Disruptive Platform Tech Company Makes US$15 Million in Sales
Source: Streetwise Reports
August 31, 2023 (Investorideas.com Newswire) SKYX Platforms has engineered new technology for homes as utilities hold strong against the real estate dip. Read on to see how SKYX Platforms aims to disrupt a stagnant industry and what experts are saying about the stock.
SKYX Platforms Corp. (SKYX:NASDAQ), also known as Sky Technologies, is a disruptive platform technology company with a wide variety of issued and pending patents. The company's mission is to make homes and buildings safe and raise standards.
The company has announced that it has made over US$15 million in sales for the partial second quarter of the year (Q2), including sales of its Smart and Standard Plug and Play products that are now sold on over 16 U.S. and Canadian light and home décor websites.
According to Rani Kohen, the founder and Executive Chairman of SKYX Platforms, "We are very happy to initiate our sales now on over 16 lighting and home décor websites in the U.S. and Canada, as well as market and educate both retail and professional customers on the simplicity, cost saving, time-saving, and life-saving aspects of our Sky ceiling outlet receptacle and our plug & play smart and standard products. We expect to continue our product launch in additional locations in the coming months."
These websites serve both retail and professional customers. Some of the websites that carry SKYX Platforms products are as follows: 1stoplighting.com, Lightingdesignexperts.com, Canadalightingexperts.com, Americanlightingstore.com,Homeclick.com, and Lunawarehouse.com.
Steve Schmidt, the president of SKYX Platform, commented, "Seeding the market with our products and introducing the concept of a plug & play ceiling outlet and products to consumers, showing them that there is truly a better, safer, and faster way, positions us to continue our rapid pace of operational execution. We look forward to providing the investment community with an update on our value-creation initiatives next week on our investor update call and would encourage all current and prospective shareholders to attend."
A Growing Market
The market saw a surge in smart home technology during the pandemic when people were at home more.
According to Precedence Research, by 2023, the market for smart home technology is expected to grow to US$581.85 billion, and the North American region holds the maximum revenue share of the market.
Markets and Markets reports that additional drivers for smart home technology include growing concerns about safety, a convenience-driven market, and the adoption of data-connection technology.
A 'Long-Term Screaming Buy'
Technical Analyst Clive Maund commented on SKYX earlier in the month, reporting that "the stock is looking increasingly attractive here after its rather severe decline of the past couple of months has brought it back into a zone of strong support at a time when sales of its products are rapidly increasing."
While he notes that the accumulation line is weak, Maund is optimistic about the company's prospects.
Chris Temple of the National Investor was impressed by SKYX Platform, which won five awards at the Las Vegas Consumer Electronics Show in January. He noted that the company's dip in value, combined with new developments on the horizon, made the company a great opportunity for investors.
Temple said, "In my very strong view, this makes what I already saw as a bargain and long-term screaming buy on SKYX that much more so."
Ownership and Share Structure
22.28% of the company is held by management and insiders.
Dov Shiff owns 16.37% with 15.00 million shares, Steven Siegelaub owns 3.51% with 3.21 million, John P. Campi owns 1.31% with 1.20 million shares, and Thomas J. Ridge owns 1.09% with 1.00 million shares.
25.6% is with institutional investors.
KRNB Holdings LLC owns 9.98% with 9.14 million shares, Motek 7 SQL, LLC, owns 6.68% with 6.12 million shares, Strul Associates LP owns 6.02% with 5.51 million shares, The Vanguard Group Inc. owns 2.00% with 1.84 million shares, BlackRock Institutional Trust Company NA owns 0.50% with 0.46 million shares, and Geode Capital Management LLC owns 0.44% with 0.40 million shares.
There are 91.64 million shares outstanding and 49.28 million free-float traded shares. The company has a market cap of CA$186.04 million. It trades in the 52-week period between CA$1.35 and CA$5.80.
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