In This Article:
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Revenue Growth: Increased 48% from $58.8 million in 2023 to $86.3 million in 2024.
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Q4 Revenue: Achieved record revenue of $23.7 million in Q4 2024, up from $22.2 million in Q4 2023.
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Cash Equivalents: Reported $15.5 million in cash equivalents and restricted cash as of December 2024.
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Additional Funding: Secured $1.45 million in March 2025 through a $2 Series A1 preferred offering.
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G&A Expenses: Reduced by $5.7 million to $31.4 million in 2024 from $37 million in 2023.
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Total Liabilities: Decreased by $3.3 million from 2023 to 2024.
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Net Loss Reduction: Reduced net loss by approximately $3.9 million, a 10% decrease from 2023 to 2024.
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Adjusted EBITDA Loss Per Share: $0.13 per share in 2024, compared to $0.17 loss per share in 2023.
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Gross Profit Increase: Increased 36% year over year by approximately $6.5 million.
Release Date: March 24, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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SKYX Platforms Corp (NASDAQ:SKYX) reported a 48% increase in revenue from $58.8 million in 2023 to $86.3 million in 2024.
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The company achieved revenue growth in four consecutive quarters in 2024, with record sales of $23.7 million in Q4.
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SKYX's advanced and smart home products saw a surge in sales, with expectations to be in 20,000 units and homes by Q1 2025.
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The company reduced general and administrative expenses by $5.7 million, improving operational efficiency.
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SKYX secured $11 million in equity preferred stock investment, indicating strong investor confidence.
Negative Points
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The company is still not cash flow positive, with expectations to achieve this only in the second half of 2025.
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Gross margins dipped in Q4, raising concerns about profitability in the short term.
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The company faces potential risks from new tariffs, although they have strategies in place to mitigate these.
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There is a dependency on the successful implementation of the razor and blade model for future revenue growth.
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The mandatory safety standardization process is ongoing, with no definitive timeline for completion.
Q & A Highlights
Q: Could you discuss how SKYX Platforms Corp plans to mitigate the impact of tariffs through its partnership with manufacturers? A: Rani Kohen, Executive Chairman of the Board, explained that SKYX has been proactive in working with factories in Vietnam, Taiwan, and Cambodia to avoid tariff impacts. These preparations began well before the new tariffs were announced, ensuring that the company can continue its operations without significant disruption.