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SKYX Platforms Corp. Reports Third Quarter 2022 Financial Results
Generic Name Approval by NEC and Standardization Approval Vote by ANSI/NEMA Builds the Foundation for Future Code Mandatory EffortsMIAMI, FL / ACCESSWIRE /
About this update from Skyx Platforms Corp.
[{"type":"text","content":"Generic Name Approval by NEC and Standardization Approval Vote by ANSI/NEMA Builds the Foundation for Future Code Mandatory EffortsMIAMI, FL / ACCESSWIRE / November 10, 2022 / SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a \"Sky Technologies\") (\"SKYX,\" \"we\" or \"the Company\"), a highly disruptive platform technology company with over 60 issued and pending patents globally for simplifying and enhancing safety and automation in homes and buildings, today reported the Company's financial results for the third quarter ended September 30, 2022.Third Quarter 2022 and Subsequent Operational Highlights:Received National Electrical Code® (NEC) generic name approval for its weight-bearing safe plug & play outlet/receptacle for ceilings as WSCR (Weight-Supporting Ceiling Receptacle) for its universal ceiling outlet and WSAF (Weight-Supporting Attachment Fitting) for its ceiling plug.The specifications for the WSCR and WSAF received a historic standardization approval vote by the American National Standards Institute (ANSI), whose standards are regularly specified by most U.S. architects and engineers for residential and commercial construction, and the National Electrical Manufacturers Association (NEMA), a standards-developing organization that promotes the standardization of major US electrical products for manufacturers.Secured 10-year roof rights for signage on one of the tallest buildings in Miami, expected to be seen by millions, which we believe will generate significant SKYX brand awareness.The Company anticipates starting presales of its universal smart connected SkyPlug products, with its accompanying SkyHome App, during the fourth quarter.Cash used in operations for the nine months ended September 30, 2022, totaled $9.7 million, as compared to $2.8 million in the nine months ended September 30, 2021.Net loss, which includes stock-based compensation of $1.3 million for the quarter ended September 30, 2022, totaled $5.7 million, as compared to a net loss of $1.6 million in the quarter ended September 30, 2021.Cash, cash equivalents, restricted cash, and investments available for sale totaled $20.9 million as of September 30, 2022, as compared with $10.4 million as of December 31, 2021.Detailed financial results will be provided in the Company's Form 10-Q for the third quarter of 2022.About SKYX Platforms Corp.As electricity is a ...