SKYX - Earnings call transcript Q1 2024

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Operator

Good day, and welcome to SKYX Platforms Corp.

First Quarter 2024 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 like to refer you to the company's website for more supporting industry information. At this time, I'd like to turn the webinar over to Rani Kohen, Executive Chairman of SKYX Platforms Corp. ahead. go please Sir,

Ran Kohen

Thank Call for XXXX. Alicia. our us QX Update you, you, joining everyone, to Thank

then to joined Sokolow; and a We Mustafa, to is Marc and our Schmidt; have AI senior our business have related home former Boisseau. President, few last got CEO, Schmidt. will as we joining today to it for and Steve and open you And that we're smart we global AI. Thank also our home also Khadija have will the Steve going year call our us Microsoft everyone patents you, very I'll CFO, smart and Lenny have for Steve. Thank will adviser, to leader much pass here, AI

Steven Schmidt

it's you pleasure here very with you And afternoon. thank be much. this to my Rani,

company. the going to to all the on National Rani as had on are is call and really As the a us importance importance Pennsylvania; representing has to Earley got that's and Homeland good our through Chrysler. Mark past, from Jacobson Head Electrical Ridge, we and company. we've Code, Mustafa Marriott's. very overall And Lighting on feel as in later both then Eric us world everything Home just of Lance an joined former Governor former strong going Sky Board, key this. rely Depot run is that the you shown Bob very executives join AI the the the We team, management and obviously, every Khadija the we've Shaner, the American Tom also about single team. we've around before Governor Association, day because in been and of Security leadership from it CEO said, Nardelli, of

make want As points we've here. there's you to before, X to I talked really, key

standard positioned we at that's our we've globally. the First and that believe buildings to and companies what simplify. success lighting and based save one And of spoken special. in we had everything safety that really save makes mission lives, simply our the Sky on very things. revolutionize smart in many foundational industries of are we of represents And time homes is as before, all, happening both we a and having do significantly us and And have these these, home products with save X is X we and all we U.S. become believe, We really areas. cost,

grow our patents, We also patent. talk to continue and this chart about we in

patents Small million, $XXX subscription And with we're there I -- rights. country strong the I licensing, billion, and global market selling royalty, decor expecting addressable and now have over products patents pending XX We lighting websites. TAM XX U.S., U.S. patents $XXX huge, our global X billion. $XX between And and apologize. $XX difference issued home revenue included obviously, $XX through over billion is our said Europe. We're of our India China, billion streams sale and currently U.S. and monitoring the very in with in XX and

standpoint. a things great a So from lot of positioning on going

significant is our cruise And increase them have insurance industries, then building enhancing a and time manufacturers savings profits. electrical going increase have significant Our all safety. and will thing. home buildings, industry, in the safety. dollar safety and so the cost about of Insurance cost sales we save about huge profits. when box building Smart will builders, savings the And of when significant technologies apartment think save The and advance sectors. sales same increase regulators, you products. the enhancing and based lighting it's while key and about And to and you outlet for hotels, really home electrical aspect safety on companies, building think companies industry

first compared advanced cash, of cash, sales cash of for in in and cash reported available XX, $XX.X December $XX.X as XXXX as million cash to XXXX as of sale during sales available plug-and-play platform the first the million million compared Our $XX and equivalents, revenue XXXX, financial positive smart XXXX. We've million sales quarter XXXX, company anticipates of importantly, restricted very investments of record to will our including products. highlights, generated for December first And XXXX. $XX.X XX, quarter become we management quarter of flow

go let's that X through last key have some months at over updates So the occurred Sky.

Chinese and lighting world-leading and supplier and smart property recently provides Appliances. Sky's intelligent home, This patents electrical received of will the markets with safety First home products lighting [ of platform patent enable smart X retail and issued Ruee Sky which substantial AI-related both Sky's a all, collaboration and with capabilities expected ] production, plug-and-play in home China to enhance over sensors company's substantially margins gross collaboration global manufacturer, to got several a including professional and sales. industries. We've this issuances and smart pending collaboration AI, additional of patents, global AI manufacturing performance to include Ruee home addition and covering We enhance the Europe. in Sky's distribution portfolio issued, backing and product and to intellectual XX advanced new home are technologies to smart the markets sensors. of in on total is mass issued for areas, and Plus including smart financial, XX bringing advanced

talk pro solutions which well will announced related partnership U.S., General all-in-one lighting Lighting, announced are a signed licensing with and products including technology. with we've patented agreement retail finally, again provider world-leading Sky's platform as smart have key advanced strategies, platform global elegant Golden lighting advanced home its advanced We smart really Sky's collaboration to professional the its lighting advanced different one with and to and a ceiling smart We've technologies X-year years, its retail channels. announced segments feature online, for license a retail products products through for advanced platform penetration smart and market home to of over standard about smart both XX decor. products and and and our online, standard integrate its premier which commercial grow technology segments platform include products channels. We've of and home Kichler, for the continues And collaboration of as collaboration we've to a Electric, what and for a and e-commerce channels. company, Quoizel, to and market manufacturer retail company done. The a XXX with nearly will Sky's to professional penetration let's both for lighting smart SKYX's leading Enhancing websites U.S. a outlet/receptacle of

our year. in homes products and of U.S. and deliver to products to tens within continue a to Canada in of thousands thousands homes We be of the our expect

sales Las builders Show opened and We builder Vegas. to we've have during over and segments, XXX in up and pro pro started International Builders' the accounts

CIS, announce CIS the agreement And apologize, platform over We've technologies announced advanced we've advanced most the of collaboration awards prior, approximately we approximately most homes X,XXX products all-in-one technology awards representing developers' home won entered with a expecting to an significant upcoming home and and variety deliver including our X have plan importantly, recently, to platform. -- I into smart to supply CES, projects. coming months. as I we partnerships our to smart platform smart for XX,XXX additional units X And and said

already and business, just outlet you comes our really our about the think spoken global you to billion U.S. commercial properties, for there's that double X.X you annually. us. in believe U.S. can about size, only building so we've The and installations ceiling we not and about, math, approximately that's applications that receptacles and which how do when think XXX and do believe and number X.X in the we and huge, are building same opportunities billion several can and TAM market. to homes, are be the residential billion billion applications There's So X.X the installs estimated we fixture is alone, million those include

opportunity So receptacle. significant a core our on outlet

we is and many get from the and plug-and-play model. possible X in locations on bring strategy it receptacle the and to installed as technology concept. very core simple, our razor then Phase then X products and blade as that Phase We call on want Our a receptacle

whole feel products, all voice building app this really world and what and of is with we opening And a have. very and good ceiling foundation new we of this is that we're so for control, plug-and-play dealing the up really

to to in all-in-one hours that platform platform done of really and smart is get versus on if an home standpoint Our almost being hundreds instantly the building a about man look you it's or make literally of of something is hours takes buildings. thousands our think of that X. way today this done able work from the And Phase smart all-in-one chart,

it's different all-in-one platform our look have with directly got. the our the plug ability product, that platform. And at into our We to it attributes

have features. security We

We have speakers.

Wi-Fi. have We

We have emergency intercoms.

system, with speakers. compatible Apple, Android, are We Amazon, an premium intercom Google,

about everything standpoint you so a which all-in-one enhanced available And year. think in coming be are represented can this will smart our platform, smart from

Finally, if X really X phases. it's you products, really about think our

our is plug play. and which GEN-X, got You've

plug-and-play really ceiling already got we're in CES we're of being lighting these think and And working products for talked the launches minutes. platform our of Sky can become really and smart our then smart achieved products we've that the that volumes ready You then smart then we've smart homes this industry's services, of to are. you And products, outlets our product and all-in-one's the that in just makes awards we SkyPlug already ceiling GEN-X, generations, X industries. Continuing here, speaks recognition to the our here. X to sold X all about offering and licensing, and sell how services generations We've GE our got all Sky GE the products technology the the with and really home distribution. marketplace and we're today, through are see the and products significant and

membership. When and our and tomorrow, of mandatory picture. today team, and yesterday subjects will and were voting our believe National XX XX it's Electrical for safety and One marketplace. our you with look electrical ceiling and safety homes create which mandatory standardization buildings, conditions by over specification, lives Code the for is ceiling in services numerous of National XX products to in including requirement mandatory continue voting and products in NEC and and years -- for the are outlet we code and all for have safety a buildings the NEC at for after necessary met we homes we of former the but Standardization both core Jacobson by processes, homes filing product Earley, former at of our industries. And into led platform and National standardization Jacobson, and a the President states. our and and Ceilings our with Electrical segments become with Association National And it's be we the past instrumental and National ceiling for the and And about our voted from the why and Code really filing reason from for NEMA, this Lighting changes by years, as of CEO in Electrical the Manufacturing approval Code real American filed that from are ceilings in the key buildings. with Head in and Code becoming And Mr. American save standpoint, ANSI the accepted for discretion safety, standardization the receptacle and we XX safety that a National using NEC safety have basic Institute to the be Mark voting buildings the that Book Mr. and Association. application highlight Eric [indiscernible] Earley mandatory standard. Electrical the Electrical decisions really a will the believe safety the is talk we homes lighting

our every SKY hazards year. million have receptacle. Hundreds outlet We U.S. of ceiling occur

all wires, And of introduce we're National products changing You last Electrical have safety our the the we is really (sic) these we really in to what be And this the you believe familiar years, GFCI, are years, we future, and contributing confident that and with all will change. the next and in Marc will I the Boisseau. GFIC feel after XXX was receptacle believe of change will be Electrical the things from National have we this stop here, to most -- about are the standards with for big you. Code falls, to achieved. And that, significantly, with definition Code. touching ladder you National electrocutions products. And et addition to our XX like ] significant Code that near of be in very want the And [ cetera. really talking the -- CFO, that's that occurring I'd our Marc,

Marc-Andre Boisseau

as first to of first amounted of favorably of loss, The December to XX, $XX.X million. as call. Steve. million $X.X This million. to million of Basically, restricted of cash for comparable joining million XXXX. Sales $X.X XXXX, everybody, the million compares quarter of March smart increased marketing plug-and-play XX, XXXX, well e-commerce sales during quarter includes in which to e-commerce the in as e-commerce the the QX in earnings and million to of of non-GAAP our comparable amounted the compared expenses XXXX. platform XXXX to measure, quarter net XXXX expenses all marketing first Cash, a the XXXX. platform standard cash products, -- sales and in QX quarter and revenue $X.X which equivalents sales this and the the and you, first $XX.X of Thanks, Thank compares amounted $XX as the cash $XX.X to in is

In of loss our $X.XX net noncash addition, million net noncash cash first of share. loss of million was of $X.X $X.X share. million per million, basis million. XXXX $X.XX And net a was XXXX, aggregate, is per or of again, $X.X a basis In the there loss during our and quarter $X quarter loss first our loss for or $X.X in the

Lenny me introduce you Sokolow, to co-CEO. let And our

Leonard Sokolow

Thank much. you, Marc, very

that and we burn. following but expected sales highlighted developing believe cash sales the robust channels sales only Appliances quarter focusing of quarter gross profile, collaboration, also penetration, indicated, Marc fourth in Ruee XXXX, and notably As stronger tempered with first the our includes was which with stakeholders calendar such have continued of market key accelerated on marketing reflected positioning our channels. We cadence revenues managing by programs sales, traditionally margin our our a not

platform business the plan. our additional e-commerce enhances websites with with which, flow when cash existing our continue to company, our providing cash position to is our XX Additionally, over combined cash executing

be XXXX. before, stated we during cash we will As believe positive flow

our We're our retail encouraged commercial segments, subscription as AI/data online brick-and-mortar potential realize aggregation partners path to future the revenues. to and builder, by well licensing, large incremental and as

collaborations and our which channels, Furthermore, has of marketing, with website the distribution XX and platform acceleration professional material enhances for to segments us. with over been websites, retail factor sales e-commerce a both

of savings, company's time banners, include savings patented simplicity, and the educational websites and Our lifesaving videos aspects technologies. materials regarding cost the

over turn it now to And if I could Rani, Please?

Ran Kohen

much, Mustafa, Microsoft former you very slides and about and believes with And year. and now share Khadija put our Steve, she AI Khadija, if she our can for business joined our leader Thank have and you products references likes us. favorite we And Lenny. global here what Khadija what and last Marc that one will she slide Please that a in will she our I you -- why of hear of deck. what joined us company

Khadija Mustafa

Thanks so Yes. much, Rani.

about think hard So I anything apply. pretty it's almost to it sometimes these I It's less -- is, and from about where it's much easier get doesn't AI. talk to the what to it's related days, think away potential

that's about is I relies very think realizing important value of part on it think data. AI, you when the the

if several I I we've the on think our consumer that's X mentioned had different you think mean, it's sockets, been times -- devices. about call. And

So when phone. you think about the

smart is the data being I before, third focus. has that space second one, in take has this for smart area is of area a big the right that to you can space been you But the is been automobile. it mean that's about but lot companies, all our home. to one The has course, that was which the extend When an a how focus now one also It's -- that of world buildings, disruption. still obviously, from movements a garnered do that's environment. tech coming you because think that ripe big I been

master to has which space long there been a been few say. a really have companies is sort tail, that There's able -- I that of And had have bigger space. very that would

lot You'll different there the been but of really there solution, hasn't a of -- different with consolidation see components a been yet. players hasn't

where playing. So talking area sort insights. anonymized and we you leveraging is, is which of and we the data, is combine think talk about When are course, of that when course, of that then to about SKYX prime, I garner -- data

that that -- for is a positions course, So companies uniquely that can socket think harness or this to when I different all think kinds what provide that key be want harness services. companies, SKYX of third the various tech player well, data in of also to then companies but about as to you

on in is that been some The all that's could perspective, component. their IP things established, -- focus that's area. and that the done, potential I the that's were phone that mandatory importantly, because been the focus engineering of then positioned of really uniquely mentioned become the tech from work think that's And SKYX and call. portfolio not something, of then And the most side, area -- especially the it core a that and

potential. together, combine lots sorts ranging. partnerships can you wide established fairly And to not be all be mention of when of these can of So there's the that

So seeing me, particularly that I those take look be I lot fruition. for things come found on role, of and to what think adviser me an to attracted to a forward I to

Ran Kohen

Khadija. very you Thank much,

and today learn talk Khadija. leading people we as on show we nice that take a here encourage to Steve see and but has we'll when the on the think can some about be it she connections. things I years major grew sometimes, her people depends team, in based that happens. bullet that for way, able few our the and And points announce don't to and XX much really to market beginning I how -- mentioned hopefully We joining By on we're granted summarize after now in bit, in expertise having her she company. Microsoft our world some position a together and working weeks her knowledge, how appreciate very

as able But we're we'll mentioned and come collaborations that fruition some everyone. working really, on earlier, the of additional to to enhance addition in of be hopefully, day, this, But is, market different they'll to end goal fronts with Steve penetration. share them major to in the the and at

applications And we or mentioned, residential at much homes, is X.X bigger -- as commercial have same size that's billion and Steve only. least. As in potential

and there's a And have rather outlet you globally, ladders that have the many every and Steve in here like global home, on wall believe life. wall on the a here a based outlet and potential team -- why safety Khadija to aspects in ceiling including not risk than a going

answer So really and I open the And behind we'll has here us Thank scenes on for new hard potential the investors. and If a questions, investors lot again. want everyone And we'll for Q&A. happy up here. -- to for of to our thank you those and working team team questions. grinding be joining any the someone

Operator

Instructions] [Operator

Ran Kohen

Okay.

I Maxim think Aarde from here. we have Jack Vander

happy question. So we're that take to

Jack Vander Aarde

Great Jack Vander guys. here, analyst about continued talk That's plenty momentum. to at Maxim you with for see sure. to the There's Group.

question this, a to Golden I to collaborations on driver these really major your comes for and to wants you think it sense when with I'm you gross collaborations, your Ruee about sure new which Ruee get I'd whoever these consider like you margin name all. But to on then on Quoizel, of the you've Lighting, near chime term? in start in maybe would perspective impactful the I'll recently a So guys. these long perspective Appliances just just mind collaborations to your maybe make And think But Appliances, the of it. term all most business maybe on for Rani. interested the everyone hear be perspective. announced Kichler, has I

Ran Kohen

Sure. I'd to. be happy

together is major them, world-leading of and XXX all think elite brand. segments brands like same like as builder think over years started Quoizel products, this. collaborations working of Kichler brand the moving online, And our we keep together having but with companies I I a this, we'll to

just there's us. billion potentially mentioned started, the quite and for and down I road size to of applications you the lot think a significant on TAM, the that's based outlets. we X.X potential the is of And capture just of

accomplish a together. reasons. I The there's think lot with think, that working I So significant well as Appliances, for Ruee to several collaboration is We're step-by-step. quite

in ] it's in as a aspects backing world a first financing products that is that in There's safety highest here the codes areas aspects China. in with this. sold fact player manufacturer [ and global other is and quality with major be also The of the products collaborations the towards are of U.S., are they them, that to well of China Europe but potential going with us player in -- as

manufacturers major world company I taking think [indiscernible] it's from all product a to that have softwares here. And X those GE be one the biggest global lighting the generation is and then potential are we licensing the to and in that's it see can leaders, have Steve that world every the the globally the and to that hardwares generation and company become we what a it confirmation we platform, started mentioned, products, selling that actually the of the belief generations names that of we're potential seeing with of smart and also major be the X platform one of collaborations lot having leader and of plug-and-play around that all-in-one third license first as a that factor with smart going to believes, in global we the our our this the in want all not to in the jump have the to have second first people for to room. and mention

any and it of we have going its will addition. And in like say, and really based generation to protect and and it's as CEO platform that location. us X only of platform, what top the if patents this and home, more ceiling products. we and Amazon as type platform inside our enable Samsung, is this company to mentioned we feel is and and room, combine earlier. it's to we sound, have type on as every be it's have. of much Apple center inside every always that players to enhance our we WiFi, enabling smart and already it's the Steve It as every We have it not if if voice add that wants If Google in So of of patents we're really

why this all collaboration major times, also global there's said safety. another as many on GE potential. strongly believe is So And a also based it's licensing Steve

situations. So there's what believe a likes of Khadija that. lot and I win-win said about And that's also that

answers that question, Jack. hopefully, your So

Jack Vander Aarde

Yes, very thorough. I the appreciate the expecting queue. and an in the response for kind of a can my maybe loaded hop you're question platform follow-up on X-part update GEN-X back timing But there. all-in-one I'll upcoming you the And then whatever here, maybe or provide launch product? just then

and then -- that subscription or future service And like sounds would or to maybe announcing some those offerings I'm in announcements XXXX. getting I'm attach part it Schmidt's second of prepared to product. you'll Steve could major according ahead to additional that of assuming be any that, of offerings maybe relate is myself, one you kind the remarks, those but potential GEN-X collaborations of collaborations

Ran Kohen

here. have Steve, with that something can that several then know the President based earlier the CEO and of team we're collaborations say And can is former -- former on happen, Nielsen. building then slowly, and happen tell is if all former different several fronts, you segments what based can Al and of shortly you hopefully, months We we you that what it Disney Chrysler, last and strong have, looks in and and accomplished. QX we're Nardelli, also showed be. Thank working list helps don't we world-class and Bob again, on Wiess to good. CEO company, but a Systems. And our believe But Depot is to we we're team and think we former us accomplishments a really we one it Power announce. President, to Home the on tell And a we're player working for of only happen. We first all that positioned But World GE segments the what But until much. them a going on But according of And each CEO of Khadija. good and not what's us foundation at we X you working I positioned. can doesn't we CEO of doesn't really chart, very the or of in the we in areas that's leading know we everything we're QX, so months, X look very I are think a

have, from also And to believe, be I We happy NOBLE. I'd McCann call. Pat Pat? your take

Patrick McCann

you the announced. that have Yes. some results already Kichler, revenue those? generating it guess, your any about about I'm websites of partnerships, quarter. when additional partnerships the with already built partnership, the question be information is what first can the just in might those to Congratulations the of you're on Quoizel, we of timing -- Ruee and there those is from I addition been be My your have what in kind see the of when is some start to would you wondering effects of give what

Leonard Sokolow

we... know, as Patrick, you

Ran Kohen

do you please Lenny, to want add.

Leonard Sokolow

-- in think question will I And our this good evolve penetration. it as I Absolutely. we you from your start multiple And -- a a the It takes to evolve just that on path. out. on when collaborations. is of it's on for it the materials year start We'll that on these not expectation path is haven't to in things. our and marketing realize everything happening. point a XXXX. in that. a with get way. turnover to us, We're good But But can't know, time, but projected it it's Patrick, we're We though. in appreciate really will kinds all their on going just to year end, little and material the end, a revenues

Patrick McCann

Sure.

what's curtain Understand. if on side question the I that process like the there. to know any know and was standardization can can't wondering the the And go what NEC. you going to safety Okay. on application. give the I'm as another we of behind looks regard of is with really But then NECs there color

vote? that there here they're we we to your so that go is are I'm before So might come? just vote you come they we have process in any through though What they like, know even do made looks of I about last when and the what what will are information application wondering sort -- assessing when year, May. And know exactly a don't application

Ran Kohen

Yes. Yes. for question. Thank you the

them last that said lengthy we're think happened I we over we'll process. times also as And with news it's years standardized significant the and the years. very very is But ago the say experiencing bad in a It XX the industry. time that again, many in a cycle GFCI same something and think happened that's XX So process, here slow and took in it of I homes, the homes.

where process this, The and go Steve good the taking and a really the end our and a and at of change. But is to remember, groups already people and and meeting companies address process It's you install is really major day, are think very job but try years, their news regulators, I issue. getting are. And yet, they're every is, as to there's ladders it's their a more discussions but think announce a XXXX slow, momentum team major picture and the good really on like help. enhance and some and we the and from to time today table in mentioned one and they life lives task we're that's confident can't risk major getting got we and cycles in order your of serious. I some it support but earlier, XX feedback co-change, there's position we're we're some meetings

-- we leading -- Cronin but Eric we the led that Mello the our direction. moving Amy and said, Mark here can't and co-team say base as and to So weekly I Chuck are meeting say, you by can we Barron, can't Patty anticipate and a enhancing Earley, Jacobson, only and are we time, people right other would

interrupter. our name clock we Books, GFCI the the in name progress the Code we're the accomplishing I ANSI/NEMA product really board like generic ground making but in for is has a on great So of already circuit our got mention, end, generic not to think fault a

has was steps the major WSCR, voted outlet in generic become to standardization. name Receptacle. And the Support are necessary Weight those Sky mandatory for Our Ceiling

we're a think much. announce it that you right additional see the we But for don't direction yet. questions, I lot, Any more I So and now. are we very that accomplishing accomplished hopefully, we seems in here. Thank can't

So you to something? I do Steve, want add think,

Steven Schmidt

as I there to would say Sky. continues all significant around momentum you've think that just in I heard areas today, be

management come. a we we've few of the a we'll some as very are have in with more that much team, sharing stuff momentum quarters in we be and leadership exciting things about. and lot next But the future great and very confident spoken you to hopefully As

Ran Kohen

thank Great. you evening. and you Co-CEO, our much, those everyone, Okay. again our much, on time, hope and very Thanks so has Thank Steve. something every Boisseau, much we'll we'll Lenny, here. bring you you thank you share and have Lenny very Marc great again. much, you calls. Hopefully, so CFO. more Khadija, having a to Thank Sokolow everyone

Operator

participation. Thank webinar. you virtual today's your for concludes This

SKYX Platforms (SKYX) 14 May 242024 Q1 Earnings call transcript