a promising future for the company as it continues to expand its footprint in the evolving smart home sector.
