Leader in smart platform technology SKYX Platforms Corp. (SKYX:NASDAQ) announce a collaboration with world-leading home improvement retailer Home Depot for its advanced and smart plug-and-play products.
SKYX will offer a variety of its products including retrofit kits, smart light fixtures, smart ceiling fans, ceiling outlet receptacles, and recessed lights. A large assortment of these advanced and smart products is expected to be offered on Home Depot’s website in the next coming months, while some advanced and smart plug-and-play retrofit kit products are expected to arrive in select stores and online to be offered as a fixture upgrade.
"We are truly excited that we are collaborating with the world-leading home improvement company Home Depot," said SKYX President Steve Schmidt. "Our technology offers a variety of products for both retail and professional segments; therefore, I view this collaboration as a tremendous growth opportunity for us that can have a significant impact on our business."
Rani Kohen, founder and executive chairman of the company, called Home Depot "a global leader in retail and professional industries."
"We strongly believe that this opportunity will have a significant effect on our business and market penetration for both our retail and professional sales channels," he said.
SKYX has more than 94 issued and pending patents in the U.S. and globally and owns over 60 lighting and home décor websites with a mission to make homes and buildings become smart, safe, and advanced as the new standard, announced today a collaboration with world-leading home improvement retailer, Home Depot, for its advanced and smart plug-and-play products.
The company's new plug-and-play recessed lights aim to revolutionize the installation process by providing a safer and more efficient solution to eliminate contact with hazardous electrical wires. The lights can be controlled via the SKYX app, voice commands, and are compatible with major smart home systems like Apple Siri, Amazon Alexa, Google Home, and Samsung's SmartThings and Bixby. This product highlights SKYX's commitment to enhancing safety and convenience in homes and buildings globally.
NEC Mandate Application Possibly Catalyst
Benchmark analysts Michael Legg and Mickey Legg, in a July 30 updated research note, rated the stock a Buy with a US$5 per share target price.
"We recently visited management at SKYX headquarters in Florida and came away impressed with the long-term strategic positioning and impressive patent portfolio the company enjoys," the analysts wrote. "We believe the best is yet to come as SKYX awaits NEC Mandatory approval, including partnerships with major retailers and lighting manufactures, helping provide a supply chain of product for builders and consumers alike."
The company also has announced partnerships with Ruee Appliance Co. Ltd., General Electric, world-leading lighting company Kichler, and U.S. lighting manufacturer Quoizel.
But a big possible catalyst for the company going forward is its application last year for a National Electric Code (NEC) mandate for the use of its ceiling outlets in homes and buildings.
Benchmark analysts Michael Legg and Mickey Legg, in a July 30 updated research note, rated the stock a Buy with a US$5 per share target price.
"If granted, it would be a pivotal event for the company's history," wrote Joseph Gunnar & Co. analyst Leo Carpio in another research note. "While SKYX management believes it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings, the company has no insight on the timing of an NEC mandate decision."
Carpio, who rated the stock a Buy with a US$2 per share target price, said he believes SKYX will "likely have to wait a while to receive a decision on the NEC mandate."
"We believe SKYX trades at a substantial discount to peers for four reasons: (1) investor unfamiliarity with SKYX's technology's disruptive potential, (2) cloudy earnings visibility arising from uncertainty over the revenue ramp over the coming two years, (3) the low historic odds of securing an NEC mandate for new products, and (4) potential for new dilutive stock issuance to fund operations," he wrote.
However, "Should SKYX's ceiling receptacle secure an NEC mandate, our valuation multiples would be revised to incorporate the higher revenue growth trajectory," he wrote.
The Internet of Things
A June 2024 report from StartUs Insights showed an annual growth rate of 25.86% over 7,200 companies in the home technology sector. More than 340,000 workers are employed by the industry, which added more than 26,000 new jobs in the past year and filed 7,000 patents and secured more than 220 grants.
In an article for BuiltIn, Mike Thomas wrote on June 5 that by 2029, forecasters predicted the IoT industry (Internet of Things — devices, applications, and network equipment that work in conjunction to collect, monitor, and analyze data from industrial operations) would reach a global market size of more than US$2.4 trillion, shifting from mere connectivity to IoT-powered applications, platforms, and services. Tech pioneer Kevin Ashton succinctly described the IoT as integrating "the interconnectedness of human culture — 'our things' — with the interconnectedness of our digital information system — 'the Internet.'"
A July 2024 report from Market Research Future projected the recessed lighting industry to grow from US$78.32 billion in 2024 to US$190.04 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.72% during the forecast period. Key drivers of market growth include energy effectiveness, cost savings, flexibility in terms of aesthetics and design, better lighting quality, and technological advancements, the report noted.
The market for recessed lighting had seen rapid expansion and was anticipated to continue growing in the years to come. Recessed lighting has become more popular due to its energy efficiency, with LED technology using less energy than conventional lighting sources.
Streetwise Ownership Overview*Cost reductions also aided in the market's expansion, as LED-powered recessed lighting fixtures had a longer lifespan and required less upkeep, saving both consumers and companies money overall.
Ownership and Share Structure
According to Reuters, strategic investors comprise 41.16%. Director Dov Shiff is the insider with the most shares, 14.99%. Steven Sieglaub owns 3.21%, and Thomas J. Ridge, governor and director, owns 1.02%
Reuters data as of July 1, 2024, shows that 78 institutions hold 11.67% of SKYX. The Top 3 institutional investors are BlackRock Institutional Trust Company N.A. at 3.26%, with 3.27 million shares, The Vangaurd Group Inc. at 2.68%, with 2.68 million, and Geod Capital Management LLC at 1.23%, with 1.23 million.
Retail investors own the remaining.
SKYX Platforms has 100.17 million outstanding shares and 58.94 million free-float traded shares. Its market cap is US$107.04 million, and the company trades in a 52-week range between US$0.72 and US$2.24 per share.
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