The following is a summary of the SKYX Platforms Corp. (SKYX) Q4 2023 Earnings Call Transcript:
Financial Performance:
SKYX Platforms Corp. generated a record revenue of $58.8 million in 2023, a significant increase from $32 million in 2022.
Cash and investments available increased to $22.4 million as of December 31, 2023, up from $16.8 million in 2022.
Gross profit for 2023 was $18 million or 31% of revenue, positively impacted by the acquisition of Bellamy e-commerce platform.
Stockholder equity rose to $16.6 million in 2023, more than doubling from $7.9 million in 2022.
Business Progress:
SKYX has entered the Canadian market and begun selling its products, expecting them to be in tens of thousands of homes during the current calendar year.
Product development and innovation benefited from a global licensing partnership agreement with GE and collaborations with leading lighting companies like Kichler, QUOIZEL, and Golden Lighting.
The firm anticipates a cash flow positive position by 2025, due to such collaborations and an expanded product line.
SKYX holds 77 U.S. and global patents, with the focus on accelerating market penetration of their technology.
Hints of their product becoming a standard safety requirement due to efforts in safety-mandated filings.
Plans are underway to expand product compatibility, with over 40,000 fixtures currently compatible with SKYX's products.
More details: SKYX Platforms IR
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