MIAMI, FL / ACCESSWIRE / May 12, 2023 / SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a "Sky Technologies") ("SKYX," "we," or the "Company"), a highly disruptive platform technology company with over 60 issued and pending patents globally with a mission to make homes and buildings become safe and smart as the new standard, today provided a corporate update in conjunction with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
First Quarter 2023 and Subsequent Operational Highlights:
SKYX's smart ceiling plug won a total of five prestigious awards from leading technology publications during the 2023 Consumer Electronics Show (CES 2023), including the coveted CES Smart Home Innovation Award.
Successfully closed the strategic acquisition of Belami e-commerce, a profitable lighting and home décor eCommerce conglomerate with 64 websites and $88 million in revenues for the year ended December 31, 2022, that is expected to enhance the Company's cash flow and serve as a marketing education platform, as well as act as distribution platform to accelerate SKYX's smart plug and play ceiling products' time to market and enhance distribution to both professional and retail segments. The transaction was primarily funded using Company's stock, while the cash portion for the closing was fully funded by two major SKYX investors.
Acquired Bailey Street Home, which had $5 million in revenues for the year ended December 31, 2022, a profitable, strategic e-commerce private label lighting website that is expected to serve as an additional marketing and growth platform for SKYX and provide additional distribution to both professional and retail channels.
Appointed Al Weiss, former President of Worldwide Operations at Walt Disney Parks and Resorts, as a Senior Business Development Advisor to assist the company with strategic business introductions, partnerships, and engagements in the U.S. and globally.
Showcased the Company's award-winning, revolutionary SkyPlug Smart product at the National Association of Home Builders (NAHB) International Builder's Show in Las Vegas.
Cash, cash equivalents, restricted cash, investments available for sale and restricted investments available for sale totaled $23.1 million as of March 31, 2023, as compared to $16.8 million as of December 31, 2022.
Cash used in operations in the first quarter of 2023 totaled $4.1 million, as compared to $3.4 million in the first quarter of 2022.
Net cash operating loss in the first quarter of 2023 amounted to $5 million, including $0.5 million of depreciation expense, non-recurring transaction costs of $0.4 million, plus an additional $3.0 million of stock-based compensation expense, totaling a net loss of $8.0 million as compared to a net loss of $11.9 million in the first quarter of 2022.
The full text of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, will be filed with the SEC.
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the standard.
SKYX Platforms Corp. (NASDAQ:SKYX) has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 U.S. and global patents and patent pending applications. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://SKYXPlatforms.com or follow us on LinkedIn.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as "aim," "anticipate," "believe," "can," "could," "continue," "estimate," "expect," "evaluate," "forecast," "guidance," "intend," "likely," "may," "might," "objective," "ongoing," "outlook," "plan," "potential," "predict," "probable," "project," "seek," "should," "target" "view," "will," or "would," or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its smart products and technologies, the Company's efforts and ability to drive the adoption of Sky's Smart Platforms into homes, buildings, cruise ships and communities and adoption by hotels, builders and architects, ability to capture market share, ability to execute on any sales and licensing opportunities, ability to achieve code mandatory status for the SkyPlug, risks arising from mergers and acquisitions, including, with respect the Belami acquisition, the diversion of management's attention from the Company's ongoing business operations, risks that the acquisition disrupts current plans and operations of the Company or Belami and potential difficulties in Company or Belami employee retention as a result of the acquisition, and the ability to implement business plans, forecasts and other expectations after the closing, realize the intended benefits of the acquisition, and identify and realize additional opportunities following the acquisition, and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. Investors should not rely on the financial information regarding Belami or Bailey Street Home, including the revenue numbers for 2022, or any pro formas filed by the Company, as indicative of any future performance. Future performance could differ in material ways. Investors should expect quarter-to-quarter and year-to-year fluctuations. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Media Relations Contacts:
Britney Ouzts/Barbara Goldberg
O'Connell & Goldberg, Inc.
(754) 204-7074 / (954) 294-4677
bouzts@oandgpr.com / bgoldberg@oandgpr.com
Investor Relations Contact:
Lucas A. Zimmerman
MZ North America
(949) 259-4987
SKYX@mzgroup.us
SOURCE: SKYX Platforms Corp. dba Sky Technologies
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