Miami, FL, June 26th, 2025, FinanceWire
Inclusion in the Russell 2000 Index, deployment of over 500,000 smart units in Miami’s $3B urban development, and strong financial performance position SKYX for accelerated national growth and profitability in 2025.
SKYX Platforms Corp. (NASDAQ: SKYX) (“SKYX” or the “Company”), a leading smart home technology platform with more than 97 issued and pending patents globally, today issued a comprehensive corporate update highlighting its continued operational momentum, expansion initiatives, and financial progress.
The Company announced that it will be officially added to the Russell 2000 Index after market close on June 27, 2025. This inclusion into a major benchmark index marks a significant milestone in SKYX’s trajectory, enhancing its visibility among institutional investors and reaffirming market confidence in the Company’s long-term growth potential.
In parallel, SKYX revealed its pivotal role in powering a landmark $3 billion Smart Urban City project in Miami. Located in the Little River District, this transformative 63-acre development will integrate more than 500,000 units of SKYX’s advanced plug & play smart home technologies, including its proprietary AI-powered platform. The mixed-use community will feature over 5,700 residential units—including both workforce and affordable housing—alongside 350,000 square feet of retail space, 1.5 million square feet of green walkways and public parks, and a $35 million Tri-Rail station. Designed by world-renowned architectural firm Arquitectonica and developed by SG Holdings, a joint venture of Swerdlow Group, SJM Partners, and Alben Duffie, the project is poised to redefine urban living in South Florida.
To support this major deployment, SKYX is backed by leading U.S. and global manufacturers, allowing for efficient scalability and supply chain continuity. The Company reported a strong financial position with $35 million in cash as of March 31, 2025, positioning it well to execute near-term initiatives and achieve cash-flow positivity later this year. In the first quarter of 2025, SKYX generated record revenue of $20.1 million, representing an increase over the prior year period. The Company also achieved a 17% reduction in general and administrative expenses, improved gross profit margins, and maintained a disciplined operating structure consistent with its “Dell Working Capital Model.”
Looking ahead, SKYX is preparing to launch its disruptive All-In-One Smart Turbo Heater & Ceiling Fan in the third quarter of 2025. With two product models currently in manufacturing through trusted long-term partners, this product targets a multi-billion-dollar market segment and is expected to drive rapid adoption. The Company anticipates its products will be installed in more than 30,000 U.S. and Canadian homes by the end of Q2, with continued expansion into the second half of the year.
Further strengthening its balance sheet, SKYX closed a $15 million preferred stock investment round at $2 per share. The round was led by The Shaner Group, a global Marriott Hotels chain owner, and included significant participation from SKYX’s executive leadership—underscoring internal alignment with the Company’s vision and value proposition.
The Company also announced a key U.S. manufacturing partnership with Profab Electronics, a contract manufacturer based in Pompano Beach, Florida. This domestic partnership complements SKYX’s existing manufacturing capabilities in Vietnam, Taiwan, China, and Cambodia, and marks a meaningful step toward bolstering its localized supply chain.
On the regulatory front, SKYX continues to lead the push for national safety standardization of its ceiling outlet and receptacle technology. Backed by industry veterans Mark Earley and Eric Jacobson, the Company’s Safety Code Standardization Team recently gained support from a new senior figure in a key government safety organization. SKYX’s outlet technology has received ANSI/NEMA approvals and has been incorporated into 10 segments of the National Electrical Code, further advancing its path to becoming a mandatory safety standard. SKYX believes its smart products, once fully commercialized, will be recommended by insurance companies due to their ability to significantly reduce fire hazards, ladder falls, and electrocution risks.
SKYX’s business model is rooted in a recurring revenue strategy, built around its ceiling outlet “Razor” and a broad array of smart plug & play “Blades,” which include lighting, recessed and emergency lights, ceiling fans, and decorative fixtures. This modular system dramatically reduces installation time in high-rise buildings and hotels, allowing for project completions in days instead of months.
The Company estimates a total addressable market of $500 billion in the U.S. alone, with over 4.2 billion ceiling installations. SKYX generates revenue through multiple channels, including product sales, licensing, royalties, subscriptions, and global distribution rights. Its omnichannel distribution model spans more than 60 proprietary e-commerce websites and includes partnerships with major retailers such as Home Depot and Wayfair.
Recent project wins highlight SKYX’s momentum in both residential and commercial markets. SKYX technologies are being integrated into luxury developments by Forte Developments in Brickell, Clearwater Beach, and Jupiter, Florida. These projects will feature more than 12,000 SKYX smart products across 400+ residential units. The Company is also supplying smart infrastructure to a 1,000-unit mixed-use development by Jeremiah Baron Companies, with initial product deliveries already underway.
In addition, a strategic partnership with JIT Electrical Supply will expand SKYX’s distribution reach across the U.S. electrical and lighting markets, starting in early 2025. JIT has supported more than 100,000 homes nationwide and will offer SKYX’s full suite of lighting and smart plug & play solutions.
In a key executive appointment, SKYX welcomed Huey Long as head of its e-commerce division. Long brings extensive experience from Amazon, Walmart, and Ashley Furniture, and will lead SKYX’s digital expansion across its 60+ websites and major online marketplaces throughout North America.
SKYX Platforms Corp. remains focused on execution and delivering on its vision to make smart, safe living the standard in homes and buildings worldwide.
About SKYX Platforms Corp.
As electricity is a standard in every home and building, SKYX mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Their technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. They believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, users can visit the website at https://skyplug.com/ or follow on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.