Business
SKYX Reports First Quarter 2023 Financial Results
MIAMI, FL / ACCESSWIRE / May 12, 2023 / SKYX Platforms Corp. (NASDAQ:SKYX) (d/b/a "Sky Technologies") ("SKYX," "we," or the "Company"), a highly disruptive
About this update from Skyx Platforms Corp.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / May 12, 2023 / 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 with a mission to make homes and buildings become safe and smart as the new standard, today provided a corporate update in conjunction with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.First Quarter 2023 and Subsequent Operational Highlights:SKYX's smart ceiling plug won a total of five prestigious awards from leading technology publications during the 2023 Consumer Electronics Show (CES 2023), including the coveted CES Smart Home Innovation Award.Successfully closed the strategic acquisition of Belami e-commerce, a profitable lighting and home décor eCommerce conglomerate with 64 websites and $88 million in revenues for the year ended December 31, 2022, that is expected to enhance the Company's cash flow and serve as a marketing education platform, as well as act as distribution platform to accelerate SKYX's smart plug and play ceiling products' time to market and enhance distribution to both professional and retail segments. The transaction was primarily funded using Company's stock, while the cash portion for the closing was fully funded by two major SKYX investors.Acquired Bailey Street Home, which had $5 million in revenues for the year ended December 31, 2022, a profitable, strategic e-commerce private label lighting website that is expected to serve as an additional marketing and growth platform for SKYX and provide additional distribution to both professional and retail channels.Appointed Al Weiss, former President of Worldwide Operations at Walt Disney Parks and Resorts, as a Senior Business Development Advisor to assist the company with strategic business introductions, partnerships, and engagements in the U.S. and globally.Showcased the Company's award-winning, revolutionary SkyPlug Smart product at the National Association of Home Builders (NAHB) International Builder's Show in Las Vegas.Cash, cash equivalents, restricted cash, investments available for sale and restricted investments available for sale totaled $23.1 million as of March 31, 2023, as compared to $16.8 million as of December 31, 2022.Cash used in operations in the first quarte...