Q2 2024 SKYX Platforms Corp Earnings Call Transcript
Key Points
- SKYX Platforms Corp (SKYX) reported record second-quarter sales of $21.4 million, a significant increase from $15 million in the same quarter of 2023.
- The company has a strong intellectual property portfolio with 97 patents and pending applications, including 36 issued patents globally.
- SKYX Platforms Corp (SKYX) has established key collaborations with major companies like Home Depot, GE Licensing, and Ruee Appliances, enhancing its market reach and production capabilities.
- The company is making significant progress in market penetration, with its products now in nearly 10,000 US and Canadian homes, and expects to be in tens of thousands of homes by 2025.
- SKYX Platforms Corp (SKYX) is on track to become cash flow positive by 2025, leveraging its Dell Working Capital model and strategic collaborations to enhance its cash position and lower its cost of capital.
- The company reported a decrease in cash, cash equivalents, and restricted cash from $19.8 million as of March 31, 2024, to $15.6 million as of June 30, 2024.
- Despite the revenue growth, SKYX Platforms Corp (SKYX) reported a net loss of $7.5 million in the second quarter of 2024, though this is an improvement from a net loss of $12.3 million in the same quarter of 2023.
- The lighting and home decor market is currently facing substantial declines due to a slowdown in the real estate market and post-COVID renovation slowdowns, which could impact future sales.
- The company is still in the process of fine-tuning its Gen 3 all-in-one platform product to meet regulatory standards, which could delay its market launch.
- SKYX Platforms Corp (SKYX) is heavily reliant on its strategic collaborations for financial backing and production capabilities, which could pose risks if any of these partnerships were to falter.
Good day, and welcome to SKYX Platforms Corp second-quarter 2024 investor update call. Today's webinar is being recorded.
Before we begin the formal presentation, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filings for a list of associated risks, and we also refer you to the company's website for more supporting industry information.
At this time, I would like to turn the webinar over to Rani Kohen, Executive Chairman of SKYX Platforms Corp. Sir, please go ahead.
Thank you. Good afternoon to everyone. Welcome to our second-quarter earnings call and corporate update. We will have Steve Schmidt, our President, start with the call. So I'll hand the microphone to Steve Schmidt. Thank
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