In This Article:
-
Revenue: $22.2 million for Q3 2024, up from $21.6 million in Q3 2023.
-
Cash Position: $13 million in cash, cash equivalents, and restricted cash as of September 30, 2024, down from $15.6 million as of June 30, 2024.
-
Equity Raise: $11 million equity preferred stock investment secured in October 2024.
-
Net Cash Used in Operating Activities: Decreased by 39% to $2.6 million in Q3 2024 from $4.2 million in Q2 2024.
-
Gross Profit: Increased by 4% to $6.8 million in Q3 2024 compared to Q2 2024.
-
Gross Margin: Increased by 1% to 30.9% in Q3 2024.
-
Interest-Bearing Debt: Decreased by $3.1 million during Q3 2024.
Release Date: November 12, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
SKYX Platforms Corp (NASDAQ:SKYX) reported record third quarter revenues of $22.2 million, showing growth from $21.6 million in the same quarter of 2023.
-
The company secured an $11 million equity preferred stock investment, led by a Global Marriott hotel chain developer, indicating strong investor confidence.
-
SKYX Platforms Corp (NASDAQ:SKYX) has over 97 global patents and trademarks, providing a competitive edge and protection for its products.
-
The company has formed significant collaborations with major players like Home Depot, GE, and Wayfair, enhancing its market reach.
-
SKYX Platforms Corp (NASDAQ:SKYX) expects to become cash flow positive in 2025, demonstrating a clear path towards financial sustainability.
Negative Points
-
Cash, cash equivalents, and restricted cash decreased from $15.6 million as of June 30, 2024, to $13 million as of September 30, 2024.
-
The company faces potential risks from import tariffs, particularly if tariffs on Chinese goods increase, which could impact gross profit margins.
-
The process of gaining mandatory approval from the National Electric Code (NEC) is lengthy and uncertain, posing a challenge for product standardization.
-
The rollout of products in Home Depot stores is still in early stages, with only a small percentage of products currently available in stores.
-
The company is still in the final stages of clearing safety aspects for its Gen 3 products, delaying mass production and market entry.
Q & A Highlights
Q: Could you provide an update on your collaboration with builders following the Real Deal Miami Real Estate Forum? A: We are in production of various fixtures used by builders and enhancing market penetration with our ceiling outlet receptacle. We expect to start delivering products soon, with several announcements on progress with builders and hotel owners anticipated.