SKYX Reports 48% Revenue Growth for 2024, Credits Strategic Partnerships
Publicly traded SKYX Platforms Corp. has announced a total of 48% growth in 2024 revenues from $58.8 million in 2023 to $86.3 million in 2024. The company reported $23.7 million in revenue in Q4 2024 compared to $22.2M in Q4 2023. It also reported $15.5 million in cash, cash equivalents, and restricted cash, as of December 31, 2024, compared to $13.0 million as of September 30, 2024.
Gross profit in 2024 increased to $24.6 million (28% of revenue), a number that was positively impacted by the acquisition of the Belami e-commerce platform, which contained more than 60 websites for lighting and home décor.
Also in 2024, SKYX secured a $11 million equity preferred stock investment led by the Shaner Group, a Marriott hotel owner with 70+ hotels, including significant insider investing by SKYX’s President Steve Schmidt, who invested $500,000, Co-CEO Lenny Sokolow and Co-CEO John Campi, who each invested $250,000.
This month (March 2025), SKYX secured an additional $1.45 million funding including from a strategic investor through its $2.00 Series A-1 Preferred Offering. A company statement read, “As common with companies such as ours, when sales are converted into cash rapidly, often referred to as the ‘Dell Working Capital Model,’ the Company continues to leverage its trades payable to finance its operations to enhance its cash position and to lower its cost of capital. Management anticipates significant orders and to become cash flow positive during the second half of 2025.”
Heading into 2025, SKYX expects to continue increasing units and grow revenue in the pro, builders, and retail segments. The statement read, “The Company continues to grow its market penetration of its advanced and smart plug & play products, expecting its products to be in 20,000 U.S. and Canadian units/homes by the end of Q1 2025. Company expects its products to be in tens of thousands additional homes, incrementally in 2025.”
SKYX is also anticipating opportunities for recurring revenues through its products’ interchangeability, upgrades, monitoring, and subscription offerings. The company is focused on the “Razor & Blades” model and its product range includes its advanced ceiling electrical outlet (Razor) and its advance and smart home plug & play products (Blades) including lighting, chandeliers/pendants, ceiling fans, recessed lights, down lights, exit signs, emergency lights, holiday/kids/themes lights, indoor/outdoor wall lights among others smart products.
In addition to SKYX’s collaborations with retailers Home Depot and Wayfair – as well as manufacturers Kichler, Quoizel, EGLO, and Ruee – the company’s most recent alliance is with Cavco Homes, a publicly traded U.S. prefabricated home manufacturer that has agreed to integrate SKYX technologies into its high-end premium homes.
SKYX has already partnered in luxury condo properties owned by Forte Developments and a 1,000-unit, mixed-use development by Jeremiah Baron Companies that will include SKYX ceiling outlets, lighting, ceiling fans, and emergency fixtures. SKYX’s recently announced partnership with JIT Electrical Supply will expand its footprint in the electrical, lighting, and ceiling fan markets.
Furthermore, SKYX has appointed Huey Long – former director of Amazon’s e-commerce division and a past senior vice president of Walmart, and executive vice president at Ashley Furniture – to lead its e-commerce platform.
Long will collaborate with the existing team to expand market penetration across 60 lighting and home décor websites and other key e-commerce channels in the U.S. and Canada.
