SKYX Platforms Corp. (SKYX:NASDAQ) announced that it is collaborating with high-end lighting and ceiling fan company Kichler, integrating its smart home tech with Kichler's products for a major trade show next year.
A principal supplier to the leading big-box retail, builder, professional, and online segments, Kichler is celebrating its 85th anniversary.
The companies will collaborate in Show Village at the International Builder Show in Las Vegas from Feb. 27-29, 2024, the SKYX said.
"I am truly excited that SKYX and Kichler are collaborating to share with the professional builder community SKYX's advanced and smart transformational installation technologies, integrated with Kichler's leading designs of light fixtures and ceiling fans for the next generation of residential and commercial segments," said Dave Palmer, head of SKYX's Wholesale and Retail segments.
SKYX's products use plug-and-play technology to make it easier for consumers to automate their homes, including installing ceiling fixtures like lights and fans.
Analysts Michael and Mickey Legg of Benchmark called the submission a "key catalyst" for the company. "We believe the risk-reward is favorable at the current stock price for the large market opportunity SKYX is pursuing," they wrote.
The company recently stated that it had filed with the National Electrical Code (NEC) for a safety standardization related to its ceiling outlet.
"If granted, it would be a pivotal event for the company's history," wrote Joseph Gunnar & Co. analyst Leo Carpio in an updated research note. "SKYX anticipates receiving an answer next year, hopefully early in the year."
The company also recently announced that it set a record for sales in Q3 2023 with US$21.6 million. Earlier this year, it closed a supply deal with Material Bank and agreed to supply Treasure Coast, a developer in Florida, with enough of its products to outfit 1,000 buildings.
"We think SKYX's unique patented product platform and significant earnings growth potential should command a better-than-peer valuation," Carpio wrote.
Analysts Michael and Mickey Legg of Benchmark called the submission a "key catalyst" for the company.
"We believe the risk-reward is favorable at the current stock price for the large market opportunity SKYX is pursuing," they wrote.
'Long-Term Screaming Buy'
SKYX's products also have impressed newsletter writers, such as Chris Temple of The National Investor.
"SKYX continues to demonstrate why it won five awards at this year's Consumer Electronics Show in Las Vegas," Temple wrote in October, citing the company's recent contract with Treasure Coast.
"SKYX continues to demonstrate why it won five awards at this year's Consumer Electronics Show in Las Vegas," Temple wrote in October, citing the company's recent contract with Treasure Coast.
In June, Temple rated the company as a "long-term screaming Buy" and restated that assessment in another review in August that said, "Simply put, such breakthrough products/technology, which end up becoming part of all our everyday lives, don't come around that often."
In August, Technical Analyst Clive Maund wrote that the company's "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 at a time when sales of its products are rapidly increasing, and it is getting a lot of free publicity."
The company anticipates a number of catalysts, according to its investor presentation, including installing its products in various residential and hospitality buildings, licensing its products, and selling country rights internationally.
Market, Home Penetration to Grow
The global market size for smart home products was more than US$79 billion in 2022, according to a report by Grand View Research. It's expected to grow at a compound annual growth rate (CAGR) of 27% from 2023 to 2030.
Products include cameras, smart lights, streaming devices, and appliances using technologies like Artificial Intelligence (AI) and smartphone and tablet controls.
"Growing use of virtual assistants, such as Siri, Google Assistant, and Alexa, enables users to use voice commands for task automation," the report said. "The emerging features of these digital assistants, such as Bluetooth speakers and hands-free channel surfing, among others are driving the demand for smart home devices."
According to Statista, smart home products were in 14.2% of homes in 2022. That number was expected to expand to 33.2% by 2028, with the United States leading the way "with innovative technologies and widespread adoption."
Statista took into account devices that connect to the internet to control, monitor, or regulate functions in a private household.
Streetwise Ownership Overview*Ownership and Share Structure
Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own approximately 22.16% of the company. According to Reuters, Director Dov Shiff owns 16.28% of the company with 15.00 million shares, Investor Steven Siegelaub owns 3.49% of the company with 3.21 million shares, Co-CEO John P. Campi owns 1.30% of the company with 1.20 million shares, and Director Thomas J. Ridge owns 1.09% of the company with 1.00 million shares.
Reuters reports that institutions own approximately 29.69% of the company, as KRNB Holdings, LLC, owns 9.92% of the company with 9.14 million shares, Motek 7 SQL, LLC, owns 6.64% of the company with 6.12 million shares, Strul Associates LP owns 5.98% of the company with 5.51 million shares, BlackRock Institutional Trust Company, NA, owns 3.39% of the company with 3.12 million shares, The Vanguard Group, Inc., owns 2.50% of the company with 2.30 million shares, and Geode Capital Management, LLC, owns 1.26% of the company with 1.16 million shares.
Reuters reports that there are about 92 million shares outstanding and about 49 million free float traded shares, while the company has a market cap of CA$147.47 million and trades in a 52-week range of CA$1.20 and CA$4.17.
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Important Disclosures:
- SKYX Platforms Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of SKYX Platforms Corp.
- [Steve Sobek ]wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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