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Disruptive Platform Co. Strikes Deal With Distribution Center

Source: Streetwise Reports


September 8, 2023 ( Newswire) SKYX Platforms has finalized a deal with Material Bank, a distribution platform for household and building technologies. Read on to see where this company's expansion will take them next, and what some experts are saying about the tech stock.

SKYX Platforms (SKYX: NASDAQ) announced that it has signed a deal with the architectural supply company Material Bank. According to a press release, SKYX is anticipating that this deal will facilitate its expansion in the market to designers and builders, especially since Material Bank has locations spread nationally and internationally.

According to SKYX, Material Bank is the world's leading architectural material supply company.

SKYX has a series of smart platform technologies for lighting and smart homes that offer a simple plug-and-play installation, holding up to 50 lbs (and tested for 200 lbs).

According to the company's investment presentation, this product won the Consumer Electric Show (CES) Smart Home Innovation Award.

The Executive Chairman of SKYX Platforms, Rani Kohen, said of the deal, "We are thrilled for the opportunity to partner with Material Bank. This agreement will continue to enhance our market penetration and is a key initiative in establishing SKYX as the new standard for safe, advanced lighting and smart home installations for both residential and commercial segments."

This deal is coming in on the heels of several other major milestones for SKYX, including, according to the press release, the listing of its products on a network of 64 e-commerce websites and its recognition by the American Institute of Architects (AIA).

According to Steve Schmidt, the President of SKYX, "This is another strategic step for enhancing our market penetration. Accelerating our market penetration with our smart plug-and-play products is key, as we expect it to result in future recurring revenues from smart and standard fixture replacements- as well as from future potential monitoring and subscriptions through our smart products."

Smart Tech Reshaping the Market

The Harvard Business Review believes that smart home technologies will reshape the market.

According to an article by the Harvard Business Review, "industry boundaries are expanding even beyond product systems to systems of systems," reflecting an increasing focus on smart infrastructure.

According to Markets and Markets, smart home technology represents an industry that is expected to grow by 10% to US$163.7 billion by 2028. Markets and Markets reports that drivers of the market include the desire of consumers to have a safer, more controlled home and the conveniences of connectivity.

Increasingly Attractive Stock

Technical Analyst Clive Maund commented on the performance of SKYX's stocks. Maund commented 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," though he does not comment on how he would rate it.

SKYX's investment presentation reports that it has made significant developments in the past eight months. In Q3 of 2022, it received approvals from the American National Standardization Institute (ANSI) and the National Electrical Manufacturing Association (NEMA). In Q4 of 2022, according to the presentation, the American Institute of Architects (AIA) decided to include the company's products in its annual license renewal program. At the beginning of 2023, the company reported that it acquired an interior décor shopping website.

Chris Temple of The National Investor commented on some of these developments within the company. He said, "Such breakthrough products/technology, which end up becoming part of all our everyday lives, don't come around that often."

Ownership and Share Structure

Reuters has provided a breakdown of the ownership and share structure of the company.

According to Reuters, management and insiders own 22.22% of the company. Dov Shiff, a board member, owns 16.33% with 15.00 million shares, Steven Siegelaub owns 3.50% with 3.21 million shares, John P. Campi, CEO, owns 1.30% with 1.20 million shares, and Thomas J. Ridge, governor and director, owns 1.09% with 1.00 million shares.

Reuters reports that institutions own 29.05% of the company.

KRNB Holdings, LLC, owns 9.96% with 9.14 million shares, Motek 7 SQL, LLC, owns 6.66% with 6.12 million shares, Strul Associates LP owns 6.00% with 5.51 million shares, BlackRock Institutional Trust Company, NA, owns 3.03% with 2.78 million shares, The Vanguard Group, Inc., owns 2.33% with 2.14 million shares, and Geode Capital Management, LLC, owns 1.07% with 0.98 million shares.

According to Reuters, there are 91.85 million shares outstanding, with 49.4 million free-float traded shares. The company has a market cap of CA$155.23 million. It trades in the 52-week period between CA$1.54 and CA$4.28.

More Info: Newswire

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