$SKYX Platforms (SKYX.US)$ NEWS SKYX Reports Record First Qu...
NEWS
SKYX Reports Record First Quarter Sales of $19.0 Million Compared to $18.6 Million for First Quarter 2023 as it Continues to Grow its Market Penetration in the U.S and Canada of its Advanced and Smart Platform Products
Positive
Record Q1 2024 sales of $19.0 million, up from $18.6 million in Q1 2023.
Collaboration with Ruee Appliances for global distribution enhances gross margins.
5-year licensing deal with GE for smart home platform technologies.
Over 90 patents, including new smart home and AI-related patents.
Expanding sales to builder and professional segments, opened 100 new accounts.
Won 7 CES awards, including for its all-in-one smart home platform technology.
Negative
Cash reserves declined to $19.8 million from $22.4 million year-on-year.
Sales and marketing expenses increased to $6.5 million from $5.7 million.
Net loss grew to $9.7 million from $8.0 million, with a loss of $0.10 per share.
Adjusted EBITDA showed a net cash loss of $5.1 million.
Non-cash basis loss of $4.6 million.
Record Q1 2024 sales of $19.0 million, up from $18.6 million in Q1 2023.
Collaboration with Ruee Appliances for global distribution enhances gross margins.
5-year licensing deal with GE for smart home platform technologies.
Over 90 patents, including new smart home and AI-related patents.
Expanding sales to builder and professional segments, opened 100 new accounts.
Won 7 CES awards, including for its all-in-one smart home platform technology.
Negative
Cash reserves declined to $19.8 million from $22.4 million year-on-year.
Sales and marketing expenses increased to $6.5 million from $5.7 million.
Net loss grew to $9.7 million from $8.0 million, with a loss of $0.10 per share.
Adjusted EBITDA showed a net cash loss of $5.1 million.
Non-cash basis loss of $4.6 million.
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