Earnings call transcript Q2 2023

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Operator

Good day, and welcome to the SKYX Platforms Corp. Investor Update Call. Today's webinar is being recorded.

Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast including those regarding future financial results and industry prospects are forward-looking and maybe subject to number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the Company's SEC filings for a list of associated risks, and we would also refer you to the Company's website for more supporting industry information.

like Chairman the of I'd Rani over time, Executive Kohen, SKYX this to webinar turn to At Platforms Corp. ahead. go please Sir,

Rani Kohen

Hi, our you hope Thank guess that's see everyone. us, I Good I yes. and our for screen? everyone Luke, screen. joining see a do we can morning.

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me CEO, CFO, With our our John and then Nielsen Office here, President Depot of have former we Marc Schmidt, Steve Boisseau. Campi; Corporation; I have and CEO and Thank our we you, President, of have again.

of Smart. will financials to commentary doing And websites X to some, to Generation also live we acquired What know and have you that live go that over second or a we we video to a we demonstrate. will three about and will the Belami. we're we demonstrate ones what our X, will a will don't the management today products show quarter, we demo have XX do there at generation is And some demo

being is we that standards. smart and that and to buildings safe our like to say With said, would mission become homes new make as the

for reason and be save Our major one of success. simplify, products can reasons costs, those itself significantly time lives, a save by is save huge

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John Campi

Good morning, everyone.

operational subsequent and highlights. XXXX quarter Second

$XX.X plug XXXX, including second equivalents, of cash standard in million as $X.X cash $XX in We've our Association, We play sales, $XX.X Al and quarter. of available Global as and advisors of for Advisor; tech a business sale Microsoft Weiss, as CEO investments Advisor. reflecting generated products. Leader XXXX. a revenue former XX, strategic American to partial AI smart sales reduced former of its quarter and totaled Worldwide million the Parks, appointed activities of Mustafa, as & advisor; Cash a of Sequentially, of restricted Development operating Business quarter at Disney Khadija and of -- used Standardization as June the Business and Walt ALA, cash including President by Senior commencement compared senior in Lighting AI former a President Product and Jacobson, Operations the million, XXXX, XX, million as Cruises, Senior Eric and December net Resorts, global of in the several

for enhance Sky’s reconstitution. profitable the resulting the annual XX segments, expected The home a funded investors. XXXX was as acquisition as safe & the décor. the as was a Russell portion standard concurrently with products, Joined flows, across conclusion time market and ceiling Company's cash of while up E-commerce Index's serving indices acquired broad-market educational E-commerce, marketing Sky for funded XXXX, websites Company's conglomerate by major retail two speed and and is to stock, distribution plug Belami cash to using smart and professional the at while The platform. play XXXX acquisition expand Russell the Successfully well and primarily lighting

its to standardization apply next NEC, building for to with safety and is few Code, weeks. application out requirement National expected a eligible file is Electrical its the within outlet receptacle Company ceiling The for the

National ANSI approval the Standardization years homes NEC Manufacturing the voting has NEMA, Management believes for requirement Association, National American and voting the safety for over including past of that and are it conditions necessary process in XX its standardization standardization voted discretion specification after Institute XX its Electrical met the the safety NEC of XX members. into ceiling a decisions by Book. was becoming years at Code buildings. the Voting Company's for product and product segments In

are of code the National Jacobson, former leaders of and Mark Lighting former Code, Earley, American President and The Electrical Eric head Our Association. CEO

Rani Kohen

John. you, Thank

We will our Chief Marc CFO, Boisseau, Citrix. of move former now Please, Accounting Marc? to Officer

Marc Boisseau

Good morning. Good morning, Rani. Thank you, everybody.

So, as QX $X.X revenues $XX The earlier, mentioned profit QX, gross to basically, for amounted million. the John XXXX. for to amounted million

April figures the those operations include acquired XXXX. of Belami, late both was of which So, in

million The XXXX. XXXX. June securities, we the of of to XX, million December add figure, cash, as $XX.X restricted cash marketable as $XX.X amounted And that to XX, if compared

activities operating $X.X in to same the quarter. used comparable year to cash $X.X quarter the compared million amounted for Our prior million for

fair A common to of quick note million to our which shares the current of April the Belami value $X.X liabilities of our of in include stock, sellers is for XXXX. mention payable that

quarter. a the for of And little breakdown operating expenses the

And and Belami $X.X So, $X.X amortization, about there's in net amounted share-based newly payments. million million, second loss million was That payment that million. so that million of payment, the another $X.X in in the And SG&A for million granted about all there's $XX.X expenses the depreciation to $X operating depreciation non-cash And and expenses. amortization, quarter and to $X.X cash-based XXXX, of million the -- Belami loss employees. that includes There's were and it -- million. which includes the share-based for $XX for SKYX SG&A. in includes number, $X.X net non-cash hired share-based were

prior per last $X.XX comparable share. was the was per share the loss So share and Rani? $X.XX quarter a year quarter net

Rani Kohen

Please, Schmidt here, Thank you, President. are going now, Marc. we to And move to Steve. Steve our

Steve Schmidt

And you. this and you Hey to with morning morning. call pleasure the Rani, be my on it's to everyone, thank good

fruition, just ago shortly. you. five to come or I talk will thoughts share company that think I or commentary, I a I joined coming years company five the And to exciting want is be about Before this very or reasons. me several this six six few what's really with to to really the I management joined have reasons for fruition

table Rani get company with And makes the ability also to and that his leadership done, team. every a Kohen really the things of but It role with he his leadership difference. to the a being significant aspect both inventor brings strategic starts

thing team. The the second leadership is

We their smartest to of volumes got cash teams lot speaks have one us stock their to organization. individually We've Company. them this company entire commitment purchased of around also Company, which I've or shows been flow, And the around. that what majority across expertise leadership them, of the a the the have is helps are and into commitment taking reduce the fact the but

when a partnership services. is our global This get global Three just opportunity. global a standardization of and we the opportunities. opportunity, is not U.S. products our This and is

this, Fourth, believe ability services the And what and to have have in technology. proprietary products we a with we is you lighting industry. exclusivity. have want really the our And we categories revolutionize you and company when patents, like several

patents. have We

ability we intellectual company this which property is have protect the the critical. of absolutely We believe to

And Electric. then, finally, General

world, We are have believe and have what partnership with the doing believe a and we in one products services in global and of offer. to they companies we leading in the the that

fruit as exciting our an are an today the you exciting time, And majority we products. time out really it's roll seeing of for what the company. is of this It's labor. that So,

it's So, really exciting.

websites. a products significant highlighted and quarter & our ceiling showed second SKYX of that management included Canadian sequential quarter, the margin believe U.S. sales reducing a smart basis. a by notably it was leading being a XXXX and of the our in perspective, gross and Despite on cash promising on we partial that plug first robust cadence of from are play standard XX that profile, rollout sales revenue So now of and burn

the which and our distribution to sufficient cash, operation. when In addition combined to with expected retail the existing at XX acceleration should channels, and to be Company, to provide both sales websites of marketing, for the least flow cash months segments, are of additional professional

simplicity, spoken products commercial We standard I and momentum, way little Canadalightingexperts.com, are about, cost Homeclick.com, and our are journey's websites technologies. and the play Americanlightingstore.com, XX the smart include among aspects The educational paving already Company's websites The savings the time savings, efforts. leading by include Lightingdesignexperts.com, Company's ceiling banners, for encouraged plug standardization bit lifesaving a patented the which and our Xstoplighting.com, that have materials videos Lunawarehouse.com of & regarding others.

One And have you other saves huge that have one these things that's fact, products significantly lives; this savings have saves we simplicity. all around on And on is what if chart time. benefits: is of that saving products that this everyone four only agency, and time; obligation the and to many at media about our when saving you are are I do company services, opportunities. every a that services report Rani lives and cost; factor think right successful look and they touched when have briefly. that simply and But government outlet, products saves cost around our cover four. been about companies when has here, want the involving to there fiduciary tremendously association, key talk every lifesaving really special can every you point or that, makes safety But this

can is And of puts for offer this products in fact unique success I the a what us future all position so four very combining that our things and believe we company. really these in services of

me let continue and the Rani, the to meeting that, with turn So with call. back we’ll

Rani Kohen

you. Thank

live a why us. And just mentioned. going afterwards, going that show and the video. significant to show take that and Steve you key you and to we’re those those and what is explain to exactly websites video We emphasize, to are key is points This X.X-minute do for

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you each one click and want, then purchase Then go those Okay? of and out. on each you you you can options

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And banners, -- Okay? those of will go about take to dollars to over if pay any websites. over many to think and take website want take how banners the on you to in banners, millions to those U.S. would have you

this We are banners and of going coming like to months. in websites the next have tens

announce them. will We

the in implementing websites, way. not our by more are We only websites,

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to having and this. our again, here you page again plug will go you When

is Xstoplighting, we leading Canadian now -- website of We're another in of And one leading websites here. the Canadalightingexperts. this click a the will websites. the one We to take one same you So, new of live U.S. website, here. now, the websites,

same can banner you here. As see,

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markets. Now, some different fixtures the based on

our We data. have

we're what market, tremendous have we and staging. what how what designs, fixtures data what go know fixtures selecting what We we how that in are colors, where. that's go that's And

& see the you on So, and right as buy, options can the product, you play, can down can the as see & or you again, three homepage, here, to smart okay, here, have play. the Plug plug hardwire,

big banners. Again, see So very click this. about we're excited we here, we'll chandeliers, again

more. as educate every websites. we'll have those we'll XX products. to a page And be lot on going that's of So, in of go, education And we more and

As about very John our CEO are Campi, we currently XX in mentioned, websites and excited this.

So, that's a small briefing on this segment.

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go. Okay, here we

as and we're kits saw won have So light CES them the the the products here, kits options, that again, are three selling smart light award. we

and aside every a new here plugs you fixture, have the and smart then base if on we move the fixture, on brand fixtures. here So base. see standard it you plugs can a retrofit on it We'll see the the or

have And we ceiling safety heaters, to have fans to to with we're all fans, products. our on of emphasize going of other kinds we're the As showed going products. aspects you, ceiling going we're

of In all-in-one a you, Generation X, showed a it's smartphone, an iPhone concept. the as we or concept

saw saving, We’ll reds like very smart this the saving. the to You have a platform smoke a not that All lifesaving, It’s this. on home smart take and put create smart CO every them whatnot platform in products a demonstrate very smoke one detectors, platform, detectors significantly and -- to the personal room? all cost you -- quickly. smart important platform in and have You why video. smart time

probably room to a Now, to room. make one it would that a take days you couple wire smart, as just if need the become see on you you left,

pay the the our the will already price paying And X paid twice you Okay? without you times or cost electrician you'll for price the product. than product probably more

that today even large than this in just cost paying believe, days. rather cost product. And than So install ceiling our Because the to probably XXX-room smart within of will smart not one strongly you is within year a can paying bedroom home -- hours it a probably installation, condo A Why two XX% the rather would only without millions thirds what or we two-thirds the can about think dollars. fixture fixture. to your less believe the become hotels time and probably weeks. installed significant? pay of a will become of than And a save for smart minutes take today entire for home you save cost fixture you smart you XXX-room on make of with

say two. hotel platform, can XXX around is we iPhone, building let's a price in $XXX a potentially going potentially, an Here, of of smart the or home a let's be smart or price if rooms, say. day to And deliver a

rather of about talk a hundreds you a in day dollars than or in of thousands So millions two year.

excited about this. cruise elder care, home hospital, things those cetera. offices, for living, are So, we're retail very hotel The et ships, cases rooms, use

excited So, this. with we're extremely

the and of Parks, in Code regulations then, thank And and for of our We that very want standardization, Association thank a Global Chrysler also years a first Earley, XX after President Khadija National of us industry Mustafa, is industry as Al regulations screen. Microsoft and lighting of for that of one Nardelli, CEO us leader made quite leading and American Home well. I our that significant quite working our And team application our Melow here. that joined the and former joined that Chuck and can together of close people investors Depot COO, applications Eric Jacobson Former to together, in lead Weiss, this and helps us and Mark head we're lot. past the in within Resorts lighting [ph] industry Cronin, the with us, involved with to addition us Electrical having for created AI president together excited. many Lighting other want as recently. Patty now I for to significant also join many Company's the and Global the involved Product, Barron, and electrical our Mark a Amy us retired Head and Cruises in then is Earley, Sales former for people many Bob Disney

with here. So some questions being we will take that said,

Operator

[Operator Instructions]

Rani Kohen

fans? utilized retrofit we So, have I will some here. read the ceiling we questions actually have existing for Will

fixtures Yes, smart we're for retrofits for working smart standard fixtures, play on plug standard for this. for and light plug smart -- will retrofit & retrofits light play And release and retrofits, we the after we ceiling have & ceiling as fans well. fans

the that's answer. So,

if Someone is to asking calls? if is [ph] -- quarterly do asking we Chris Abbot intend

Yes, we calls. do quarterly intend to do

is products & are Someone related products? the sites already the in asking play if all with plug

implementing wish. we're now. No, We

We one items to and thousands of moving We're the to of very items tens hundreds and are hopefully is day step, of of fixtures. hundreds on many thousands to right, everything, relatively next and soon now. thousands soon,

and And additional integrate we and our the the as are sales. also increase we're for more to of go fixtures integrating smart we're happy escalating, to And to to we websites going sales. our integration fixtures fixtures, more to, increase we're and standard as very our or enhance going that plugs more products

a for including options for up plug July have in we We your can fixtures. play, to Because adoption. receptacles most June second at So, you you and we increasing more as or if a the about started And the to or and think with more what's data sites, the in much expect to a many expect those And ourselves we're to we to future now more smart aggregate revenues in home, aggregation very quarter go, August, much fixtures. consumers learn continue important lot, options get reoccurring in we on monitoring it have come. happy. the And it's data in homes. monitoring, grew possibly and & more the standard is receptacle once fixtures to and the it

excited are very we So, this. about

not So I Hold all. questions, if most of on. think I the answered

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see. Let’s

Okay. to need down scroll to I see.

are Ronan Okay. margins? what Rodney the asking is

opportunities the obviously if that's margins that -- like margins. we everyone margins, announce are in margins, our and as doing this licensing, we something We But higher our are exploring, tech did have gross -- -- know. that not happens, licensing are

gross about that our are margins on margins, so, And websites, and even better. selling directly gross makes our talking position that healthy

is the million and did so $XX [ph] what in Legg focus sales, about Michael we asking, we licensing and focus? did sales --

us we licensing. we as And on Eric So, can can but is focusing you companies. on joined focused also are say I tell I absolutely focusing that with -- Jacobson other licensing on said, also that standardization

So you more coming in we next we staying I'm months, tuned hope I than recommend can sharing the now. tell

a expanding is to beyond our There question websites? anticipate we if

yes. Absolutely,

with discussions other in are websites. We

retail. products, We our to with are do XX big discussions this. to with we websites first are step-by-step retail, box in stay but And And integrate what all we tuned. with is want parallel our

hear full will the like a time. He Sales joined one have that discussions major You also us for mention with our is significant and company. as Kichler we the in running of largest those that the is lighting to significant. other sales distributors, companies we we world, and Pamer, builders, I is of talk retailers talk. Dave And former he to And as Head addition

and player Dave in ELK the lighting was lighting So, also significant Lighting, he company, of a large a significant, is quite CEO industry.

would quite Our position again, say we our like to cash position, cash is that strong. so

current between And our million. as cash our showed equivalents have stock and we earlier part segments, and Marc, when liabilities we liabilities, other our CFO related relates it of As to mentioned -- cash are $XX.X current to payments.

SKYX Platforms (SKYX) 9 Aug 232023 Q2 Earnings call transcript