SKYX - Earnings call transcript Q4 2023

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Operator

Good day, and welcome to the SKYX Platforms Corp Fourth Quarter 2023 Investor Update Call. Today's webinar is being recorded.

Before we begin the formal presentation, I'd 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 may be subject to a 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. At this time, I would like to turn the webinar over to Rani Kohen, Executive Chairman of SKYX Platforms Corp. ahead. go please Sir,

Rani Kohen

will Thank here joining you and year start And from everyone. Schmidt President, be ahead move some Happy with last and I quarter. last you to our and have you afternoon, our us. Steve session. for with to highlights now Good share with

Steve Schimdt

I'm have us. Chernawsky after and Insurance up business advisory and this Homeland the to really were chart, of on Board. much. and up Electric in the to and strategy then Chrysler and CEO Hotels Sky our AI really it headed Shaner continue of Marriott able Weiss, very Eric where us & Pennsylvania joining Advisory on our CEO leader, the you because Resorts; Earley, an Depot what any to before company X-time after of Head and organization. thank Like our starts this Bob joined of Mostafa National Tom with Paul as of Security, Jacobson can significant Home Power that retiring do the to excited company. joined SKYX and you today achieving. has GE and Hotels. truly and Lance to Co. Microsoft's owner offer. really he's over I is former of job is XX-year the progress a that Worldwide Board, up our opportunities And products, American Board, by headed that his see Taneja really believed XX Nardelli, President to share belief President our Ridge, career. Mark He joined Ronny, hotel is company, Disney and and you exciting. really I It former in be of because we this people, this And Governor Lighting us Al the chairs Systems, Association, excited management, we the exceptional and we're we're huge leaders with are former momentum global Governor going bringing her Parks

a impressive build leaders and to that continue So, help brand. very our of group

these and now buildings saving we areas. and talk spending that simply homes That's become technology, saving and as safe based We feel. successful patent the to globally. in can and aspects, with standard smart revolutionize any these the company safety we the on itself simplicity. over both But home a homes many the of new U.S. applications we buildings in about with have we by are and patents XX lives, based And industries part believe excitement strongly global and has U.S. mission, chart think really the about in and and have products Our at saving U.S. But costs, We is this really the companies and globally. and key of use really this smart. that positioned our you that and and lighting have these patents on areas really the it's one behind X XX of Sky time all been standard.

licensing, to of that is market the global include addressable over billion and subscription almost product rights. expected about, room and huge streams country and spanning really sales, sale revenue monitoring $XXX Our can expanding every our you and think royalty

savings electrical safety cost because mean, The products. outlet for and The box the will increased think and save very smart electrical and special. they'll insurance you home and and when profits. sales about safety around huge industries regulators, significant industry increase we're then their costs aspect really technologies key sales profits. will and our to how manufacturers, early So insurance the see advance of lighting increase it companies significantly home companies, going building significantly adoption, I they're SKYX and sectors, advancing safety, is and dollar

when On buildings, building there enhance the every the about right then and here, significant are builders, think building savings, going are safety regulators. in you hotels, and They're both cruise advance industries going apartment single which time And safety. to case, safety. cost to home

the cash in and XXXX, quarter available we during So, of reported December XXXX. equivalents, anticipate as in we're to restricted XXXX, investments smart and fourth revenue for that as the compared revenue we fourth sales, sale We've million $XX.X available the December the to including reason will home in announce, to compared XX, And $XX.X cash, pleased we advanced as in XX, as of And XXXX. generated in cash positive become XXXX. the flow XXXX. million $XX company making products, $XX is progress We products progress the momentum our revenue million that so plug-and-play we we're to really to many We now talk for $XX.X momentum And to talk and a incredible in about start and the about e-commerce you quarter have momentum record that we have. as here, that million really XXXX. and that of think the of a cash areas. want optimism record about I build we generated kind million in cash,

during opened started over segments and We Pro builder to in sales Show this. about accounts and and Las think Pro Builders So XXX builders Vegas.

shipped include plug-and-play multiple already units. and products products. thousands Products to U.S. we've have included both home its smart homes. XXXX, During home advanced to orders Many of

products We've in We our marketplace. of Canadian tens in expect calendar year. selling of thousands this the be to homes begun during

at Consumer continue company Electronics technology developers' to and the pro an and then of the websites projects. XX technologies, the and really technology the and home Sky advanced our and expected representing progress, to platform over to platform products of segments XX,XXX our We to and advanced these home and deliver most And smart awards units, for approximately the a homes with advanced e-commerce including for are our with awards smart retail penetration upcoming both products entered We X,XXX lighting last, platform supply of our our CES, into enhance significant. X platforms. approximately its Show, to third-generation recently Continuing decor. are to over two variety market platform all-in-one smart won agreement

Smart a have licensing We a Kichler, with signed licensed well lighting our home U.S. We've and with SKYX standard which Advanced for which retail U.S. online receptively manufacturer collaboration nearly technology, channels. X-year with retail partnership professional a We've smart and including outlet, XXX standard years, world-leading technology. lighting and related include sailing all-in-one Sky agreement smart smart announced include and just for leading announced platform a collaboration platform company, for products advanced global and as home GE. advanced products will will Quisel, a channels. as leading online, The products professional our manufacturer, SKYX-patented

which smart working mandated the lighting progress We also Golden of SKYX additional leading for leading is in The U.S. U.S. in whole and announce Lighting, of significant standard is with last will around area announced company include professional with advanced them elegant safety to company, area online, the companies filings. expect of really the process collaborations the on the products upcoming retail and and collaboration months. the channels. And

We SKYX code and Association. our a safety former approval, lighting national and in Mark product the and Manufacturing Jacobson, industries. So Cote, Code outlet and and is voted National the the safety Head with Electric specifications and we on Earley Mr. believe President electric of the and that receptacles standardization instrumental have which of Earley, was ceiling by its for Institute years Electric American filed standardization the which National changes which Association. in for a were buildings electrical or both National process, Jacobson, former NASI CEO the obviously Standard NEMA, ceilings homes and Lighting for mandatory numerous of led by after XX of code Eric is with Association Mr. and including

necessary have already that becoming we the XX a ceiling, book, for of into products segments homes and the members. XX do voted were code safety voting met have obviously, safety the at requirement for the are past but buildings. discretion standardization say national to the company's We decisions voting In in NEC the years, conditions

for sense of more our want have turn progress good to we now you to Lenny gives So achievements. through feeling that momentum hopefully, I significant a Sokolow, on financials making. over we're call the that Glenn? you good the in the going talk and our and a to co-CEO,

Lenny Sokolow

million, Thank which fourth home Great. These in included very million, you appreciate $XX.X advanced sales, record discuss I'd to results. which financial e-commerce, before, like to Right. much, realized. it. XXXX a Steve. of first plug-and-play products as record we the a include, stated smart XXXX $XX.X and sales quarter increased products. I Revenue our

the revenue. Bellamy which from gross XX lighting million $XX of to increased websites was XXXX in acquisition profit home positively over by or Gross e-commerce of profit gross decor. impacted the and the XX% contains platform, for Our profit

equivalents, cash to compared to million XXXX. activities available million in Our and as restricted sale available XXXX our December cash as cash, compared cash investments as to $XX.X the Cash million used operating XXXX, in of amounted of to $XX.X $XX.X XX, of XXXX. end for and amounted for $XX.X as million

in in sales to Our $XX.X to XXXX $XX.X expenses compared XXXX. million amounted million marketing and

adjusted a million. Our to net adjusted and cash we non-GAAP taxes, loss for amounted defined interest, payments, measure, share-based amortization as is EBITDA, before depreciation which which as $XX.X

in our our was Advanced loss of our million of including of to significant to highlighted which XXXX leading of Smart amounted plug-and-play quarters The of net we accelerated $XX.X loss platform basis compared that as to or loss discuss managing and -- of addition the to net loss have notably Sealing many loss and noncash $XX.X an basis the burn ended million believe sales standard cash websites. XXXX. In wanted robust rollout revenues, share of share products of profit, X totaled approximately first of the in addition XXXX a company a to our our on a sales million of million, cadence sales per gross we noncash by of million, $X.XX in management SKYX. U.S. loss We full of EBITDA per $XX $X.XX $XX.X Canadian year $XX.X with and

will be positive with months anticipates to with over cash to of company, which operations. XX will we the is for Management anticipate XXXX. platform additional XX e-commerce Our during combined sufficient be company flow websites expected flow cash existing the our cash, provide when

online that our as with in large assist path way the we subscription and well partners, builder for data aggregation segments, believe realizing efforts. encouraged incremental commercial to licensing, brick-and-mortar paving are the standardization and We as our will revenue

sales e-commerce the acceleration and both of and our marketing, distribution Additionally, professional channels, collaborations website of platform retail enhances segments.

XX are who of and interested. website those standard aspects the company's And And products disclosed if are to life-saving regarding the ceiling, over for websites websites educational it our turn advanced patented data. financial and banners, our the simplicity, of plugin savings, Mark company's materials that these I'd smart cost videos play some and include Some like Boisseau time savings to include I may, technology. discuss to on

Marc-Andre Boisseau

Thank Good everybody. Lenny. you, evening,

So basically, them compare for going recap we're of XX/XX/XXXX. the just of year-end some the what as had we financial to information, to

position the as marketable of $XX.X to So outstanding. $XX.X was days of as includes $XX also cash securities. approximately XX/XX/XXXX. $X.X again, million that's Accounts as receivable The XXXX, some XX, million of million XX/XX/XXXX, XX million December to compared amounted

the million equity we So working million $X.X the $X.X million at $X.X $XX.X $XX a million stockholders' increased was And XX/XX/XXXX, from bit meaningful. capital our quickly. as last million. in year million Lenny $X.X XXXX profit revenues million. little of were went is is fairly at gross to year. mentioned as collect at last $XX.X earlier, The to to Inventory and not from revenues compared The so

we components to stock-based to to million obviously, there's -- increased decreased compared operations, company expenses a to -- as cash the or acquired, the in to that. $X.X was $XX to net the in few $XX there's million. The provided some operating we portfolio XXXX. acquisition investing Steve. $XX.X we Our financing the But $X Bellamy, absorb was compared it cash XXXX, million provided $XX.X now, in part $XX that of activities securities. was The compensation approximately noncash loss $XX.X cash million. in compared of expenses.The million, loss compares million. And XXXX net is million $XX.X by EBITDA primarily activities as million. million The operating $XX.X XXXX net XXXX. was at XXXX used million at And $X by $XX.X used at net The million of million when it compared marketable million in activity is for to increase was $XX to There's and

Steve Schimdt

So go comments. Ronnie let's additional to back for

Rani Kohen

why a explain really, some on a to Thank Quisel add and our we activity better the market why and Lenny, this It's lock lighting as We'll you, model. we can collaborations and you, GE Kichler, slides and companies, slide, in Steve. the Thank thank and Mark. show others. to is succeeded here, you including and this you, you see few world-leading razor blade opportunity

is receptacle as to ceiling mission Our as enhance many we our can. outlet to homes

are us. revenues We future as more for are well the road and now. that opportunities we interchanging be doing market monitoring what into data aggregation, and will more enhancing that receptacles in loading doing subscription the us smart recurring it, penetration down We create the by can homes, key for as fixtures, with and product, our started

builders make home. smart the receptacle in a once home enable homeowners you to also put We and instantly a

that if lighting, few platform the IP, an have or and in once it with or have a have if you picture sealing that And recess it's one XX XX receptacles, all-in you you If plug if plug lights. home, smart really just smart we you in, wall smart a smart fans, excluding sconces here. receptacles, it's it's and connect XX,

for earlier, really encouraged all-in-one mentioned in that something won year X so, the Steve This proud is past CES we're ones platform. smart smart including our or to the As And of. X say platform. total we're that awards of was all-in-one that a we

You can ceiling. within seconds through plug in the it

sensors, we in enable all detectors, outlet that You very didn't expectations instantly to to already start Wi-Fi features emergency become detector, demand many home What including can Electronics said receptacle. Consumer room, capability, just lot sales, was into but with Wi-Fi it plugging the product, recognized We lights can center, room We of you many, seal to the earlier packaging. capabilities we're we extenders, picture the and extenders the there's with and others ceiling the have infinite and happy anticipate we here, this of seconds smart start light that product, unique and emergency ceiling sales emergency product here. market and encouraged that to penetration CES, calls, still install but enhancing and the that many and game-changing the intercom, within smoke at homes. a the with Show, have the have

sell starting tax have X and see can on and introduce to them. X XX we recommendations, you can packs As the packs we here, already the pack we're based X and builders' now and

use you Alexa, you on of capabilities, mode, advanced home. or you smart. renovate, past, you and months will during become the Google, it plug-and-play that And few features, and rough buy among the in you're we'll advanced the will with it smart is the saving we'll the then ready mentioned, smart smart including go, home that fixtures can for all additional doing have Samsung, way light very me, When we builder include plug-and-play energy products ceiling. and for that every So after, plug-and-play us, mentioned -- a picture capabilities others. you a the them plug-and-play. gives we construction those buy use that a you when many put want excuse are Two them makes can well smart ceiling And and as as Surrey,

and happening, life. on we're they're that's another selling And daily So very this basis. plug-and-play to year launch our announce, recess them here, and in a we proud will product,

numbers of sure has right know. year, recess the tremendous as very, as opportunity very We have all the are on a that you X-inch I'm a about high, and X-inch lights of

new here main So you the we're as stuff. good mentioned features I I the in think now, for think we shape on showing

We things but long the delivered like a and don't really clock, believes are we promise really don't mentioned we life-saving and feel aspects application the how in We co-team As what with happen. everyone can't on good the this shape knows, really we safety that We base we times. this. our we the filed and have are mandatory we that to know huge. management need

really in light in go like a wires. picture As just you something is past, can last install prevent is the we the and mini we to touching segments this in over years this. path Code, time the But center a again, that XX is having after don't plug-and-play happened and the aspects the and with solution GFCI a really The the for this on and many bathroom, the mentioned people that risk getting at life here their XX every we kitchens, that when there followed in closer. up our expect It's Electrical National a safety getting based not is us. timetable better the we're regulator's voting, have chance to we

It's opening earlier, and December agreement that the of Edison started installed -- a and XG you we And on others, men open lights. a outlet questions, thank we Thank the we all we expect the can today. participating. and for with platform you can wires sport at and we that's much. an if for and Christmas, on we GE It wires that's or quite of until to outlet how sold standard a became As create we a new for ceiling. world the the try very would Christmas really every game, a as depends Edison with to It be with to enables a holiday bulbs X-year one this there's we you answer. signed a whole base And can we then XXXX. the whole here are will day, have Halloween, a looking platform smart the and And sell started. ceiling we're Hanukkah, with during years showed we joined GE be the It It's people base Many teams, on many it light that to kids everyone holidays. new world become Steve to. things global other mentioned for day believe hopefully, on U.S. to that with global be but signed and have know, can lights standard. that and to Valentine's We here at have earlier really more like chance that us, there, ceiling where including be really, slide.

Operator

conduct And Instructions]. question-and-answer session. time, [Operator you. we'll this at Thank our

Legg question comes Company. from Michael first Our Benchmark with

Michael Legg

if us of XX,XXX on in understand be you'll I the deeper know you to year. trust on that? calendar mentioned kind can I Congrats 'XX for that give breakeven homes little a this wanted and date all alongside Thanks. the means to dig you level revenue expectations what

Just perspective can of we that? put some any revenue around

Rani Kohen

We're really announced we're careful and it this believe how but thousands We depends believe of depends to be pictures thousands on buy not of and and do tens fixture this. of a on provide what -- in in they not revenues smart did we can homes, buy. and we're happy But and -- pictures exact on what buy they keep but yet is already penetration, we it going market and can to year, to we're our in we we with enhancing They believe chandelier, thousands guidance say smaller we're tens of revenues. of homes, going and be XX,XXX. much homes that growth

we're Our look it President, what announce believes did not sometime numbers as we're yet any during and free that be we here. flow We -- the XXXX. we Steve can growth that have like? trying But management that cash mentioned earlier yet to accommodate announcing does not during

Michael Legg

come we Okay. you within the have range. could had I breakeven number, just a assume if

Okay.

let's about on cash the sheet. the talk XX months balance So of

$XX and talk balance in the like used million those at getting just that $XX short-term we Can Looking first is a liabilities liabilities, cash think, how for million that? payable. -- current I accounts over about there's of lot sheet,

Marc-Andre Boisseau

repeat your Can question? you

Rani Kohen

Repeat the CFO. our question,

Michael Legg

Yes.

Okay.

which unrestricted. your sheet, million cash $XX.X of then short-term, the is have you balance the have you liabilities. current on So And $XX.X million of

$X.X have notes You million. payable payable, $XX.X accounts million current total million of of of liabilities $XX

have we current cash when how understand months liabilities. those of the sheet to balance want I So on we XX have

Marc-Andre Boisseau

XX with And days, XX quickly. third-party quickly, that liability especially days the have pay all relatively e-commerce, paid we so get manufacturers to the Well, don't so side, later. on then we pretty the

to. referring that's probably So you what may be

Michael Legg

have I I'm kind into if that million with cash. I'm cash could are we offline, say paid months $XX.X to said. of you we you just to what but where XX to talk in And truck send how on cash-wise mean just where We I want want, payable understand and you mesh of the without dipping liability-wise. gets of accounts trying and just to that

outstanding, is raised cash Okay. months We talk where X issued is? share you want $XX.X year. know on count that. talk the with where we're your count is is you now And have and it's offline But up but this capital. in later, today, share today? can I cash then if We some second on you million is utilized March, ATM? Obviously, where piece

Marc-Andre Boisseau

for to So numbers. we're the now, ourselves publish XXXX just limiting

Michael Legg

Okay.

will ATM there filed XX-K equal the event -- with an usage? So be on

Marc-Andre Boisseau

there be. No, will

ATM. So we raised some the money through

Michael Legg

Okay.

Okay. you. Thank I That's have. all

Rani Kohen

Okay.

I we think have Paul Cooney.

Operator

Yes.

Our Cooney next Paul Benchmark with question Company. from comes the

Paul Cooney

you on Like manufacturing your much had Could you the how orders? just manufacture could capabilities? comment please if you

Rani Kohen

a agreements with the GE currently those usually the quality -- that's they're a manufacturers, key factories Six aspect and quality and always definitely. few of also not by approving that Sigma a Six control quantities level Yes, for factory. the key element Sigma, highest quality those for with have GE but approved is usually, We manufacturers,

technology So we're compatible features compatible that end more October June, to year to our I thousand. more -- of a growth, and in product In and go. we enhancing our believe are the capable for in XX,XXX. our with we and making few have our good was technology. fixtures as XXX shape was over we The

expecting this, XX,XXX are we're that of our get now -- technology. keep fixtures that on thousands fixtures capability over I to of and capable or around XX have hundreds the to our to products, we use enhancing think

production for a So stage in and growth. good we are at that with point,

Paul Cooney

Are the companies manufacturing them? you Or are manufacturing them? who's manufacturing? So lighting

Rani Kohen

We and then quality and subcontracted. for manufacturers Sigma, by electrical tech, We're quantity. approved We subcontracted we by with subcontracted smart and GE to approved not control manufacturer, to product GE. Six are and factories a that

Paul Cooney

far are as and as of smart breakdown plug-in the what percentage percentage them the just what product? are What's

Rani Kohen

for generation -- generation around selling The the Generation and numbers there. different, X and think, that's wholesale, advanced play retail and smart, that's are was public I we're selling plug currently, but $XXX and out X

between to selling we're $XX $XX. So

breakdown we encouraged the product smart those numbers, standard publish the for very Xx but and plug-and-play Smart obviously, than our Smart. are So product, percentage the asset Club. when to products on with are play all the the there for the of to didn't plug great the actually and of between higher comes sales advanced -- a in is Smart more than advanced are advanced the We features costs really sales demand those plug expected better the than it we dividing

Paul Cooney

that possible would as when the standardization exact the more that timing ahead? maybe that is kind as want impossible. can you more get -- question. it's And talk I of a What when things that nature and would a because is to along? far And would tell And understand that Okay. potentially of the But about as it's understand this of don't happen? standardization process, on to as is timing way you the process I about we far that speed there go anticipate

Rani Kohen

product news getting we're we stands good like they circuit that the That's bad sailing rule already lives, condition dedicated we the in the if -- and that getting regulators a we over our not the name and closer, from and should a really the say. the wage save fast. you it generic ANSI, process, safety but for will voted the really our happen, are interrupter. also strongly provided They was we're And -- XX fall the are to or WSDR, GFCI what feel us what news. in is years that we we generic provides. to That accommodate the receptacle. NEMA we co-team the aspects, for tremendous that support. in But is ground name co-team yes, be bathroom, what on is feel strongly The support we need to careful safety our So believes based all answers

we conditions regulators job, rigorous confident So in their we'll path. we're we that be really very tough are, to where the met right we're let and do the and

Paul Cooney

and -- And it you there that about there you're -- the this is of everybody? that why why -- a the you're doing Is in with be any licensing terms in concern is nature? possibly if there sounds licensing and Or monopolistic going could maybe move. like issues is

Rani Kohen

we many it's can part signed. go here why great for potentially it it that a strongly that a And a here, happens and question there's places standard reasons. have That's can't believe U.S. a we of monopoly, in potential of Yes, because that the safety. because one the other becoming if that's GE to it's

X So that's for a one generation X smart signed we to we our of licensed and the is the that the believe GE but platform agreement, also main reasons be there potential in market.

perspective, the we our this opportunity TAM all to mandatory the sign what agreements be in a are X-year going but as collaborations today a And and huge our fraction a capture believe and many it great TAM, are and on share So than here. happen. And get hope believe collaborations meantime, as with definitely, we working, that with support take fraction, they more can can Steve with able company lighting mentioned, we with we to a working is very if us market mentioned, more if path stock that's all see from small as around GE see, we that's we that those from it's people should but Steve as there's path safe changer, discussed that others. one a of reasons we obviously, we billion, on if, is the a we companies to game you us are leading some other wanted many when of of to we're new the here -- main success. will if be and a be that X% $XXX In perspective, a

Paul Cooney

And That's holy game. what that's grail. the the changes

Rani Kohen

and but the this all that world former on as a That's our Yes, enhancing Paymer that's Dave our all now holy and a we're what the team working tremendous all and around There's Kichler, market Schmidt Lenny position and think Steve very we're definitely, a company we're co-team the grail, growing e-commerce code to for and this team, of Sales good a President us Head in path CEO, leading our the doing doing -- good doing penetration, and that's job. many path. people on here but I sales keep mandatory, and

happening So much working think we -- to have a growing wanted but surely. than and path a I slowly it faster And is faster happen shortly, it's on And like a but we that's it's think I bit this. bit now.

we're So we they builders and to down new start construction, going We started started expect them. mentioned, to we and we'll And the registered, road. good orders XXX over builders hope they're more already, -- that have I ordering and with now. accounts think Steve in place opened a as delivering

Paul Cooney

Okay. guys. you, All right. Very impressive. Thank

Rani Kohen

looking everyone, quarter. everyone. much, talking very you more you the very in Thank Thank to forward you to next and updates with much,

Operator

Thank you. you. good And Have with conference a Thank may that, we All disconnect. call. parties conclude evening. today's

SKYX Platforms (SKYX) 1 Apr 242023 Q4 Earnings call transcript