Further highlights from Q3 for the company included US$24.4 million in cash, cash equivalents, restricted cash, available cash, and investments available for sale for the company as of September 30, progress on the company's goals towards market penetration for its smart home technology, and eight more patents, bringing the company's total up to 77 pending or issued patents in the United States.
SKYX also stated that it had filed with the National Electrical Code (NEC) for a safety standardization related to its ceiling outlet, and that it closed a collaboration agreement with the lighting manufacturer QUOIZEL.
The company commented on this news, "Management believes that after over 12 years of its standardization process . . . it has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings." The company also highlighted its news from earlier this year, where it closed a supply deal with Material Bank and also agreed to supply Treasure Coast, a developer in Florida, with enough of its products to outfit 1,000 buildings.
The company recently showcased its products at the Homes of the Future event at the International Builder's Show in Las Vegas, February 27-29, 2024.
Gold Boosted by Uncertainty, AI
Rob Badman with Stockhead recently released a report predicting that tech's embrace of artificial intelligence could signal a boost for gold due to the precious metal's applications in electronics.
He wrote, "The thesis there is that a boom in demand for AI applications creates a boom in demand for the chips and components that help power the tech — a boon for manufacturers such as Nvidia, but also for precious metals producers."
"SKYX continues to demonstrate why it won five awards at this year's Consumer Electronics Show in Las Vegas," wrote Chris Temple of The National Investor.
Rick Mills of Ahead of the Herd also predicted that gold would do well and cited rising interest rates and unrest in the Middle East as a couple of the factors at play.
Mills also stated that he believes there is a significant gap between supply and demand for gold that cannot be easily closed: "Even though major gold miners are high-grading their reserves, mining all the best gold and leaving the rest, they still didn't manage to satisfy global demand for the precious metal, not even close."
Mills commented that some of this gap could be closed by recycling jewelry and said, "This is our definition of peak gold."
SKYX a "Long-Term Screaming Buy"
Chris Temple of The National Investor reviewed SKYX on October 30, 2023, commenting that "SKYX continues to demonstrate why it won five awards at this year's Consumer Electronics Show in Las Vegas" and cited the company's recent contract with Treasure Coast to install its products in 1,000 buildings in Florida.
In June, Temple rated the company as a "long-term screaming Buy" and restated that assessment in another review that he put out in August, where he said, "Simply put, such breakthrough products/technology, which end up becoming part of all our everyday lives, don't come around that often."
Technical Analyst Clive Maund reviewed the company on August 5, 2023, where he commented on the company's stock: "The stock is looking increasingly attractive here after its rather severe decline of the past couple of months has brought it back into a zone of strong support at a time when sales of its products are rapidly increasing, and it is getting a lot of free publicity."
The company has a number of catalysts to report, according to its investor presentation, including installing its products in various residential and hospitality buildings, and licensing its products, and selling the country rights internationally.
Ownership and Share Structure
Streetwise Ownership Overview*
Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own approximately 22.16% of the company. According to Reuters, Director Dov Shiff owns 16.28% of the company with 15.00 million shares, Investor Steven Siegelaub owns 3.49% of the company with 3.21 million shares, Co-CEO John P. Campi owns 1.30% of the company with 1.20 million shares, and Director Thomas J. Ridge owns 1.09% of the company with 1.00 million shares.
Reuters reports that institutions own approximately 29.69% of the company, as KRNB Holdings, LLC, owns 9.92% of the company with 9.14 million shares, Motek 7 SQL, LLC, owns 6.64% of the company with 6.12 million shares, Strul Associates LP owns 5.98% of the company with 5.51 million shares, BlackRock Institutional Trust Company, NA, owns 3.39% of the company with 3.12 million shares, The Vanguard Group, Inc., owns 2.50% of the company with 2.30 million shares, and Geode Capital Management, LLC, owns 1.26% of the company with 1.16 million shares.
Reuters reports that there are 91.85 million shares outstanding and 49.27 million free float traded shares, while the company has a market cap of CA$159.82 million and trades in the 52-week period between CA$1.22 and CA$4.05.
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- SKYX Platforms Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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