SKYX Platforms (NASDAQ:SKYX) Posts Earnings Results, Meets Expectations

SKYX Platforms (NASDAQ:SKYX) announced its quarterly earnings results on Thursday. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05), FiscalAI reports. The company had revenue of $25.66 million for the quarter, compared to analysts’ expectations of $27.05 million.

Here are the key takeaways from SKYX Platforms’ conference call:

• SKYX reported record Q3 revenue of $25.7 million, up 7.4% year over year, and record gross profit of $8.1 million, up 11%. Gross margin improved to 31.4% from 28.9% in Q2.
• The SKYX–Deako combination expands the builder pipeline to approximately 4 million units, and the companies expect to supply more than 210,000 units across three announced builder programs. Management cited an expected average selling price of $50 per product over the next three to four years, though deliveries and timing remain forward-looking.
• Management sees Deako’s plug-and-play wall platform and SKYX’s ceiling products creating opportunities for upgrades and potentially as much as five times Deako’s current revenue per home. The companies also described potential future AI, monitoring, and subscription offerings, which are still in development or discussion.
• SKYX had $21 million in cash, cash equivalents, and restricted cash, but used $4.2 million in operating cash during the quarter and has not given a firm date for reaching cash-flow positive. Management said it expects burn to keep declining and cited possible cost savings and orders, but those outcomes are not assured.

SKYX Platforms Trading Down 2.9%

Shares of SKYX Platforms stock traded down $0.02 on Thursday, hitting $0.69. 1,721,832 shares of the company’s stock were exchanged, compared to its average volume of 1,118,593. The company has a current ratio of 1.46, a quick ratio of 1.28 and a debt-to-equity ratio of 2.60. SKYX Platforms has a 1 year low of $0.65 and a 1 year high of $3.29. The company has a 50-day simple moving average of $1.05 and a 200-day simple moving average of $1.30.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of SKYX Platforms in a research report on Thursday, October 15th. Wall Street Zen downgraded SKYX Platforms from a “hold” rating to a “sell” rating in a research note on Sunday. Finally, Lake Street Capital cut their price objective on SKYX Platforms from $5.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, SKYX Platforms presently has an average rating of “Moderate Buy” and a consensus price target of $4.50.

About SKYX Platforms

SKYX Platforms Corp. develops and markets technologies and products for smart homes and buildings. Its core platform is designed to make it easier to install and connect ceiling lighting and other electrical fixtures, including through plug-and-play products intended to simplify installation. The company also offers lighting fixtures, ceiling fans and related home products through its e-commerce operations and retail brands. Its products serve residential and commercial customers, with sales focused primarily on the North American market.