SKYX Platforms Corp. (SKYX:NASDAQ), a leader in smart platform technology, announced the issuance of six additional patents in the U.S. and internationally, expanding its already robust patent portfolio to more than 94 issued and pending patents worldwide. Learn how these partnerships can impact your upcoming projects and plans.
SKYX Platforms Corp. (SKYX:NASDAQ), a leader in smart platform technology, announced the issuance of six additional patents in the U.S. and internationally, expanding its already robust patent portfolio to more than 94 issued and pending patents worldwide. These new patents relate to SKYX's advanced plug-and-play smart ceiling fans and heaters that provide both summer cooling and winter heating, further strengthening the company's smart home product lineup. This strategic addition not only strengthens SKYX's market position, but also underscores the company's commitment to making homes smarter, safer and more technologically advanced.
Lani Cohen, founder and chairman of SKYX Platforms, expressed her satisfaction with these developments in a press release, stating, “We are proud to announce these six additional patent issuances, further strengthening our globally robust intellectual property portfolio in the critical areas of advanced safety, smart home and sensor technologies.”
This announcement is in line with SKYX's broader mission to revolutionize the smart home industry through innovation and technological advancements.
Building a smarter home
The smart home market is experiencing rapid growth and major transformation. According to Statista, smart home market revenue is forecast to reach US$154.4 billion in 2024, reflecting significant growth and the sector's expanding impact on modern life. The market is projected to show a compound annual growth rate (CAGR 2024-2028) of 10.67%, with the market size expected to reach US$231.6 billion by 2028.
This robust growth highlights the dynamic and expanding nature of the smart home sector. Household penetration in the smart home market is expected to be 18.9% in 2024 and is projected to nearly double to 33.2% by 2028, indicating high adoption and increasing consumer confidence in smart home technology. Average revenue per smart home installed is expected to reach USD 365.60, indicating the increasing value consumers are placing on integrating smart technology into their homes.
On April 26, Maxim Group also initiated coverage with a “buy” rating and a $3 price target, highlighting SKYX's transition from traditional lighting to a fast-growing smart home technology provider.
Grand View Research reported that the global smart home market size is expected to be valued at USD 79.16 billion in 2022, growing at a compound annual growth rate (CAGR) of 27.07% from 2023 to 2030. This rapid growth highlights the huge potential of smart home technology and its increasing adoption globally.
The integration of Artificial Intelligence (AI) into smart home products to enable smart capabilities was expected to increase demand for the products and transform the way consumers interact with their homes, making everyday tasks more convenient and efficient. High global penetration of smartphones and the internet has driven the demand for connected smart home products, making it easier for consumers to manage their homes remotely and efficiently.
Mordor Intelligence forecasts that the global smart home market size will expand from USD 121.59 billion in 2024 to USD 633.2 billion in 2032, growing at a CAGR of 22.9% during the forecast period. This indicates the rapid expansion and growing importance of smart home technology in modern life. The smart home market is undergoing a major transformation due to the growing demand for innovative wireless solutions such as security regulators, entertainment controls, and HVAC controllers. The growing trend of integrating artificial intelligence (AI) into smart home products is expected to increase the demand for products and make homes more efficient and user-friendly.
catalyst
The recent patent issuances are a major boost for SKYX, boosting the company's intellectual property portfolio and market value. The company's total addressable market (TAM) of over USD 500 billion reflects the significant growth potential of smart home technology.
Noble Capital Markets highlighted the company's strong growth prospects in a report on May 15th, initiating coverage with an “outperform” rating and a $5.00 price target.
With 36 granted patents focused on advanced plug-and-play and smart home platform technology, SKYX is well positioned to capitalize on this market.
A notable catalyst for SKYX is its strategic partnership with Ruee Appliances, a leading Chinese lighting manufacturer. The partnership aims to expand SKYX's reach in the US, China and European markets by leveraging Ruee's manufacturing and financial capabilities to enhance operational efficiency and improve gross profit margins. In addition, SKYX's partnership with General Electric and its recent record of annual sales of $58.8 million will further strengthen the company's competitiveness and financial stability.
Financial analysts are seeing SKYX's potential, with Noble Capital Markets highlighting the company's strong growth prospects in a report on May 15, initiating coverage with an “outperform” rating and a $5.00 price target.
On April 26, Maxim Group also initiated coverage of SKYX with a “Buy” rating and a $3 price target, highlighting SKYX's transition from traditional lighting to a fast-growing smart home technology provider. These endorsements, combined with SKYX's extensive patent portfolio and strategic partnerships, position the company for significant market expansion and long-term success.
Expert opinion on SKYX
In the same May 15 report from Noble Capital Markets, experts highlighted SKYX's strategic partnership potential, stating, “The company's strategic partnerships with industry leaders should contribute to significant revenue growth and market penetration. Notable partnerships include its five-year licensing partnership with General Electric (GE) and partnerships with industry-leading lighting companies Kichler, Quoisel, and Golden Lighting.”
Noble Capital Markets also discussed SKYX's growth potential, noting that “recently announced partnerships will enable the company to expand its revenue base across various channels. Importantly, the various announced commercial partnerships have the potential to accelerate revenue growth as well as expand profit margins.”
Regarding its financial outlook, Noble reported, “Our first quarter results were in line with expectations and, given the announced collaboration, we reaffirm our outlook for the remainder of the year. We continue to expect revenue growth throughout the year as the announced collaboration gains momentum.”
“We maintain our buy rating and $2 price target on SKYX, underscoring our confidence in the company's strategic direction and growth prospects despite current challenges,” the Joseph Gunner & Co. report noted.
The report also touches on SKYX's innovative technology and industry recognition, stating, “SKYX Platforms develops safe, smart technology for residential and commercial buildings. The company aims to revolutionize the lighting and smart home industry with the introduction of weight-bearing ceiling outlets, technology-enhanced luminaires, and plug-and-play smart home devices.”
A May 31 report from Joseph Gunner & Company LLC highlighted an innovative partnership between SKYX and Ruee Appliance. The company reported, “SKYX has announced a new partnership with Chinese lighting supplier and manufacturer Ruee Appliance. The partnership will provide significant manufacturing and distribution capabilities. The partnership will significantly strengthen SKYX's retail and distribution capabilities in the United States, China and Europe.”
Joseph Gunnar and Co. LLC also highlighted the strength of SKYX's intellectual property, stating, “Additionally, SKYX has been awarded eight new patents for its SkyPlug products, further strengthening its IP portfolio. These patents strengthen SKYX's market position and commitment to innovation.”
Regarding future financial projections, Joseph Gunnar and Co. LLC reports, “SKYX has confirmed projected positive cash flows through 2025, a significant financial milestone. This projection, coupled with strategic partnerships, indicates significant potential for future growth.”
In terms of valuation and growth potential, Gunnar's report states, “SKYX's unique, patented product platform has significant revenue growth potential, but the company trades at a price-to-sales multiple of 0.6x based on projected 2024 sales of $90 million. Given the platform's tactical advantages, growth drivers and earnings leverage potential, we believe SKYX should command a higher price-to-sales multiple, with a target price of $2.”
Finally, Joseph Gunnar and Co. LLC expressed its confidence in the company, stating, “We maintain our Buy rating and $2.00 price target on SKYX, underscoring our confidence in the company's strategic direction and growth prospects despite current challenges. The company's innovative approach and strategic partnerships are expected to drive significant market expansion and long-term success.”
Ownership and Share Structure
According to Reuters, strategic investors make up 41.16% of the company. Director Dov Schiff is an insider with a 14.99% stake. Steven Seeglaub owns 3.21% and President and Director Thomas J. Ridge owns 1.02%.
According to Reuters data, 78 institutional investors hold 11.67% of SKYX as of July 1, 2024. The top three institutional investors are BlackRock Institutional Trust Company NA with 3.26% and 3.27 Million shares, The Vangaurd Group Inc. with 2.68% and 2.68 Million shares, and Geod Capital Management LLC with 1.23% and 1.23 Million shares.
The rest is held by private investors.
According to MarketWatch, SKYX Platforms has 100.17 million shares outstanding and a float of 58.94 million shares.
Over the past 52 weeks, the company's stock has traded between $0.72 and $2.74 per share.
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Important Disclosures:
SKYX Platforms Corp. has a two-year consulting relationship with Street Smart, an affiliate of Streetwise Reports, and pays $84,000 per year in stock for such services. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. This article is not investment advice or a solicitation of any investment. Streetwise Reports does not provide general or specific investment advice, and Streetwise Reports' information should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with their own personal financial advisor and conduct their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' Terms of Use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services, or securities of any company.
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