SKYX Platforms Corp. (NASDAQ: SKYX) (“SKYX” or the “Company”), a highly disruptive smart home platform technology company with more than 97 issued and pending patents globally, today provided a comprehensive corporate update ahead of several key milestones. The Company also operates a growing portfolio of over 60 lighting and home décor e-commerce sites, reinforcing its mission to make homes and buildings smart, safe, and advanced as the new standard.
SKYX announced that it will officially be added to the Russell 2000 Index following the market close on June 27, 2025. This inclusion represents a significant milestone and reinforces the Company’s visibility among institutional investors and the broader financial community.
In parallel, SKYX revealed its central role in enabling a transformative $3 billion mixed-use Smart Urban City project in Miami’s Little River District. As part of this initiative, SKYX will deploy over 500,000 units of its advanced plug & play smart home technologies, including its AI-powered smart ecosystem, across the entire 63-acre development. The project will include more than 5,700 condos and apartments, a significant allocation for workforce and affordable housing, over 350,000 square feet of retail space, 1.5 million square feet of green walkways, parks, bike paths, shuttle lanes, and a $35 million Tri-Rail station. World-renowned architectural firm Arquitectonica is leading the project’s design, while development is spearheaded by SG Holdings—a joint venture between the Swerdlow Group, SJM Partners, and Alben Duffie, each with a legacy of major urban developments.
Financially, SKYX continues to gain strong backing from U.S. and international manufacturers in support of its large-scale product deployments. This support underscores investor confidence in the scalability and market demand for SKYX’s smart home innovations. As of March 31, 2025, SKYX reported $35 million in cash, sufficient to execute its near-term strategic goals and achieve cash-flow positivity in 2025. In the first quarter of 2025, the Company generated record revenues of $20.1 million, up from $18.9 million in the same period the previous year, while also reducing general and administrative expenses by 17%, from $7.9 million to $6.6 million. SKYX also improved its gross margins and gross profit sequentially.
Anticipating strong seasonal demand, SKYX is preparing for a Q3 launch of its disruptive All-In-One Smart Turbo Heater & Ceiling Fan, with manufacturing already underway through long-term partners. The Company will launch two models of the patented product, targeting the multi-billion-dollar ceiling fan and space heater market. SKYX expects its products to be in 30,000 U.S. and Canadian homes by the end of the second quarter of 2025, with tens of thousands more to follow in the second half of the year.
To further support its growth, SKYX secured $15 million in preferred stock investments at $2 per share from strategic investors led by The Shaner Group, a major global Marriott Hotels chain owner. The round also saw significant participation from company insiders, including President Steve Schmidt and co-CEOs Lenny Sokolow and John Campi, signaling strong internal confidence in the Company’s vision and trajectory.
In a major manufacturing development, SKYX announced a strategic U.S. partnership with Profab Electronics, a premier electronic contract manufacturer based in Pompano Beach, Florida. This collaboration complements the Company’s manufacturing operations across Vietnam, Taiwan, China, and Cambodia, strengthening SKYX’s commitment to building a resilient and efficient supply chain.
SKYX continues to pursue national safety standardization of its ceiling outlet and receptacle technology. Its Safety Code Standardization Team, led by Mark Earley (former head of the National Electrical Code) and Eric Jacobson (former president and CEO of the American Lighting Association), is now backed by a prominent new leader from a key government safety organization. SKYX has already secured ANSI/NEMA approval and has been voted into 10 segments of the NEC Code Book. The Company expects that its technology, once the full range of product variations is complete, will be recommended by insurance companies due to its potential to reduce fires, ladder falls, and electrocutions.
SKYX continues to build recurring revenue streams through a “Razor & Blades” business model. The Company’s ceiling electrical outlet (Razor) serves as the foundation for a range of plug & play smart products (Blades), including lighting, fans, recessed lights, emergency fixtures, chandeliers, and more. The Company’s technology enables high-rise buildings and hotels to complete installations in days rather than months, providing an efficient and scalable solution for large-scale construction projects.
With an addressable market of approximately $500 billion in the U.S. and over 4.2 billion ceiling applications, SKYX is expanding both in the retail and professional segments. The Company generates revenue through product sales, licensing, royalties, subscriptions, monitoring, and global country rights. In addition to leveraging its 60+ e-commerce platforms, SKYX collaborates with major retailers including Home Depot and Wayfair to distribute its full suite of advanced and smart plug & play products.
Strategic partnerships also continue to accelerate SKYX’s market reach. These include collaborations with leading lighting manufacturers such as Kichler, Quoizel, EGLO, and Ruee, as well as integration into premium homes built by Cavco Homes, a top U.S. prefabricated home builder. SKYX’s technology will be installed across three luxury Forte Developments in Florida, totaling over 12,000 products across more than 400 units. Additionally, a 1,000-unit mixed-use project by Jeremiah Baron Companies will incorporate SKYX’s technologies, with initial deliveries to 140 units and more throughout the construction cycle.
To support distribution, SKYX has entered a strategic agreement with JIT Electrical Supply, a leading builder supplier that has served over 100,000 U.S. homes. JIT will distribute SKYX’s lighting and smart products beginning in early 2025.
In a key leadership move, SKYX welcomed Huey Long, former Amazon e-commerce director and executive at Walmart and Ashley Furniture, as the new head of its e-commerce division. Long will work closely with SKYX’s existing team to expand market penetration across its digital platforms and leading North American e-commerce channels.
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 new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. 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 www.skyplug.com or follow us on LinkedIn.
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 products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; 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. There can be no assurance as to any of the foregoing matters.
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.
