SKYX Platforms (SKYX:NASDAQ) has announced in a press release that it has finalized an agreement which would see its products installed in 1,000 homes in Florida. According to the press release, the company has partnered with the Florida based developer Jeremiah Baron Companies, and will deliver 30,000 units of its products, including its “plug and play” technology. The company expects to make this delivery in 2024.
The CEO of Jeremiah Baron Companies, Jeremiah Baron, stated, “We are thrilled to develop our upcoming projects as smart homes and create substantial added value to our homes and buildings as well as for our customers. SKYX’s technology provides an advanced, safe, efficient, and time saving solution that enables homes and buildings to become smart and safer instantly.”
SKYX is also partnered with an online platform, and reports that this includes 60 interior décor websites. The company has also stated that it is waiting on approval for 77 patents in markets around the world.
Rani Kohen, the Executive Chairman of SKYX, commented that “This is another step towards our goal of making homes and buildings become smart and safe as the new standard. We are excited to advance the next generation of SKYX smart homes, creating significant value for the developers and homeowners.”
16.7% Growth by 2026
Markets and Markets reports that the market size for the Internet of Things (IoT) is expected to grow to US$650.5 billion, representing a growth rate of 16.7% by 2026. According to the site, the market was already worth US$300.3 billion by 2021, and that the market is being driven forward by the ability to cut down on energy use through the use of sensors and environmental data, and cloud technology.
Grand View Research looked at smart home technology, a portion that represents a large part of the IoT market, where it estimates a growth rate of 27.07% by 2030. Grand View stated that smart home technology allows homeowners a greater degree of control over their property, making it an attractive prospect for consumers operating in an increasingly connected world.
Breakthrough Technology
Chris Temple of The National Investor reviewed the company on September 5, 2023, where he was enthusiastic about the company’s prospects: “such breakthrough products/technology, which end up becoming part of all our everyday lives, don’t come around that often. I think SKYX’s story is one of those that will be on everyone’s lips not many years hence.” Temple also highlighted the company’s new distribution platforms and its innovative smart technology.
Technical Analyst Clive Maund was also optimistic about the company’s stock in August, when he commented that “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.”
SKYX Platforms Corp has a number of catalysts to report, according to its investor presentation, including that the American Institute of Architects will include SKYX in its continuing education courses for members, and after launching online sails, retail, and selling to builders, it expects to acquire selling rights in countries around the world.
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 22.23% of the company. Reuters reports that Director Dov Shiff owns 16.34% of the company with 15.00 million shares, Steven Siegelaub owns 3.50% of the company with 3.21 million shares, Co-Chief Executive Officer 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 states that institutions own approximately 29.05% of the company, as KRNB Holdings, LLC, owns 9.96% of the company with 9.14 million shares, Motek 7 SQL, LLC, owns 6.66% of the company with 6.12 million shares, Strul Associates LP owns 6.00% of the company with 5.51 million shares, BlackRock Institutional Trust Company, NA, owns approximately 3.03% fo the company with 2.78 million shares, The Vanguard Group, Inc., owns 2.33% of the company with 2.14 million shares, and Geode Capital Management, LLC, owns 1.07% of the company with 0.98 million shares.
According to Reuters, there are 91.85 million shares outstanding, with 48.96 million free float traded shares, while the company has a market cap of CA$146.05 million and trades in the 52 week period between CA$1.22 and CA$4.05.
| Want to be the first to know about interesting Technology investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- 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.
- The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
For additional disclosures, please click here.
