Business
SKYX Reports Second Quarter 2023 Financial Results with $15 Million in Sales Reflecting a Partial Quarter Including Sales of its Safe Plug & Play Products
Company Sequentially Reduces Net Cash Used in Operating Activities to $2.5 MillionMIAMI, FL / ACCESSWIRE / August 9, 2023 / (NASDAQ:SKYX) (d/b/a "Sky
About this update from Skyx Platforms Corp.
[{"type":"text","content":"Company Sequentially Reduces Net Cash Used in Operating Activities to $2.5 MillionMIAMI, FL / ACCESSWIRE / August 9, 2023 / (NASDAQ:SKYX) (d/b/a \"Sky Technologies\"), a highly disruptive platform technology company with over 60 pending and issued patents globally with a mission to make homes and buildings become safe and smart as the new standard, today reported its financial and operational results for the second quarter ended June 30, 2023.Second Quarter 2023 and Subsequent Operational HighlightsGenerated $15 million in revenue in the second quarter of 2023, reflecting a partial quarter of sales, including commencement of sales of its smart and standard plug & play products.Sequentially reduced net cash used in operating activities to $2.5 million in the quarter.Cash, cash equivalents, restricted cash, and investments available for sale totaled $23.7 million as of June 30, 2023, as compared to $16.8 million as of December 31, 2022.Appointed several strategic advisors, including:Khadija Mustafa, former Microsoft AI and global business leader, as a Senior Tech, AI and Global Business Advisor.Eric Jacobson, former President, and CEO of The American Lighting Association (ALA), as a Senior Product Standardization Advisor.Al Weiss, former President of Worldwide Operations at Walt Disney Parks, Resorts and Cruises, as a Senior Business Development Advisor.Joined the broad-market Russell 2000® and Russell 3000® Indexes at the conclusion of the 2023 Russell Indexes annual reconstitution.Successfully acquired Belami E-commerce, a profitable conglomerate with 64 websites for lighting and home décor. The acquisition was primarily funded using the Company's stock, while the cash portion was funded by two major SKYX investors.The E-commerce acquisition is expected to enhance the Company's cash-flows, speed up time to market for SKYX ceiling safe plug & play smart and standard products, as well as expand distribution across professional and retail segments while concurrently serving as a marketing and education platform.Safety Standardization HighlightsThe Company is eligible to apply for a building safety standardization requirement with the National Electrical Code (NEC) for its ceiling outlet receptacle and is expected to file its application within the next few weeks.Management believes that after over 12 years of its standardization pr...